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Articles by Bill McNabb
(HBm+) Warum Aufsichtsräte mit Investoren reden sollten
Foto: RICHARD DRURY / GETTY IMAGES Weiterlesen mit Harvard Business manager+ Das Wissen der Besten – zu den wichtigen Fragen rund um Führung, Strategie und Management. Wir liefern Ihnen Knowhow aus den renommiertesten Hochschulen der Welt, anschaulich und umsetzbar für Ihren Alltag als Führungskraft.
Opinion: Here’s a smart way to pick stocks: value a company’s talent, strategy and risk
For investors, the standard measure of corporate performance is total shareholder return, or TSR — the change in a company’s share price with accumulated dividends over time. For boards and for managers, chasing after TSR can put a premium on short-term activities designed to boost the company’s stock. The pressure to do so may come from security analysts and the business press, and from activist investors when they think that a company is lagging its market potential.
Selecting a High-Performance CEO
No job of the board is more important to the creation of long-term value than selecting the CEO and the leadership team. Their capabilities must align with both where the company is today and where it is headed. The CEO does more than run the business. The CEO is your long-term visionary. As former WSFS Financial Corp.
The Essence Of A Great Director
More than any set of abilities you might find on a résumé, the ability to be a good director is a personality trait. It involves qualities of insight, outlook and character. Yes, boards that have deep industry knowledge tend to be more strategic and focus more on the long term. But strategy is a way of thinking, relying on judgment and experience. The directors who come in to reshape a business are often from outside the industry. Transformation is their skill.
Engaging with Your Investors
Idea in Brief The Tension Institutional investors have become a vocal constituency, pressing the board to act in ways that will ensure the company’s long-term survival. At the same time, directors cannot ignore the interests of activist investors who seek short-term wins. The Opportunity By meeting regularly with big shareholders, board members can gain valuable information about the company and its competitors and build alliances to help defend against activist attacks.
The Changing Role of the Investor Relations Officer
When companies are surprised by activist shareholders it’s often because management and the board don’t have a good idea of what investors are thinking and what their hot-buttons issues are. Today’s CEOs need a new breed of skilled investor relations officer (IRO) to bridge the gap. This person must be a proactive leader, building constructive relationships throughout the shareholder base to help the company mitigate various risks.
THE PURPOSE DEBATE Former Vanguard CEO Weighs in on ‘Purpose’ & ESG
Bill McNabb says a focus on the greater good leads to long-term value. Bill McNabb, the former CEO and chairman of investment behemoth Vanguard Group, believes many people aren’t seeing the ultimate value of a growing movement for corporations to have a social-purpose focus. “Many pundits and critics have missed an essential element of the principles,” explains McNabb, a director for UnitedHealth Group and chairman of EY’s Independent Audit Quality Committee.
How to Build a 'World-Class' Retirement Portfolio
More than a decade ago, a Vanguard client asked us to help improve its defined contribution retirement plan. New hires were participating in the plan at lower rates than in previous years, and the client wanted to reverse this trend. Another priority was to help more participants invest their retirement savings in balanced portfolios. The overall goal of this longtime client: Give employees a better chance to achieve financial security in retirement.
Leading Businesses Embrace New Role: Creating Long-Term Value Through Purpose
Board members don’t need another tome outlining the uncertain times in which their companies find themselves. What they need is a road map to guide their companies in sustainable value creation, which, in a sense, future proofs their business strategies. Uneasy markets? Global political uncertainty? Environmental issues? These are all mega trends, risks, and opportunities for boards to assess and monitor.
The Ultimate Long-Term Investors
When Vanguard created the first index mutual fund in 1976, indexing was considered a curiosity (by those who considered it at all). Critics wondered why someone would "settle" for owning the market instead of trying to outsmart it. Some proponents of active management even called indexing "un-American." Four decades later, the case for indexing is widely known and embraced.
Is Low Cost Enough For Active Management Success?
Over the three years ended August 31, 2016, investors poured more than $1 trillion into index funds. Indexing now accounts for nearly a third of all mutual fund assets-more than double what it did a decade ago and eight times its share two decades ago.1 By contrast, active management's commercial struggles have reflected its disappointing investment performance.
Vanguard’s investment tips for 2017
As I prepare for my annual look-ahead webcast with our CIO Tim Buckley, I’m struck by the questions we’ve been receiving. Never before—not even during the global financial crisis—have investors come to us with such specific concerns about the movements of the markets and governments around the world. We’re living in unprecedented times, so we certainly can’t predict what 2017 will bring. And if you know Vanguard, you should know not to expect hot stock tips or “sure bets” from us either.
The Tax Threat to Your Mutual Fund
An open letter to all mutual-fund investors: You may be subject to a new “tax,” and it has nothing to do with the presidential election cycle. Rather, the levy would be decided by a consortium of financial regulators who can designate your mutual fund or mutual-fund firm as posing a “systemic risk” to the financial system. In the years since the global financial crisis, lawmakers and regulators have worked to stabilize the...
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