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The Conference Board THE BUSINESS KNOWLEDGE NETWORK THE CONFERENCE BOARD newsletter spring 2002 A.P. Moller/Maersk: The Drive to Make Dealing with a Sluggish Boards More Effective The collapse of Enron is spurring many com- World Economy panies to re-examine their board management systems. A new Conference Board report, available online, provides a valuable check- list of do’s and don’ts in making board A.P. Moller/Maersk,headquartered in Copenhagen, is a leading global shipping firm. The company is processes more effective. also engaged in a multitude of other businesses, The report urges corporate directors, who including the exploration and production of oil and no longer enjoy broad legal protection, to ques- gas, shipbuilding, aviation, supermarkets, and infor- tion management when “red flags” appear and mation technology services. The company has more than 60,000 employees in some 100 coun- even when they sense that serious problems tries operating a fleet of about 250 vessels. are developing. “The first response is to blame Most well-known is A.P. Moller’s shipping arm, the accountants. But the accountants don’t AMaersk Sealand, the world’s leading containerline act in isolation. It takes a board, management, with a network of services connecting all six con- legal counsel and a host of others to create tinents and more than 20,000 port calls per year. The following is a conversation with leaders of some of these spectacular failures of corpo- this remarkable firm. Mærsk Mc-Kinney Møller is rate governance.” Chairman of the Board of the firms comprising The Conference Board report presents a Mærsk Mc-Kinney Møller the nucleus of the A.P. Moller/Maersk Group. series of short- and long-term questions Jess Søderberg is Chief Executive, and Ib Kruse is a partner of the firm. board members need to ask. Carolyn Brancato, the Board’s corporate Q. Maersk has been a member of The governance expert, notes that “while it’s dif- Conference Board for nearly four decades. ficult to uncover outright management fraud, How are Maersk executives benefiting boards should be more proactive in demand- from the Board’s growing business ing accountability.” network today? Source: In the Wake of Enron: Does Your Board Mr. Møller: Our affiliation with The Con- Have an Effective Management System of Its Own? Executive Action #14, The Conference Board. ference Board goes way back to 1964. I accepted your invitation with enthusiasm because it offered an opportunity to discuss U.S. Economy and exchange ideas with top U.S. business- men. It should be understood that at that Jess Søderberg Gaining Ground time U.S. business was not nearly as global as today. Mr. Kruse, my colleague and suc- cessor as Global Counsellor to The Confer- The bellwether American economy is mov- ence Board, says he has had the same ing into recovery, which should be good news positive experience. A number of our exec- for many global economies. While growth will utives have, and are benefiting from the net- be slow, a major turnaround in corporate prof- working and the timely research The its is ahead, The Conference Board reports. Conference Board provides. Rising productivity, a major driver of Q. What are the major challenges facing economic growth, will push profits. Declin- your business in 2002? ing financing requirements and the Mr. Søderberg: To cope with the economic rising availability of credit all point to bet- global downturn, which started toward the end ter times ahead. of 2000. During 2001, we have also seen Ib Kruse “But businesses will once again have to a significant reduction in trade volume, become their own bankers,” says Conference L CONTINUED PAGE 2 Board Chief Economist Gail Fosler, “financ- ing their productivity and competitive improve- ments from cash flow.” THE CONFERENCE BOARD The Business Knowledge Network CONTINUED FROM PAGE 1 a situation that was further aggravated by the tragic Online Meetings Draw September 11th events. Q. Security issues have become dominant concerns at Raves in China, India, many of our member firms. Is that true at your company? Mr. Søderberg: Yes. Because our vessels are engaged in Australia, U.S. worldwide trade, we have always paid close attention to the security of our personnel and our vessels. But now The Conference Board’s use of latest online technology the issue has moved to the very forefront of our think- to bring busy executives together is winning ing and planning. A.P. Moller/Maersk is also working with CNBC anchor Ron executive fans. a number of government agencies, particularly in the Insana discusses These meetings, presented via the Internet, cover a U.S., on how to make ports, vessels and the whole trans- what’s hot in TV wide range of timely issues. The Board’s Ann Barrett pre- portation chain more secure. However, we must avoid sented findings from her upcoming study on leadership impractical and cost prohibitive security measures that business news at development to a Human Resources Council meeting hamper trade and can have a negative impact on world the Board’s Wireless held in Goa, India. The event was extremely well received. economies. Conference in The first of these online meetings linked the Board’s Q. What’s ahead for the container shipping industry? New York. Council of Chief Audit Executives to examine continu- Mr. Kruse: We expect the container trade growth rate ity planning. The Human Resources Council in China to return to its previous growth rate of 7-8% a year. was briefed on findings from the Board’s new study on But the industry today is very fragmented. The largest the fast-growing Chinese economy. carrier owns less than 15% of total capacity. Mergers The new technology was also used to launch the Asia and acquisitions and operational alliances will con- Pacific Learning and Knowledge Management Council. tinue in order to enhance efficiency, cut costs, and meet This online event linked executives from Brisbane, Mel- shippers’ global demands. bourne, Hong Kong, Manila and Singapore. And it was effectively used in an economic briefing for members of the Council of CFOs, Council of Corporate Treasurers, the Council of Financial Executives, and the Executive Council. In this broadcast, Gail Fosler, the Board’s Chief Economist, said the economy was rapidly entering a recov- Why the World is ery that would lift profits and that technology would Daniel A. Meiland, strengthen the nation’s productivity boom. Watching China Chairman and CEO, Egon Zehnder While China’s booming economy could slow slightly from International, at its red-hot pace, its ongoing economic and political reforms are turning the nation into a formidable world the Board’s recent Flash Points for Management competitor. Trustees meeting. A comprehensive Conference Board study covering Only one-third of the major companies say their lead- more than 23,000 firms in China shows that privatiza- ers’ capacity to meet business challenges is excellent or tion and federalism are unleashing competitive and entre- good. Five years ago, about half the firms surveyed rated preneurial forces throughout the nation. More than 500 their leadership strength as excellent or good. large and medium-sized Chinese firms are now fully But less than half the surveyed companies say that owned by foreign interests, up from only 100 just seven developing future leaders is a major priority of their com- years ago. Some 300 Chinese firms are totally private panies’ top management. entities, compared with just 3 in 1995. Source: Developing Business Leaders for 2010, Report 1315-02-RR, Reforms will intensify when China becomes a full- The Conference Board. fledged member of the World Trade Organization. Joint- venture firms are proliferating and will continue to put competitive pressure on companies of all sizes through- out the world. Former U.S. labor “Foreign-owned businesses will discover that they can Closer Dutch Ties no longer take China lightly,” says Dr. Robert McGuckin, secretary Robert co-author of the new study. Reich gives execu- The Conference Board and the Nederlandse Vereniging Source: Restructuring Chinese Enterprises: The Effects of Federalism and tives some pointed voor Management (NIVE) have agreed to collaborate Privatization Initiatives on Business Performance, Report 1311-02-RR, tips on motivating more closely on event organization and research, accord- The Conference Board. ing to the terms of a Memorandum of Understanding people at The signed in Voorburg, The Netherlands. Conference Board’s Human Resources Conference. THE CONFERENCE BOARD The Business Knowledge Network Remaking New York: King Dollar Causing A Work in Slow Motion World Market Jitters Ground Zero in New York City is slowly staging a come- Like a weight lifter on steroids, the American dollar will back. But a return to anything approaching normalcy will grow even stronger and more powerful this year. After be painfully slow. A Conference Board analysis shows posting a nonstop advance over the last six years, it is that the key public priority is restoring transportation Carlos Represas now reaching toward its 1985 peak. links, critical in rebuilding the demolished private sec- of Nestlé, a Global Both the euro and yen appear to be heading for new tor in that area. Counsellor of The lows. Neither currency has the power to dislodge the dol- Since most of the emergency relief to businesses is in Conference Board, lar from its preeminent position. The upward thrust of the form of loans, not grants, many downtown firms aren’t the dollar is not only reducing the ability of countries to rapidly accepting these offers. Many are leery of taking at the Board’s purchase goods on the world market, but is raising local on more debt. But redevelopment is firmly underway and New York dinner.
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