The rest of the oversight group at UMG comprises eight non-executive directors, meaning they are not UMG executives, including a chairman of the board and vice chairman of the board. The four titled "independent non-executive director" have no connection to UMG, but the four titled simply "non-executive director" have another connection to UMG, such as representing a major shareholder.
The chairman of the board and independent non-executive director, who will call and direct meetings, is Judy Craymer, an award-winning producer who originated the idea for the Mamma Mia! musical (and later, film) and co-founded production company Littlestar Services Ltd. alongside ABBA members Benny Andersson and Björn Ulvaeus and producer Richard East. The vice chairman of the board, and an independent non-executive director, is Antoine Fievet, who has spent 20 years as CEO of branded cheese and snack company the Bel Group – purveyor of brands Babybel and Boursin – where he has additionally served as chairman since 2009.
The other independent non-executive directors are Anna Jones, the co-founder and CEO of global women’s club AllBright; and Margaret Frerejean-Taittinger, the international development manager for the Michelin Guide restaurant ratings system.
The non-executive directors include Cathia Lawson-Hall, the head of coverage and investment banking for Africa at global financial services leader Société Générale; and Luc Van Os; the former CEO of Hearst Netherlands who now co-owns Misset Uitgeverij, a Netherlands-based B2B publisher of multimedia brands for the agricultural sector.
James Mitchell and Manning Doherty are both non-executive directors with ties to China’s Tencent Holdings Limited, the leader of a consortium that now owns 20% of UMG – fittingly giving Tencent 20% of the board seats.
Mitchell is Tencent Holdings’ senior executive vp and chief strategy officer and a director at Tencent Music Entertainment Group. Doherty is senior vp of GIC Pte Ltd., Singapore’s sovereign wealth fund – which is a part of the Tencent-led consortium – where he focuses on public and private debt and equity investments globally.
Notably, half of the eight non-executive directors are women, including the chairman of the board. Looking at racial diversity, Lawson-Hall is the only Black board member while Mitchell and Doherty are both of Asian descent. Executive director Vallejo, the company's deputy CEO corporate, is half-Spanish.
The prospectus notes that until recently, Dutch law stated that certain large Dutch companies, including UMG, must have at least 30% men and 30% women comprise their boards of directors. This legislation expired at the end of 2019, but in February, a bill was submitted to the Senate and Dutch House of Representatives requiring that board appointments not only maintain those percentages, but that new appointments lead to a more balanced gender ratio, or else they’ll be voided. In the U.S., only 22.5% of board seats in the Fortune 500 are held by women, and 4.6% are held by women of color, according to Catalyst, a nonprofit supporting professional women.
All appointments are effective on Sept. 20 and will serve until UMG’s annual general meeting in 2024.