The rest of the UMG supervisory group consists of eight non-executive directors, which means that they are not officers of UMG, including a chairman of the board of directors and a vice-chairman of the board of directors. The four headings âindependent non-executive directorâ have no connection with UMG, but the four headings simply ânon-executive directorâ have another connection with UMG, such as representing a significant shareholder.
The chairman of the board of directors and independent non-executive director, who will convene and lead the meetings, is Judy Craymer, an award-winning producer who pioneered the idea of Mom Mia! musical (and later, movie) and co-founded the production company Littlestar Services Ltd. alongside ABBA members Benny Andersson and BjÃ¶rn Ulvaeus and producer Richard East. The vice-chairman of the board of directors and an independent non-executive director are Antoine Fievet, who for 20 years was CEO of the Groupe Bel-branded cheese and snacks company – supplier of the Babybel and Boursin brands – of which he has also been Chairman since 2009.
The other independent non-executive directors are Anna jones, co-founder and CEO of the global women’s club AllBright; and Margaret Frerejean-Taittinger, responsible for the international development of the Michelin Guide restaurant rating system.
Non-executive directors include Cathia Lawson Hall, Head of Coverage and Investment Banking for Africa at the world leader in financial services Societe Generale; and Luc Van Os; the former CEO of Hearst Netherlands who is now co-owner of Misset Uitgeverij, a Netherlands-based B2B publisher of multimedia brands for the agricultural sector.
James mitchell and Manning Doherty are both non-executive directors linked to Chinese firm Tencent Holdings Limited, the leader of a consortium that now owns 20% of UMG, giving Tencent 20% of the board seats.
Mitchell is executive vice president and chief strategy officer of Tencent Holdings and director of Tencent Music Entertainment Group. Doherty is senior vice president of GIC Pte Ltd., Singapore’s sovereign wealth fund – part of the Tencent-led consortium – where he focuses on global public and private debt and equity investments.
In particular, half of the eight non-executive directors are women, including the chairman of the board of directors. When it comes to racial diversity, Lawson-Hall is the only black member of the board of directors while Mitchell and Doherty are both of Asian descent. Executive Director Vallejo, the company’s deputy managing director, is half Spanish.
The prospectus notes that until recently Dutch law stipulated that some large Dutch companies, including UMG, had to have at least 30% men and 30% women on their boards. This legislation expired at the end of 2019, but in February a bill was submitted to the Dutch Senate and House of Representatives demanding that board appointments not only maintain these percentages, but that new appointments lead to a more balanced male-female ratio, or else they will be canceled. In the United States, only 22.5% of Fortune 500 board seats are held by women, and 4.6% are held by women of color, according to Catalyst, a nonprofit supporting women. professional women.
All appointments will take effect on September 20 and will be valid until the UMG Annual General Meeting in 2024.