7 February 2007
US Fed News
© Copyright 2007. Hindustan Times. All rights reserved.
PHILADELPHIA, Feb. 7 -- The University of Pennsylvania's Wharton School issued the following news release:
The Wharton School of the University of Pennsylvania has partnered with Egon Zehnder International and Spencer Stuart, two leading board consulting firms, to offer executive education programs that prepare independent directors for their expanding roles within corporations around the world. In addition, the School has partnered with China Europe International Business School (CEIBS) to enhance the skills of directors in China.
Corporate Governance in India Strong independent directors are the linchpin to good corporate governance. "This is the lesson from various recent governance scandals the world over. There is an urgent need to train existing and potential independent directors in India at the present time," said Jitendra Singh, PhD, the Saul P. Steinberg Professor of Management at Wharton, and academic director of Governing the Corporation: Global Perspectives in the Indian Context, to be held in Mumbai on March 7-9, 2007. "Indian companies need to provide formal training for their current and future directors, whether independent individuals or company executives."
For the second consecutive year, Wharton, a global leader in senior executive education, and Egon Zehnder International, one of the worlds' leading executive search consulting firms with a long association with the Indian business community, have collaborated to design and deliver Governing the Corporation. Wharton has extensive experience in delivering senior executive education programs in corporate governance and is pleased to bring its expertise to Indian audiences.
With changes in the regulatory environment, the restructuring of diversified conglomerates toward their core competencies, and increased global competition, companies around the world are turning to mergers, acquisitions, and alliances to gain access to new markets-and India is at the top of the target list. "Board members must understand and evaluate the risks and opportunities involved," said Professor Singh, who has also been on the boards of Indian and U.S.-listed companies. "This business climate is expected to remain in place for the foreseeable future, so it is important for directors to be prepared."
"By leveraging Wharton's intellectual and educational design expertise and Egon Zehnder's familiarity with the issues facing Indian boards, we are looking forward to providing an educational experience with both a global foundation and regional significance," stated Govind Iyer, partner of Egon Zehnder International. "In addition, we developed the program with leaders from the Indian business community to ensure that the focus is always within the Indian context."
Preparing New Directors in the United States The role of a new corporate director has never been more challenging. First, there are regulations such as Sarbanes-Oxley that have made serving on a board much more demanding and time-intensive. Then there is the relentless public glare, where every action is watched closely by investors, analysts, and the press.
"They feel they are in the spotlight and the world is watching everything they do," said Julie Daum, practice leader for the North American Board Services Practice of Spencer Stuart, one of the world's leading executive search consulting firms. She is one of the developers of the first top-level program for new directors, Corporate Governance Essentials for New Directors, which will be launched by Wharton and Spencer Stuart March 12-14, 2007. "There is also a bit of an assumption that directors are not doing their jobs. At the same time, what they are doing is supposed to be confidential. This means they often are making decisions without the ability to explain the decisions they have made."
"With corporate scandals in the U.S. and Europe, board members themselves are under intense scrutiny now," says Academic Director Thomas Gerrity, the Joseph J. Aresty Professor, Professor of Management and Operations and Information at Wharton. "There is an increased focus on the behavior of the board, and we want to prepare new directors for this highly-visible role in the contemporary business environment."
Corporate Governance Essentials for New Directors will bring experts into the classroom for lectures and panels, so participants will have a chance to benefit from the insights of seasoned board members and governance experts such as Eric Pillmore, senior vice president of corporate governance at Tyco. "If you are serving on one board and it meets six times a year, it takes a long time to become an experienced director," Daum said. "We are hoping this program will get people up the learning curve fairly quickly."
A unique and highly-integrated program designed to promote the leadership and effectiveness of newly-inducted board members, the program was designed jointly by Wharton and Spencer Stuart to be the exclusive entry-point into the highly complex and regulated world of corporate governance.
The Role of Directors in the United Kingdom and China Wharton is also working with Spencer Stuart to offer The Directors' Forum in the United Kingdom. This program will be held March 26-28, 2007 in London. The program's "living case" format comprises two main board meetings, a remuneration committee, audit committee, and a chairman's non-executive directors meeting. In addition, there are two dinners during which participants will have the opportunity to discuss, in small groups, boardroom experiences with top business leaders.
As well, Wharton and CEIBS have joined academic forces to design, develop, and deliver the Corporate Governance and Board of Directors program. This program is customized to reflect the current realities of corporate governance practices in China, essential to senior executives and board members of Chinese enterprises in understanding and managing their long-term sustainable development challenges.
This portfolio of programs in the U.S., Europe, India, and China-and partnerships with academic institutions and executive search firms around the world-highlights Wharton's global impact and thought leadership in the area of corporate governance.
About the Wharton School The Wharton School of the University of Pennsylvania - founded in 1881 as the first collegiate business school - is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. The most comprehensive source of business knowledge in the world, Wharton bridges research and practice through its broad engagement with the global business community. The school has more than 4,600 undergraduate, MBA, executive MBA, and doctoral students; more than 8,000 annual participants in executive education programs; and an alumni network of more than 81,000 graduates.
Each year, Wharton Executive Education works with more than 8,000 business leaders on its campus in Philadelphia, at Wharton West in San Francisco, and at sites around the world. The Wharton Learning Continuum is Wharton Executive Education's model for delivering Impact Through Education™-supporting companies and individuals in a 9- to 12-month learning process that is designed collaboratively with clients, delivered by Wharton faculty, and monitored to produce specific outcomes.
Wharton at 125
About Egon Zehnder International Egon Zehnder International is one of the largest privately-held executive search firms in the world with more than 300 consultants located in 59 wholly-owned offices in 38 countries. The firm specializes in senior-level executive search, board consulting and director search, management appraisals, and talent management.
About Spencer Stuart Spencer Stuart is one of the world's leading executive search consulting firms. Privately held since 1956, Spencer Stuart applies its extensive knowledge of industries, functions and talent to advise select clients and address their leadership requirements. Through 50 offices in more than 25 countries, Spencer Stuart consultants focus on senior-level executive search, board director appointments, succession planning, and in-depth senior executive management assessments.
About CEIBS CEIBS is the only independent business school in Mainland China, a unique situation that prompted the Chinese government to designate CEIBS' property as a "Special Education Zone". This is probably the only instance where this term has been used. The school was established in 1994 as a joint venture between the European Commission and the Chinese Ministry of Foreign Trade and Economic Cooperation, in Beijing. It was then moved to Shanghai, where it spent its first years in Jiaotong University's Minhang campus. Today CEIBS has its own facilities in Shanghai's Pudong district, a small yet striking complex designed by celebrated I.M.Pei.
Media Contact Michael McTigue Director, Marketing Communications Aresty Institute of Executive Education The Wharton School University of Pennsylvania +1 215.898.7239 mctiguem@wharton.upenn.edu.
