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Directors & Boards
Robert H. Rock
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James Kristie
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From Jim Kristie | Article of the
Month | Columnist
Reader Profile |
Research | News |
The $6 Trillion Hedgie
Think what it will be like to be a
director in corporate America when hedge fund assets triple from
today’s level.
I’m not a big joiner of organizations. Media representatives are
generally welcomed at meetings and events so we don’t need to take on
official membership status. But one organization that I’ve found value
in being a longtime member of is the CFA Institute (and its
predecessor, the Financial Analysts Society, http://www.cfainstitute.org).
The rigorous research and analytical foundation that qualifies one for
membership is what attracted me to join this organization.
A few weeks ago I attended the opening day of the CFA Institute annual
conference, held in New York this year. The day’s highlight for me was
a panel on “Hedge Funds and Activist Investors,” ably moderated by Kurt
Schacht, executive director of the CFA Institute Centre for Financial
Market Integrity. Kurt is also a Directors
& Boards author, most recently in last year’s 30th
anniversary special issue with his projection of future governance
trends.
Kurt’s three panelists were all experts in hedge funds — John Gaine,
president of Managed Funds Association (“The Global Voice for the Hedge
Fund Industry” — http://www.mfainfo.org);
Michael Roth, managing partner of Stark Investments (http://www.starkinvestments.com);
and Paul Roth, partner of Schulte, Roth & Zabel LLP (http://www.srz.com).
In the Q&A following their presentations, Kurt tossed them a
provocative question: “Where will hedge fund assets be in five years?”
At the end of 2006, hedge fund assets under management were $1.5
trillion. The high projection from the panel was $3 trillion.
Kurt
then teed up his own estimate: $6
trillion.
I’m inclined to go with Kurt. In fact, that number may be left in the
dust. Consider that Institutional
Investor reported in mid-May (just two weeks after the
conference closed) that as of the end of the first quarter, hedge
fund assets as tracked by HedgeFund.net (http://www.hedgefund.net) already
have risen to $2.4 trillion.
Then add in this dynamic: Hedge funds right now account for more than
30 percent of all U.S. equity trading volume. That stat comes from
Carolyn Kay Brancato, founder of the Governance Center at the
Conference Board (http://www.conference-board.org/knowledge/governance.cfm),
writing in the May 1 issue of Compliance
Week (http://www.complianceweek.com).
Considering what it is like trying to govern amidst current hedge fund
activity and activism, what will it be like being a director in a world
with $6 trillion in hedge fund investments sloshing around? And that’s
not even counting private equity investments lodged outside of hedge
funds. Yet, this is the world that current board members and executives
in the director candidate pipeline are heading into.
Buckle up, and stay tuned. I think we’re only beginning to gauge how
boards will need to adapt to this tsunami of new investment and
investors.
I’ll
welcome your comments at jkristie@directorsandboards.com.
Jim Kristie is the editor and associate publisher of Directors & Boards.
Quality Listening in the BoardroomA board member’s listening style communicates his or her leadership qualities. Are you guilty of tuning out or turning off someone who is speaking to you?
By Myles Martel
Based on a recent survey conducted by our firm, 80 percent of a board member’s meeting time is spent listening. Yet our research also reveals that poor listening is the most serious and common issue leaders face as communicators.
Quality listening can pay numerous dividends. At a minimum, it can facilitate comprehension and create a stronger platform for board members to ask incisive questions conducive to enlightened decision making. As John Whitehead, former chairman of Goldman Sachs, has wisely counseled: “The best leaders do a lot of listening … you can’t learn anything when you’re talking.”
A board member’s listening style also communicates. By listening well, the board member can not only convey interest in the issue, the person communicating, or both, but also help project such traits as self-assurance, composure, intelligence, and authority.
Therefore, the adage “a leader cannot not communicate” has special pertinence in the board setting, where keen sensitivity to verbal and nonverbal cues can help board members and managers interpret reactions to those present, and, as a result, better gauge whether, when, and how to respond.
[Click
Here to Read
the Entire Article]
The Devaluation of the Director
Look out — Corporate America today is facing a revolution, the end game of which is management-by-referendum, the shifting of decision-making power away from the board to the shareholders.
For more than a century, the corporation has been the engine driving the American economy. By allowing investors of all sizes to diversify their risk in limited-liability entities and pool their capital under professional management, the corporate form has fostered entrepreneurial risk-taking and powered unprecedented growth and productivity. One can think of the American corporation as the goose that lays the golden eggs.
Today that goose is an endangered species.
On a microeconomic level, we increasingly see hedge funds accumulating stakes in companies, not as traditional investors who like what they see and want a piece of it but because they do not like what they see and want to change or disassemble it.
Sometimes their ideas have merit and their efforts are handsomely rewarded. In other cases, their conviction that they understand a company better than its own management and board of directors is wildly misplaced, and they wreak significant harm on the entity and its other stakeholders (even though they may secure a short-term benefit for themselves).
Far more troubling, however, is the macroeconomic manifestation of this phenomenon, in which the activist community is openly seeking to shift decision-making power away from the board of directors to the shareholders (which at best refers to a small number of unelected intermediaries but in effect often means the “squeaky wheels” and special interests).
[Click Here to Read the Entire Article]
Chief Executive Officer
Jefferson Wells
Editor's note: Each month, we ask a
Directors & Boards reader to comment on critical issues facing
directors today. If you'd like to participate in this section in
the future, please email Scott
Chase.
The Wait Is Finally Over For Small Businesses
Non-accelerated filers brace themselves for SOX implementation surge.
Now that the SEC has taken action to define Sarbanes-Oxley corporate governance requirements for small businesses, what can we expect in this arena?
Ever since the two words – Sarbanes-Oxley – began to role off the tongues of those in corporate America, small businesses have been bracing themselves for the anticipated sleepless nights and onslaught of headaches due to corporate governance guidelines. After three years of delays and what appeared to be some mercy given to smaller companies, these businesses are now finding out the true impact of this legislation.
On May 23, 2007, the Securities and Exchange Commission (SEC) voted to publish guidance for management on the evaluation of internal controls over financial reporting. The intention behind these new guidelines is to streamline implementation of Section 404 of the Sarbanes-Oxley Act by offering guidance on Management's Assessment, thus eliminating deferral by management to PCAOB Auditing Standard No. 2 (AS2) as the de-facto rule for implementation. The SEC's regulatory efforts are also intended to enhance investor protections and strengthen the U.S. financial markets while reducing the cost of compliance. Subsequently on Thursday, May 24, 2007, PCAOB issued a new auditing standard - Auditing Standard No. 5 (AS5) - to replace the existing AS2. This new guideline provides guidance for external auditors allowing for improved audit efficiency, a more focused, risk-based and scalable approach for opining on internal controls over financial reporting. Simply stated, the new standard focuses the audit of internal control over financial reporting on a risk-based approach that retains the old standard’s core principles, while reducing implementation costs.
While these provisions do not create a separate standard for smaller companies, AS5 does explicitly require the auditor to tailor the nature, extent and timing of testing to meet the unique characteristics of less complex entities. The standard identifies the unique characteristics of less complex companies and operations and identifies six areas where those characteristics impact the competent evidence required by the auditor in reaching their conclusion. The auditor should evaluate the complexity of the company or operation and that evaluation should have a “pervasive effect on the audit.”
[Click Here to Read the Entire Article]
New study finds U.S. workplaces at risk for reduced worker productivity and scandal.
Three in four Americans working full time encounter ethical lapses in the workplace; more than one in three have been distracted by them; and one in 10 believe a current issue at their company could cause a scandal or business disruption if it becomes known, according to new research from LRN.
The LRN Ethics Study on Workplace Productivity is the latest in a series of omnibus research studies from LRN. This study begins to show the connection between ethical conduct and productivity in the workplace. Key findings include:
- Seventy-three percent of Americans employed full-time report encountering ethical lapses on the job, with one in three (36 percent) saying they have been distracted by such an incident.
- More than one in three respondents who encounter ethical lapses say these incidents happen at least once a week.
- Nearly four in 10 of those respondents who report being distracted spent a day or more distracted, including 11 percent who spent a month or more.
- One in 10 American workers believes a current issue at their company could create a scandal or business disruption if it was discovered. One in three of those who were distracted by a lapse in ethics or questionable behavior say they are aware of an issue that could create a scandal or disruption.
- Employees are at odds in how to handle the causes of their distraction, being almost evenly divided between handling it themselves (43 percent) or involving company management (48 percent).
- Employees get others involved in incidents of ethical lapses or questionable behavior at work; about half of Americans employed full-time, 46 percent, say they inform someone else. Those who report being distracted by an ethical lapse tell an average of eight other people, and an average of three of them also lost time because of the incident in addition to the original distracted employee.
- One in three Americans working full-time, 36 percent, say that they have reported an incident they believed to be unethical or questionable to management. Those observing an incident, yet do not report it to their employers, cite several reasons for not doing so, with the top three being lack of confidence in how management would handle it (14 percent), lack of comfort in reporting (13 percent) and lack of a formal reporting procedure (11 percent).
The LRN Ethics Study was conducted from December 14-18, 2006 and January 4-8, 2007. The methodology used to collect survey responses involved asking a series of questions on the CARAVAN omnibus surveys from Opinion Research Corporation (ORC). Results are based on telephone interviews conducted among a sample of 1,946 adults (1,151 men and 795 women), ages 18 and older who are employed full time. Interviews were weighted to ensure reliable and accurate representation of the total adult population. The margin of error at a 95 percent confidence level is plus or minus 3.4 percentage points. A more detailed view of the survey is available by e-mailing: LRNEthicsStudy@LRN.com.
LRN is dedicated to assisting its clients with developing ethical, sustainable and profitable cultures through a combination of robust education and management solutions, in-depth research and analysis and best practice advice and knowledge sharing. Founded in 1993, the company has reached more than 10 million employees, operating in more than 120 countries around the world. Headquartered in Los Angeles, LRN also maintains offices in New York and London. More information is available at http://www.lrn.com.
June 3-6,
2007
The National Investor Relations Institute holds its annual conference
in Orlando. Themed "Ahead of the Curve: Getting There, Staying There,"
the meeting will be important in a time when management and boards are
looking at IR officers to effectively communicate the company's
strategy while supplying competitive intelligence, insights on
governance, and investing trends. More information at
June 6-7,
2007
Ethical Corporation Conferences conducts "Climate Change Strategies and
Environmental Communication," a program in Boston on how some of
America's top companies are managing climate change and telling their
customers and investors about it. Call 1-800-814-3459 or visit
June 7,
2007
The 11th Annual Wharton Leadership Conference presents "Developing
Leadership Talent: How Organizations Prepare Their Present and Future
Leadership." In this intensive one-day program, presenters draw upon
their own organization's experience in finding, identifying,
recruiting, preparing, and training their talent for positions of
responsibility. Where are the best sources of talent? What are the best
development experiences for building leadership capacities? When is the
time to invest in leadership development? Who has the best programs for
fostering leadership - and what are the secrets of their success?
Speakers include Jennifer Deal, research scientist at the Center for
Creative Leadership; Richard Greene, consultant and author of Words
That Shook the World; Stephen Harrison, chair of Lee Hecht Harrison and
author of the upcoming book The Manager's Book of Decencies: How Small
Gestures Build Great Companies; David Nadler, vice chairman of Marsh
& McLennan and chair of Mercer Delta Consulting; Thomas Stewart,
editor and managing director of the Harvard Business Review; and Tim
O'Toole, managing director and CEO of the London Underground and former
CEO of Conrail. Details about the conference and online registration
are available at
June 13,
2007
The Practicing Law Institute presents "Audit Committee Workshop 2007:
What Audit Committee Members and Lawyers Who Advise Them Need to Know."
Faculty co-chairs include Margaret Foran, SVP-corporate governance of
Pfizer Inc., Kenneth Daly, new CEO of the National Association of
Corporate Directors, and John Olson of Gibson Dunn & Crutcher. The
program will be held in New York. For more information, visit
June
14-15, 2007
Outstanding Directors Exchange (ODX) and Columbia Business School host
a meeting at the Ritz-Carlton Battery Park in New York for sessions on
key isues in corporate governance. Featured speakers include Time
Warner CEO Richard Parsons, director Jerry York, Columbia Business dean
Glenn Hubbard, and Kamsky Associates CEO Virginia Kamsky. For
information, visit
June
14-15, 2007
Boardroom Bound hosts its director prep
class, BOARDOLOGY 400© - Pipeline Seminar, for executives seeking
to transition from leadership and governance nonprofit experience to
business board service, at the Washington, D.C., office of Foley &
Lardner. For information, visit http://www.boardroombound.biz.
June
19-20, 2007
KPMG's Audit Committee Institute and the National Association of
Corporate Directors will conduct a session on "Audit Committee
Fundamentals: Roles, Responsibilities, and Resources." The program is
for both new and more experienced directors. To register, visit
June
21-22, 2007
Babson Executive Education and the Center for Women's Leadership hold
"OnBoard Bootcamp," an insiders guide to mastering the board selection
process. Attendees will learn to position themselves so that they are
in the right place at the right time, get their names on the short
list, make a board match that's right for them, and become an effective
director once they've been selected. The program will be held at the
Babson Executive Conference Center in Wellesley, Mass. To register,
visit
June
21-24, 2007
The International Policy Governance Association holds its annual
conference, "Create the Freedom to Excel." A keynote address, "Trustees
as Servant-Leaders," by Larry Spears, president and CEO of the
Greenleaf Center for Servant-Leadership, will be among the key features
of the program, being held in Alexandria, VA. Attendees will be exposed
to new ideas related to governance, decision making, management, and
consulting, and be re-energized to lead organizations with excellence.
Visit
June
24-26, 2007
Stanford Law School conducts its 13th Annual Directors' College, which
brings together leading CEOs, directors, jurists, scholars and
regulators for a rigorous examination of corporate governance. Among
the keynote speakers will be Paul Otellini, president and CEO of Intel;
former Rep. Michael Oxley; Linda Chatman Thomas, director of the SEC's
Division of Enforcement; Patricia Dunn, former chair of
Hewlett-Packard; Justice Jack Jacobs of the Delaware Supreme Court; and
Charles Munger, vice chairman of Berkshire Hathaway. Visit
June
24-26, 2007
Harvard Business School's Corporate Governance Series presents "Audit
Committees in a New Era of Governance," a program that will prepare
audit committee chairs and members, as well as the CFOs working with
them, to operate successfully amid new regulations and emerging
governance trends. Faculty chair is HBS Professor Jay Lorsch, and the
program will be held on the HBS campus. For further information, call
1-800-HBS-5577 or visit
June
26-27, 2007
Directorship and Pepperdine University's Graziadio School of Business
and Management present "The New Rules of Board Effectiveness." To be
held in Malibu, Calif., the program will cover a broad sweep of
important issues facing directors. Speakers include Michael Milken,
chairman of The Milken Institute; Enrique Hernandez Jr., chairman of
Nordstrom; and Tom Plaskett, chairman of Novell. Call 1-887-263-7655
for registration information.
June
26-28, 2007
The International Center for Corporate Accountability will hold a
conference on "Gobalization and the Good Corporation" at the Baruch
College campus in New York. Last held in 2004, the program will bring
together members of the academic community, business and industry
groups, civil society organizations, and international financial and
development institutions to address such issues as "Corporate Global
Citizenship" and "Triple Bottom Line - People, Planet and Profits."
Visit
June
27-29, 2007
Harvard Business School's Corporate Governance Series presents
"Compensation Committees: New Challenges, New Solutions," a program
that will help compensation committee chairs and members think deeply
about compensation issues and to identify solutions for particular
difficulties that their boards and companies are facing. Faculty chair
is HBS Professor Jay Lorsch, and the program will be held on the HBS
campus. For further information call 1-800-HBS-5577 or visit
July
15-18, 2007
Harvard Business School's Corporate Governance Series presents "Making
Corporate Boards More Effective," a program that concentrates on
cutting-edge techniques, strategies and action plans for improving
board design, maximizing indiviual contributions to company boards, and
improving corporate governance. Faculty chair is HBS Professor Jay
Lorsch, and the program will be held on the HBS campus. For further
information, call 1-800-HBS-5577 or visit
July 18,
2007
The Practicing Law Institute presents "Audit Committee Workshop 2007:
What Audit Committee Members and Lawyers Who Advise Them Need to Know."
This program will be held in San Francisco with faculty co-chairs
Gregory Conklin of Gibson Dunn & Crutcher, Kenneth Daly, new CEO of
the National Association of Corporate Directors, and Katherine Martin
of Wilson Sonsini Goodrich & Rosati. For more information, visit
August
22-24, 2007
The Directors' Consortium, a joint offering of the University of
Chicago Graduate School of Business and the Tuck School of Business at
Dartmouth, will host a three-day intensive program exploring the
fundamentals of corporate governance and board service. Leading faculty
from six world-class institutions will present a comprehensive approach
to the complex decisions that board members must make. The program will
be held at the Chicago GSB. For information, visit
October
15, 2007
Business Roundtable Institute for Corporate Ethics hosts the Senior
Leadership Team Ethics Seminar, a forum for senior executives to share
best practices and best thinking regarding ethics. Held in Washington,
D.C., the half-day session is led by the Institute's instructors who
are faculty at top business schools. This program is for chief ethics
officers, chief financial officers, and other C-level executives, as
well as vice presidents, general counsels, corporate secretaries, and
members of the board of directors. Issues addressed include how to:
build and strengthen an ethical culture; develop a strategic,
enterprise approach to ethics; foster trust among your firm's
stakeholders; and identify issues your firm is likely to face in the
next 5-10 years. More information can be found at:
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Booz Allen released findings of its annual CEO turnover study, which analyzes CEO departures at the world’s largest 2,500 publicly traded corporations and the links between CEO tenure and corporate performance. Among this year’s findings:
- CEO turnover remains high: Globally, 357 CEOs (14.3%) left office in 2006. Less than half of CEOs leaving office in 2006 departed under normal circumstances. CEO turnover has grown 59% from 1995 to 2006; in 1995 one in eight departing CEOs was forced from office compared to 2006, when nearly one in three left involuntarily.
- CEO departures due to M&A and buyouts increased: 22% of all CEO departures in 2006 were a result of M&As or buyouts compared to 18% in 2005, with the highest levels of activity in North America and Europe. CEOs whose companies were acquired in 2006 delivered investor returns that were 8.3% better than a broad stock market average.
- Boardroom infighting is taking a higher toll. The number of CEOs leaving because of conflicts with the board increased from 2% in 1995 to 11% between 2004 and 2006.
- Global CEO tenure increased in 2006: On average, CEO tenure has increased to 7.8 years with North American CEOs lasting approximately 9.8 years on the job.
- Inclusiveness is the new critical CEO survival skill: In North America, several CEOs who created above-average returns for investors were forced out in 2006 because of concerns about their ability to deliver future returns, as board members seek a greater voice in developing strategy.
New Leadership at National Association of Corporate Directors
The National Association of Corporate Directors , the U.S.-based membership nonprofit organization for board directors, announced on April 30 that Kenneth Daly has been appointed president and CEO. Daly previously served as executive director for KPMG's Audit Committee Institute. He succeeds Roger W. Raber, whose retirement was announced in August 2006. Raber will pursue board service and teaching opportunities.
“Ken has significant experience working directly with boards in multiple areas of risk oversight and in growing a mission-based organization with tangible benefits for directors. He has earned tremendous respect within the corporate governance community," said Robert E. Hallagan, chairman of the board of NACD. "In addition, none of this would have been possible without the leadership over the past eight years of Roger Raber. Under Roger's tenure NACD membership grew three-fold, and he helped set the platform for improved corporate governance."
Prior to leading KPMG's ACI, Daly spent more than 30 years at KPMG. First admitted to the partnership in 1978, he gained years of experience as an audit engagement partner and later held significant leadership roles within the firm, including partner-in-charge for KPMG's National Risk Management Practice and a member of the firm-wide national leadership team on Audit and Risk Advisory Services.
Director Resources
Governance Principles, Updated: Tying in with the five-year anniversary of the passage of the Sarbanes-Oxley Act, Paul Lapides, co-founder and director of the Corporate Governance Center at Kennesaw State University, and several of his governance colleagues at Kennesaw and other universities, have issued 21st Century Governance and Financial Reporting Principles — 17 principles to promote the interests of investors, stakeholders, and financial statement users. “We believe that the revised Governance Principles and the new Audit Committee Principles should be considered by directors, boards, and regulators addressing current and future reforms,” Lapides says. Click here for a copy of this set of Principles.
Audit Committee Guidance: The Institute of Internal Auditors has issued The Audit Committee: A Holistic View of Risk, a brochure that provides perspectives on enterprise risk management (ERM) and clarifies the value internal auditing brings to the ERM process. Click here for a PDF copy of the brochure.
New Report on Financial Institutions: The Debevoise & Plimpton law firm has begun publishing the Debevoise & Plimpton Financial Institutions Report, an analysis of U.S. and international developments affecting insurance and financial institutions. The inaugural issue of the Report was written by members of the firm’s New York, London and Hong Kong Financial Institutions Group. For more information on the Report, email financialinstitutions@debevoise.com.
Global D&O Coverage: In response to changes in insurance regulations and more stringent corporate governance requirements worldwide, the Chubb Group of Insurance Companies has introduced a Difference in Limits/Difference in Conditions (DIL/DIC) Multinational Directors and Officers Liability form. Available to U.S. corporations that have purchased a Chubb D&O policy, the form can provide excess coverage and bring local D&O policies up to U.S. coverage levels, where permitted by law. “As more companies expand their operations outside the United States, their exposure to a directors and officers liability lawsuit may increase. These companies may find it challenging to comply with the varying insurance laws in each country,” said Jim Bronner, senior vice president, Chubb & Son, and chief underwriting officer for Chubb Specialty Insurance. “Our new D&O form supports Chubb’s long-standing commitment to fulfilling multinational customers’ needs in both the traditional property and casualty as well as specialty insurance arenas.”
Author Notes
Norman Augustine (second from left) is pictured at the gala dinner when he was presented the Bower Award for Business Leadership, an honor bestowed by the Franklin Institute Science Museum in Philadelphia. The retired chairman of Lockheed Martin Corp. was recognized for his leadership of the company and his extensive public service focused on U.S. science and technical leadership. He is pictured with three of the event's organizers: (l. to r.) Hilarie Morgan, Gary Anderson and Grete Greenacre. Augustine is a member of the editorial advisory board of Directors & Boards. Photo by Joyce E. Santora, Main Line Life.
Pearl Meyer & Partners, a national independent compensation consultancy, has named David N. Swinford as president and chief executive officer. He succeeds Joseph R. Rich, who has been appointed chairman of the firm. Rich will continue to take an active leadership role as a member of the firm's executive committee. Swinford, who joined the firm in 1998, most recently served as head of the New York office. He has 30 years of experience as a compensation consultant and holds B.S., M.S. and J.D. degrees from the University of Wisconsin. Prior to joining Pearl Meyer & Partners, he held management and practice leadership positions at William M. Mercer and Towers Perrin, as well as previous positions at Sibson & Company and Harris Corp.
AlixPartners, the international corporate turnaround, performance improvement and financial advisory firm has appointed four new directors: Sean Renshaw in the Chicago office, Randy Johnson in the Dallas office, Ketav Shah in the New York office, and James Latham in the Southfield, Mich., office. Michael Faraci, a litigation discovery expert, joins the firm as a managing director in its growing electronic discovery practice and will be based in the New York office.
George Stamboulidis has been appointed as the outside independent monitor of Mellon Bank as a result of an agreement reached between the Department of Justice and the bank in August 2006. Currently the head of the White Collar Practice Group at national law firm Baker Hostetler. Stamboulidis is a former prosecutor and head of the Long Island Division of the U.S. Attorney’s office, where he prosecuted a number of high-profile cases, including the prosecution of Genovese crime boss Vincent “the Chin” Gigante. He also served as the monitor for Merrill Lynch in that company’s settlement with the DOJ regarding its involvement in Enron. His article on “Dos and Don’ts for Board Investigations” will appear in the Third Quarter 2007 edition of Directors & Boards.
Crowe Chizek and Company LLC has named Joe Santucci managing executive of Crowe’s Performance business unit. Santucci has been with Crowe for nearly 20 years. Stuart Miller, CPA, has been named executive-in-charge of Crowe’s not-for-profit services. He has more than 20 years of audit and business advisory experience in the public sector, specializing in higher education, membership associations, religious organizations, private foundations, social service agencies and other not-for-profit organizations. Crowe, which was founded in 1942, provides innovative business solutions in the areas of assurance, benefit plan services, financial advisory, forensic services, performance services, risk consulting and tax consulting.
James F. Reda & Associates LLC, an executive compensation and corporate governance services consulting firm, has added John F. (Jack) Moran Jr. as managing director and Kimberly A. Glass as senior consultant. Moran has 20 years of experience in the executive compensation field. He is a former principal in Hewitt Associates’ Consulting Group. Glass has 10 years of experience in the field and formerly worked in Hewitt’s Southeast Consulting Group.
Mercer Delta Organizational Consulting is joining with Mercer Management Consulting and Mercer Oliver Wyman under the name Oliver Wyman, creating one of the world’s leading management consultancies. The Mercer brand will stay with Mercer Human Resource Consulting, which continues its operations as the world’s largest HR consulting firm.
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Directors & Boards e-Briefing is a monthly service of Directors & Boards. All contents copyright 2007, MLR Holdings LLC.