Vanguard’s CEO Joins Board of Nonprofit Coalition Aiming to Promote ‘Long-Termism’
The cause of promoting corporate “long-termism” – the creation and communication of multi-year corporate strategies that include financial, environmental, social, and governance factors – received yet another significant boost with the announcement that Vanguard CEO Bill McNabb will join the Board of Directors at New York City-based nonprofit CECP: The CEO Force for Good.
CECP stands for Committee Encouraging Corporate Philanthropy. McNabb will also serve as co-chair of the organization’s Strategic Investor Initiative (SII). He joins other corporate, cross-sector CEOs and leaders on the board.
“For too long, companies have sacrificed long-term value creation to generate short-term results, which erodes the sustainability strategic investors seek,” said McNabb. “It’s through the groundbreaking efforts of the Strategic Investor Initiative that companies and investors can change how businesses plan and act. CECP, with the 200 global CEOs in their coalition, is the right organization to lead this transformation.”
CECP is a CEO-led coalition that believes that a company’s social strategy – how it engages with key stakeholders, including employees, communities, investors, and customers – determines company success. SII is the CEO- and investor-backed platform designed to change the conversation between CEOs and their boards, directors, and investors, providing the tools, research insights, and resources for companies to pursue an alternative to short-termism and deliver sustained long-term value for all stakeholders.
“Vanguard has been at the forefront of the long-termism movement,” said Doug Conant, chairman of CECP and the former CEO of Campbell Soup Company. “Without question, Bill McNabb’s increased involvement in and leadership of SII and CECP as a whole will enhance our ability to shift trillions of dollars of investor capital, rewarding companies that recognize and demonstrate that long-term planning provides the context for short-term actions.”
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