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Capitalism for the Long Term

by Dominic Barton

The near meltdown of the financial system and the ensuing Great Recession have been, and will remain, thedefining issue for the current generation of executives. Now that the worst seems to be behind us, it’s temptingto feel deep relief—and a strong desire to return to the comfort of business as usual. But that is simply not anoption. In the past three years we’ve already seen a dramatic acceleration in the shifting balance of powerbetween the developed West and the emerging East, a rise in populist politics and social stresses in a numberof countries, and significant strains on global governance systems. As the fallout from the crisis continues, we’relikely to see increased geopolitical rivalries, new international security challenges, and rising tensions fromtrade, migration, and resource competition. For business leaders, however, the most consequential outcomeof the crisis is the challenge to capitalism itself.

That challenge did not just arise in the wake of the Great Recession. Recall that trust in business hit historicallylow levels more than a decade ago. But the crisis and the surge in public antagonism it unleashed haveexacerbated the friction between business and society. On top of anxiety about persistent problems such asrising income inequality, we now confront understandable anger over high unemployment, spiraling budgetdeficits, and a host of other issues. Governments feel pressure to reach ever deeper inside businesses to exertcontrol and prevent another system-shattering event.

My goal here is not to offer yet another assessment of the actions policymakers have taken or will take as theytry to help restart global growth. The audience I want to engage is my fellow business leaders. After all, much ofwhat went awry before and after the crisis stemmed from failures of governance, decision making, and leader-ship within companies. These are failures we can and should address ourselves.

In an ongoing effort that started 18 months ago, I’ve met with more than 400 business and government leadersacross the globe. Those conversations have reinforced my strong sense that, despite a certain amount offrustration on each side, the two groups share the belief that capitalism has been and can continue to be thegreatest engine of prosperity ever devised— and that we will need it to be at the top of its job-creating, wealth-generating game in the years to come. At the same time, there is growing concern that if the fundamental issuesrevealed in the crisis remain unaddressed and the system fails again, the social contract between the capitalistsystem and the citizenry may truly rupture, with unpredictable but severely damaging results.

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Most important, the dialogue has clarified for me the nature of the deep reform that I believe business mustlead—nothing less than a shift from what I call quarterly capitalism to what might be referred to as long-termcapitalism. (For a rough definition of “long term,” think of the time required to invest in and build a profitable newbusiness, which McKinsey research suggests is at least five to seven years.) This shift is not just about persis-tently thinking and acting with a next-generation view—although that’s a key part of it. It’s about rewiring thefundamental ways we govern, manage, and lead corporations. It’s also about changing how we view business’svalue and its role in society.

There are three essential elements of the shift. First, business and finance must jettison their short-term orienta-tion and revamp incentives and structures in order to focus their organizations on the long term. Second, ex-ecutives must infuse their organizations with the perspective that serving the interests of all major stakehold-ers—employees, suppliers, customers, creditors, communities, the environment—is not at odds with the goalof maximizing corporate value; on the contrary, it’s essential to achieving that goal. Third, public companiesmust cure the ills stemming from dispersed and disengaged ownership by bolstering boards’ ability to governlike owners.

None of these ideas, or the specific proposals that follow, are new. What is new is the urgency of the challenge. Businessleaders today face a choice: We can reform capitalism, or we can let capitalism be reformed for us, through politicalmeasures and the pressures of an angry public. The good news is that the reforms will not only increase trust in thesystem; they will also strengthen the system itself. They will unleash the innovation needed to tackle the world’s grandchallenges, pave the way for a new era of shared prosperity, and restore public faith in business.

1. Fight the Tyranny of Short-Termism

As a Canadian who for 25 years has counseled business, public sector, and nonprofit leaders across theglobe (I’ve lived in Toronto, Sydney, Seoul, Shanghai, and now London), I’ve had a privileged glimpse intodifferent societies’ values and how leaders in various cultures think. In my view, the most striking differencebetween East and West is the time frame leaders consider when making major decisions. Asians typically thinkin terms of at least 10 to 15 years. For example, in my discussions with the South Korean president Lee Myung-bak shortly after his election in 2008, he asked us to help come up with a 60-year view of his country’s future(though we settled for producing a study called National Vision 2020.) In the U.S. and Europe, nearsightednessis the norm. I believe that having a long-term perspective is the competitive advantage of many Asian economiesand businesses today.

Myopia plagues Western institutions in every sector. In business, the mania over quarterly earnings consumesextraordinary amounts of senior time and attention. Average CEO tenure has dropped from 10 to six yearssince 1995, even as the complexity and scale of firms have grown. In politics, democracies lurch from electionto election, with candidates proffering dubious short-term panaceas while letting long-term woes in areas suchas economic competitiveness, health, and education fester. Even philanthropy often exhibits a fetish for theshort term and the new, with grantees expected to become self-sustaining in just a few years.

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Lost in the frenzy is the notion that long-term thinking is essential for long-term success. Consider Toyota, whosejourney to world-class manufacturing excellence was years in the making. Throughout the 1950s and 1960s itendured low to nonexistent sales in the U.S.—and it even stopped exporting altogether for one bleak four-yearperiod—before finally emerging in the following decades as a global leader. Think of Hyundai, which experi-enced quality problems in the late 1990s but made a comeback by reengineering its cars for long-term value—a strategy exemplified by its unprecedented introduction, in 1999, of a 10-year car warranty. That radical move,viewed by some observers as a formula for disaster, helped Hyundai quadruple U.S. sales in three years andpaved the way for its surprising entry into the luxury market.

To be sure, long-term perspectives can be found in the West as well. For example, in 1985, in the face of fierceJapanese competition, Intel famously decided to abandon its core business, memory chips, and focus on thethen-emerging business of microprocessors. This “wrenching” decision was “nearly inconceivable” at the time,says Andy Grove, who was then the company’s president. Yet by making it, Intel emerged in a few years on topof a new multi-billion-dollar industry. Apple represents another case in point. The iPod, released in 2001, soldjust 400,000 units in its first year, during which Apple’s share price fell by roughly 25%. But the board took thelong view. By late 2009 the company had sold 220 million iPods— and revolutionized the music business.

It’s fair to say, however, that such stories are countercultural. In the 1970s the average holding period for U.S.equities was about seven years; now it’s more like seven months. According to a recent paper by AndrewHaldane, of the Bank of England, such churning has made markets far more volatile and produced yawninggaps between corporations’ market price and their actual value. Then there are the “hyperspeed” traders (someof whom hold stocks for only a few seconds), who now account for 70% of all U.S. equities trading, by oneestimate. In response to these trends, executives must do a better job of filtering input, and should give moreweight to the views of investors with a longer-term, buy-and-hold orientation.

If they don’t, short-term capital will beget short-term management through a natural chain of incentives andinfluence. If CEOs miss their quarterly earnings targets, some big investors agitate for their removal. As a result,CEOs and their top teams work overtime to meet those targets. The unintended upshot is that they manage foronly a small portion of their firm’s value. When McKinsey’s finance experts deconstruct the value expectationsembedded in share prices, we typically find that 70% to 90% of a company’s value is related to cash flowsexpected three or more years out. If the vast majority of most firms’ value depends on results more than threeyears from now, but management is preoccupied with what’s reportable three months from now, then capitalismhas a problem.

Some rightly resist playing this game. Unilever, Coca-Cola, and Ford, to name just a few, have stopped issuingearnings guidance altogether. Google never did. IBM has created fiveyear road maps to encourage investorsto focus more on whether it will reach its long-term earnings targets than on whether it exceeds or misses thisquarter’s target by a few pennies. “I can easily make my numbers by cutting SG&A or R&D, but then we wouldn’tget the innovations we need,” IBM’s CEO, Sam Palmisano, told us recently. Mark Wiseman, executive vicepresident at the Canada Pension Plan Investment Board, advocates investing “for the next quarter century,” notthe next quarter. And Warren Buffett has quipped that his ideal holding period is “forever.” Still, these remainadmirable exceptions.

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To break free of the tyranny of short-termism, we must start with those who provide capital. Taken together,pension funds, insurance companies, mutual funds, and sovereign wealth funds hold $65 trillion, or roughly35% of the world’s financial assets. If these players focus too much attention on the short term, capitalism as awhole will, too.

In theory they shouldn’t, because the beneficiaries of these funds have an obvious interest in long-term valuecreation. But although today’s standard practices arose from the desire to have a defensible, measurableapproach to portfolio management, they have ended up encouraging shortsightedness. Fund trustees, oftenadvised by investment consultants, assess their money managers’ performance relative to benchmark indicesand offer only short term contracts. Those managers’ compensation is linked to the amount of assets theymanage, which typically rises when short-term performance is strong. Not surprisingly, then, money managersfocus on such performance—and pass this emphasis along to the companies in which they invest. And so itgoes, on down the line.

As the stewardship advocate Simon Wong points out, under the current system pension funds deem an assetmanager who returns 10% to have underperformed if the relevant benchmark index rises by 12%. Would it beunthinkable for institutional investors instead to live with absolute gains on the (perfectly healthy) order of 10%—especially if they like the approach that delivered those gains—and review performance every three or fiveyears, instead of dropping the 10-percenter? Might these big funds set targets for the number of holdings andrates of turnover, at least within the “fundamental investing” portion of their portfolios, and more aggressivelymonitor those targets? More radically, might they end the practice of holding thousands of stocks and achievethe benefits of diversification with fewer than a hundred —thereby increasing their capacity to effectively engagewith the businesses they own and improve long-term performance? Finally, could institutional investors beef uptheir internal skills and staff to better execute such an agenda? These are the kinds of questions we need toaddress if we want to align capital’s interests more closely with capitalism’s.

2. Serve Stakeholders, Enrich Shareholders

The second imperative for renewing capitalism is disseminating the idea that serving stakeholders is essentialto maximizing corporate value. Too often these aims are presented as being in tension: You’re either a cham-pion of shareholder value or you’re a fan of the stakeholders. This is a false choice.

The inspiration for shareholder-value maximization, an idea that took hold in the 1970s and 1980s, was rea-sonable: Without some overarching financial goal with which to guide and gauge a firm’s performance, criticsfeared, managers could divert corporate resources to serve their own interests rather than the owners’. In fact,in the absence of concrete targets, management might become an exercise in politics and stakeholder en-gagement an excuse for inefficiency. Although this thinking was quickly caricatured in popular culture as thedoctrine of “greed is good,” and was further tarnished by some companies’ destructive practices in its name, intruth there was never any inherent tension between creating value and serving the interests of employees,suppliers, customers, creditors, communities, and the environment. Indeed, thoughtful advocates of value maxi-mization have always insisted that it is long-term value that has to be maximized.

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Capitalism’s founding philosopher voiced an even bolder aspiration. “All the members of human society standin need of each others assistance, and are likewise exposed to mutual injuries,” Adam Smith wrote in his 1759work, The Theory of Moral Sentiments. “The wise and virtuous man,” he added, “is at all times willing that hisown private interest should be sacrificed to the public interest,” should circumstances so demand.

Smith’s insight into the profound interdependence between business and society, and how that interdepen-dence relates to long-term value creation, still reverberates. In 2008 and again in 2010, McKinsey surveyednearly 2,000 executives and investors; more than 75% said that environmental, social, and governance (ESG)initiatives create corporate value in the long term. Companies that bring a real stakeholder perspective intocorporate strategy can generate tangible value even sooner. (See the sidebar “Who’s Getting It Right?”)

Who’s Getting It Right? (Located at the end of this article) Creating direct business value, however, is not the onlyor even the strongest argument for taking a societal perspective. Capitalism depends on public trust for itslegitimacy and its very survival. According to the Edelman public relations agency’s just-released 2011 TrustBarometer, trust in business in the U.S. and the UK (although up from mid-crisis record lows) is only in the vicinityof 45%. This stands in stark contrast to developing countries: For example, the figure is 61% in China, 70% inIndia, and 81% in Brazil. The picture is equally bleak for individual corporations in the Anglo-American world,“which saw their trust rankings drop again last year to near-crisis lows,” says Richard Edelman. How can busi-ness leaders restore the public’s trust? Many Western executives find that nothing in their careers has pre-pared them for this new challenge. Lee Scott, Walmart’s former CEO, has been refreshingly candid aboutarriving in the top job with a serious blind spot. He was plenty busy minding the store, he says, and had little feelfor the need to engage as a statesman with groups that expected something more from the world’s largestcompany. Fortunately, Scott was a fast learner, and Walmart has become a leader in environmental and healthcare issues.

Tomorrow’s CEOs will have to be, in Joseph Nye’s apt phrase, “tri-sector athletes”: able and experienced inbusiness, government, and the social sector. But the pervading mind-set gets in the way of building thoseleadership and management muscles. “Analysts and investors are focused on the short term,” one executivetold me recently. “They believe social initiatives don’t create value in the near term.” In other words, although alarge majority of executives believe that social initiatives create value in the long term, they don’t act on this belief,out of fear that financial markets might frown. Getting capital more aligned with capitalism should help busi-nesses enrich shareholders by better serving stakeholders.

3. Act Like You Own the Place

As the financial sector’s troubles vividly exposed, when ownership is broadly fragmented, no one acts like he’sin charge. Boards, as they currently operate, don’t begin to serve as a sufficient proxy. All the Devils Are Here,by Bethany McLean and Joe Nocera, describes how little awareness Merrill Lynch’s board had of the firm’ssoaring exposure to subprime mortgage instruments until it was too late. “I actually don’t think risk managementfailed,” Larry Fink, the CEO of the investment firm BlackRock, said during a 2009 debate about the future ofcapitalism, sponsored by the Financial Times. “I think corporate governance failed, because... the boardsdidn’t ask the right questions.”

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What McKinsey has learned from studying successful family-owned companies suggests a way forward: Themost effective ownership structure tends to combine some exposure in the public markets (for the disciplineand capital access that exposure helps provide) with a significant, committed, long-term owner. Most largepublic companies, however, have extremely dispersed ownership, and boards rarely perform the single-owner-proxy role. As a result, CEOs too often listen to the investors (and members of the media) who make the mostnoise. Unfortunately, those parties tend to be the most nearsighted ones. And so the tyranny of the short term isreinforced.

The answer is to renew corporate governance by rooting it in committed owners and by giving those ownerseffective mechanisms with which to influence management. We call this ownership-based governance, and itrequires three things:

More-effective boards.

In the absence of a dominant shareholder (and many times when there is one), the board must represent afirm’s owners and serve as the agent of long-term value creation. Even among family firms, the executives of thetop-performing companies wield their influence through the board. But only 43% of the nonexecutive directorsof public companies believe they significantly influence strategy. For this to change, board members must devotemuch more time to their roles. A government-commissioned review of the governance of British banks last yearrecommended an enormous increase in the time required of nonexecutive directors of banks —from the currentaverage, between 12 and 20 days annually, to between 30 and 36 days annually. What’s especially needed isan increase in the informal time board members spend with investors and executives. The nonexecutive boarddirectors of companies owned by private equity firms spend 54 days a year, on average, attending to thecompany’s business, and 70% of that time consists of informal meetings and conversations. Four to five days amonth obviously give a board member much greater understanding and impact than the three days a quarter(of which two may be spent in transit) devoted by the typical board member of a public company.

Boards also need much more relevant experience. Industry knowledge—which four of five nonexecutivedirectors of big companies lack—helps boards identify immediate opportunities and reduce risk. Contextualknowledge about the development path of an industry— for example, whether the industry is facing consolida-tion, disruption from new technologies, or increased regulation—is highly valuable, too. Such insight is oftenobtained from experience with other industries that have undergone a similar evolution.

In addition, boards need more-effective committee structures—obtainable through, for example, the establish-ment of a strategy committee or of dedicated committees for large business units. Directors also need theresources to allow them to form independent views on strategy, risk, and performance (perhaps by having asmall analytical staff that reports only to them). This agenda implies a certain professionalization of nonexecutivedirectorships and a more meaningful strategic partnership between boards and top management. It may notplease some executive teams accustomed to boards they can easily “manage.” But given the failures of gover-nance to date, it is a necessary change.

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More-sensible CEO pay.

An important task of governance is setting executive compensation. Although 70% of board directors say thatpay should be tied more closely to performance, CEO pay is too often structured to reward a leader simply forhaving made it to the top, not for what he or she does once there. Meanwhile, polls show that the disconnectbetween pay and performance is contributing to the decline in public esteem for business.

CEOs and other executives should be paid to act like owners. Once upon a time we thought that stock optionswould achieve this result, but stock-option- based compensation schemes have largely incentivized the wrongbehavior. When short-dated, options lead to a focus on meeting quarterly earnings estimates; even when long-dated (those that vest after three years or more), they can reward managers for simply surfing industry- oreconomy-wide trends (although reviewing performance against an appropriate peer index can help minimizefree rides). Moreover, few compensation schemes carry consequences for failure—something that becameclear during the financial crisis, when many of the leaders of failed institutions retired as wealthy people.

There will never be a one-size-fits-all solution to this complex issue, but companies should push for change inthree key areas:

• They should link compensation to the fundamental drivers of long-term value, such as innovation andefficiency, not just to share price.

• They should extend the time frame for executive evaluations—for example, using rolling threeyear perfor-mance evaluations, or requiring five-year plans and tracking performance relative to plan. This would, of course,require an effective board that is engaged in strategy formation.

• They should create real downside risk for executives, perhaps by requiring them to put some skin in thegame. Some experts we’ve surveyed have privately suggested mandating that new executives invest a year’ssalary in the company.

Redefined shareholder “democracy.”

The huge increase in equity churn in recent decades has spawned an anomaly of governance: At any annualmeeting, a large number of those voting may soon no longer be shareholders. The advent of high-frequencytrading will only worsen this trend. High churn rates, short holding periods, and vote-buying practices maymean the demise of the “one share, one vote” principle of governance, at least in some circumstances. Indeed,many large, topperforming companies, such as Google, have never adhered to it. Maybe it’s time for new rulesthat would give greater weight to long-term owners, like the rule in some French companies that gives two votesto shares held longer than a year. Or maybe it would make sense to assign voting rights based on the averageturnover of an investor’s portfolio. If we want capitalism to focus on the long term, updating our notions ofshareholder democracy in such ways will soon seem less like heresy and more like common sense.

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While I remain convinced that capitalism is the economic system best suited to advancing the human condition,I’m equally persuaded that it must be renewed, both to deal with the stresses and volatility ahead and to restorebusiness’s standing as a force for good, worthy of the public’s trust. The deficiencies of the quarterly capitalismof the past few decades were not deficiencies in capitalism itself—just in that particular variant. By rebuildingcapitalism for the long term, we can make it stronger, more resilient, more equitable, and better able to deliverthe sustainable growth the world needs. The three imperatives outlined above can be a start along this pathand, I hope, a way to launch the conversation; others will have their own ideas to add.

The kind of deep-seated, systemic changes I’m calling for can be achieved only if boards, business executives,and investors around the world take responsibility for bettering the system they lead. Such changes will not beeasy; they are bound to encounter resistance, and business leaders today have more than enough to do justto keep their companies running well. We must make the effort regardless. If capitalism emerges from the crisisvibrant and renewed, future generations will thank us. But if we merely paper over the cracks and return to ourprecrisis views, we will not want to read what the historians of the future will write. The time to reflect—and to act—is now.

Who’s Getting It Right?Environmental, social, and governance initiatives can serve a wide range of stakeholders and benefitshareholders. Companies can:

Create new products and marketsThree years ago Verizon developed a phone and a calling plan to address the needs of seniors and thedisabled. It sold 400,000 of the new phones and doubled senior customers’ wireless spending.

Drive operational efficiencyDuring the past several years Walmart has been working to establish tough new targets for reducing suppliers’packaging waste. Its goal—to trim packaging by 5% between 2008 and 2013 —should generate $12 billion insavings across its global supply chain.

Motivate and retain employeesNovo Nordisk’s mission to end diabetes would, if accomplished, put the company out of business. Yet the firmhas an enormously committed workforce, not least in developing countries and especially in China, where itsinitiatives (such as the first Chinese-language website for people with diabetes) have helped it gain a 70%market share.

Spur innovationGE’s “bottom of the pyramid” development of low-cost medical imaging for the Indian and Chinese markets ledto efficiency breakthroughs in design and engineering and to new products that now account for growing salesin advanced nations as well. (See “How GE Is Disrupting Itself,” HBR October 2009.)

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Retain access to inputsCoca-Cola has devised a sophisticated global water strategy that ensures that local concerns as well as localsupply and demand issues are integrated into the long-range plans for each plant. This approach helps avoidboth public backlashes over water use and operational problems due to water shortages.

Dominic Barton is the global managing director of McKinsey & Company.

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rdkufu,f(vf) bvl;(rf)bgh(*f)rdkufu,f(vf) bvl;(rf)bgh(*f)

rdkufu,f(vf) bvl;(rf)bgh(*f)rdkufu,f(vf) bvl;(rf)bgh(*f)rdkufu,f(vf) bvl;(rf)bgh(*f)

Michael Bloomberg

tar&duefjynfaxmifpk\ (10)a,mufajrmuf tcsrf;omqHk;ESifh

vuf½Sd]e,l;a,mh(cf)}jrdKUawmf0ef ]rdkufu,f½lbifbvl;(rf)bgh(*f)}udk

azazmf0g&D 14&uf 1942 wGifarG;onf/ ]bvl;(rf)} ( Bloom ) [k

vlodrsm;aom ol\MuG,f0rIrSm 2010 ckESpfpm&if;t& a':vm(18)

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,if;\(88%)udk ydkifqdkifolvJjzpf\/ wpfoufvHk; ]'Jrfrdku&uf}

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ta½G;cH&onf/ olUudk 2008ckESpf or®wa½G;aumufyGJ\ jzpfEdkifacst½SdqHk;woD;yk*¾v or®wavmif;

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2008 ckESpfwGif e,l;a,mufjrdKUawmf0ef oufwrf;Oya'udk atmifjrifpGmjyifqifí wwd,tMudrf

jrdKUawmf0eftjzpf Edk0ifbm 3&uf 2009wGif xyfrHta½G;cHcJhonf/

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( Ruben ) rS arG;cJhonf/ rdcifjzpfol &mausmfouft½G,frSm ,ckxdusef;rmpGm½SdaeqJjzpfonf/

4if;wdkUrdom;pkrSm Boston 0ef;usifwGifaexdkifcJhjyD; ' Bloomberg ' 2ESpfom;wGif ]rufqmcsL;quf

jynfe,f} ( Massachusetts ) ]b½Gwfuvdkif; } ( Brookline ) ½Sd ]tufomwif} ( Atherton ) vrf;odkU ajymif;a½TUcJhjyD;

aemufqHk; Boston qifajczHk;½Sd ]rufzwf}( Medford ) wGif ' Bloomberg ' aumvdyfbGJU&onftxd aexdkifcJhonf/

olwdkUrdom;pkwGif ]a&mf*sm}[kac:aom tdrfarG;zm;wpfaumifESifh nDri,f ]rm*s&DwDAif}( Marjorie Tiven )vJ½Sd\/ ' Marjorie ' rSm 2002 azazmf0g&DvuwJu ukvor*¾\]e,l;a,m(cf)jrdKUawmf} aumfr½Sifem

jzpf\/

42

KNOWLEDGE


1964 wGif ' Bloomberg ' onf ]a*smefa[m(yf)uif;} wuúodkvf

( Johns Hopking ) rS vQyfppf tif*sifeD,mbGJUESifh [m;AwfpD;yGm;a&;ausmif;

( Harvard Business School ) rS pD;yGm;a&;qdkif&m r[m0dZÆmbGJU ( MBA )Master of Business Admimistration udkqGwfcl;cJhonf/ ar16 2009wGif

vlom;csif;pmemaxmufxm;aom vkyf&yfrsm;twGuf ]azmh('f)[Jrf

wuúodkvf} ( Fordham ) \ *kPfxl;aqmifyg&*lbGJU? vlrI0efxrf;

vkyfief;rsm;twGuf ]wyf(zf)wuúodkvf} ( Tufts ) \ *kPfxl;aqmif

yg&*lbGJUrsm; udk&½Sdonf/

1975 wGif ]a&m(cf)½Sm;} ( Yorkshire ) ol

]qlqefba&mif;} ( Susan Brown) ESifh ' Bloomberg ' vufxyfonf/ orD; 2

a,muf&cJhjyD; ]tJrfrm}( Emma) 1979 ckESpfarG;ESifh ]a*smf*sDem}( Georgina )1983ckESpfarG;wdkUrSm tvGefMuG,f0csrf;omolwdkU\ uav;rsm;taMumif;

½dkuful;rSwfwrf;wif owif;um; Born Rich wGif yg0ifcJhMuonf/ ZeD;jzpfol

Brown ESifhuGm½Sif;jyD; vuf½SdwGif ]e,l;a,m(cf)jynfe,f} bPftkyfcsKyf

a&;rI;a[mif; ]'dkiftJemawvm} ( Diana Taylar ) ESifh cspfMudK;oG,fvQuf½Sdonf/

]]vkyfief;½Sif\ tp}}]]vkyfief;½Sif\ tp}}

]]vkyfief;½Sif\ tp}}]]vkyfief;½Sif\ tp}}]]vkyfief;½Sif\ tp}}

1977wGif ]aqmfvrGefb&m;om;} ( Salomon Brothers ) wGif tzGJU0iftjzpf ukrÜPD\½S,f,mESihf

ydkifqdkifrIrsm;udk OD;wnfa&mif;0,fcJhonf/ 1981 wGif olUudk ( Salomon Brothers ) rSxkwfy,fvdkufjyD;

,if;twGuf a':vm 10 oef;udkol&½Sdonf/ xdkaiGjzifh ]tifEdkApfrm;uufpepf} ukrÜPD ( Innovative Mar-ket System Co.,) udkwnfaxmifonf/

1982 wGif ]r&D;vf;vifh(csf)} ( Merrill Lynch ) rSm yxrqHk;tvkyftyfoljzpfvmí ukrÜPD\t"du

aps;uGufpcef; 22ck zGifhvSpfay;cJh&jyD; a':vmoef;30&if;ESSSD;jr§KyfESHcJhonf/

1986wGif ukrÜPDud k ' Bloomberg LP ' [kemrnfajymif;onf/ 1987 a&mufaomtcg

pcef;aygif;5000rQ zGifhvSpfjyD;om;jzpfonf/ 2009 wGif wpfurÇmvHk; 250,000 txdjzpfvm\/ ukrÜPD\

a&'D,dktquftoG,fXmecsKyfudk e,l;a,m(cf)jrdKU 1130 WBBR-AM wGif xm;onf/

jrdKUawmf0eftjzpf EdkifiHa&;e,fodkU0if&ef ol\CEO &mxl;udk ]vufzJef;0pf(cf)} ( Lex Fenwick )odkUvTJcJhonf/ vuf½SdwGif ,cif ' Bloomberg ' \ 'kwd,jrdKU0efa[mif; ]'ef;wa&mh(zf)}u OD;pD;vQuf½Sdonf/

jrdKUawmf0eftjzpf vkyfaqmifaomfvnf; ,if;vpmudk ' Bloomberg ' r,lay/ pwdtaeESifh wpfESpfvQif

1a':vmom,lav\/

43

KNOWLEDGE


w,fvDzkef;vrf;nTefxJwGifvnf; omreft&yfom;taejzifh qufvuf½SdaejyD; jrdKUawmf0eftwGuf

aexk di f&e f w&m;0i fay;xm;aom *&mp Dt dr fawm f ( Gracie Mansion ) wGi fvnf;raeay/

]rJef[ufwef}ta½SUydkif;? ta½SU (79)vrf;? trSwf (17)½Sd olydkiftdrfwGifaeonf/ 4if;rSm]ruf'Dqif}ESifhf

trSwf(5) &dyfomvrf;wdkUMum;wGifjzpf\/ xdktdrftjyif ' Landon ' bmjrL'g ( Barmuda ) ESifh ]aA;vf;} ( Vail)wdkUwGifvnf; olydkiftdrfrsm;½Sdao;onf/

' Bloomberg ' tajymt& ]e,l;a,m(c f) } ajratmuf&xm;ud k

rMumcPpD;í (79)vrf;tdrfrS City Hall ½S d ½H k;cef;od kUoGm;onf

[kqdkaomfvnf; ]e,l;a,m(cf)wdkif;rf} owif;pmrSmrl ]e,l;a,m(cf)}Xmeydkif

taysmfpD;um; ' SUV ' ( Sport Utility Vehicle ) ESpfpD;jzifh tjref&xm;blwmodkU

armif;yd kUay;&onf[kqdk\/ 4if;rSm ½d k;½d k;&xm;rS tjref&xm;odkU

]vufZifwif&dyfomvrf;}vdkif; ( Lexington Avenue Line ) usrSajymif;rpD;

&&e f jzp fav\/ ' Bloomberg by Bloomberg ' [laom ol\

udk,fa&;txkyÜwÅdudk ½SJ'dk;pma&;q&mwpfOD;\tultnDjzifh 1997wGif

a&;om;cJh\/ ,if;pmtkyf\ ISBN rSm 0.471-15545-4 ( International Stan-dard book No ) jzpf\/

]]ol\MuG,f0rI}}]]ol\MuG,f0rI}}

]]ol\MuG,f0rI}}]]ol\MuG,f0rI}}]]ol\MuG,f0rI}}

2009 rwfv ]azmbf} ( Forbes ) r*¾Zif;t& a':vm (16) bDvsHESifh aemufwpfESpfwGif (4.5)bDvsH

xyfwdk;yGm;cJhonf[kqdk\/ tar&duefjynfaxmifpk\ pD;yGm;a&;usqif;csdefrSmyif tatmifjrifqHk;bDvsHemrsm;

wGif ' Bloomberg ' yg\/ xdktcsdefu pD;yGm;MuD;[lí US wGifESpfOD;om½Sdav\/ 4if;wdkUrSm Wal-Mart rdom;pkrsm;

jzpfavonf/ ' Bloomberg ' \ MuG,f0rItqifhrSm 142 rS ESpfESpftwGif; 17 odkUckefwufoGm;\ ( rwfv

2007 - rwfv 2009 )/

44

KNOWLEDGE


Bloomberg ESifh y&[dwESifh y&[dw

ESifh y&[dwESifh y&[dwESifh y&[dw

e*dkcsrf;omonfhtxJ EdkifiHa&;t&MoZmyg½Sdvmaom ' Bloomberg ' rSm y&[dwvkyfief;rsm;udk

ydkíatmifjrifpGm vSL'gef;ay;urf;vkyfudkifí vmEdkifavonf/ oli,fpOfu ynmoifcJhaom Johns HopkinsUniversityodkU a':vmoef;300ausmf vSL'gef;cJhjyD; 1996rS2002txd ,if;\bkwftzGJU0ifvlMuD; vkyfcJhonf/

y&[dw vSL'gef;rSwfwrf; ( Chronicle of Philanthropy ) t& ' Bloomberg ' rdom;pk Foundation rS

2004ckESpfwGif a':vm138oef;? 2005ckESpfwGif a':vm 144oef;? 2006ckESpfwGif a':vm165oef;?

2007ckESpfwGif a':vm 205oef; ponfjzifhqufwdkufvSL'gef;cJhjyD; 2007ckESpf tar&duefjynfaxmifpk\

eHygwf(7) tMuD;qHk;y&[dwtusdK;o,fyd k;ol jzpfvmonf/ uav;i,frsm;twGuf aq;vdyf?

aq;½Gufuif;pifa&; vSHKUaqmfrI? a&m*gumuG,fa&;ESifh xdef;csKyfa&;Xmersm;? ' Johns Hopkins BloombergSchool for Public Health ; World Lung Foundation ' rsm;twGuf qkrsm;pGmudk 2006ckESpfwGif ' Bloomberg '&cJhonf/ 2008 ckESpfwGif ' Bloomberg ' \ Website rS Bill Gates ESifhyl;wGJí aq;vdyf? aq;½GufMuD;xdef;csKyfa&;

vkyfaqmif&eftwGuf zGHUjzdK;qJwdkif;jynfrsm;½Sd tpdk;&rsm;odkUulnD&ef a':vmoef; 500 vSL'gef;rnf[k

aMujimxm;onf/

]e,l;a,m(cf)wdkif;rf} owif;pmygowif;rsmt& vGefcJhaomESpfawmfawmfrsm;rsm;u ' Bloomberg 'rSm ESpfpOf ' Carnegie Corporation ' twGuf trnfrazmfaomtvSL½SifjzpfcJhjyD; vSL'gef;vufaqmifrsm;rSm

a':vm 5oef;rS oef;20txd½SdcJh\/ ,if;wkdUudk 'Carnedie Corp ' rS e,l;a,m(cf)jrdKU tzGJUtpnf;rsm;jzpfaom

][mvJrf uZmwf½Hk} ( Dance Theatre of Harlem ) rStp ]uifqm} a&m*gcHpm;ae&olrsm;ESifh rdom;pkrsm;odkU

axmufyHhay;urf;aeaom *Dvf'guvyf ( Gilda's Club ) uJhodkU tusdK;tjrwftwGufr[kwfaom ( Not-for-Profit ) tzGJUtpnf;rsm;odkU a0iSjzefUjzL;ay;onf/Dm

1996 ckESpfwGif olarG;&yfajr½Sd *sL;bk&m;ausmif;udkvJ aiGaMu;rsm;pGmvSL'gef;cJhonf/ ,if;]½SmvHkrf}

bk&m;ausmif; ( Temple Shalom ) udk olrdbrsm;\emrnfjzpfaom ' William and Charlatte Bloomberg JewishCommunity Centre of Medford [k ajymif;vJac:cJhonf/ ' Bloomberg ' \ xkyfjyefcsuft& 2009

ckwpfESpfxJwGif a':vmoef;aygif; 254 udk tjrwftpGef;r,laom y&[dwtzGJUtpnf;aygif; 1400 eD;yg;odkU

ay;tyfvSL'gef;cJhonf [kqdk\/ ' Bloomberg ' u ]uRefawmf[m ay;urf;vSL'gef;&wJhtvkyfudk tMuD;tMu,f

,HkMunfoljzpfw,f? b@maiGaMu;t& taumif;qHk;pDrHcefUcGJrI qdkwmawG[m aemufqHk;wpfaeUusawmh

okb&mZmudkay;rJh aiGxkyfr&wJhcsufvufrSwfeJU tqHk;owfrSmbJ} [k w&m;&pGmajymMum;cJhonf/ aoaom

tcg udk,fESifhtwlbmrSygroGm;onfudk qdkvdkjcif;jzpf\/

]]qkrsm;ESifh *kPfxl;aqmifbGJUrsm;}}

2007 honorary degree in Public Service, Tufts University

2007 honorary degree of Doctor of Human Bard college

45

KNOWLEDGE


2007 39th most in Fluential person in the world Time magazine

2007 No.9 in Vanity Fair 100 Vanity Fair

2008 Honorary doctorate of laws University of Pennsylvania

2008 The Barnard Medal of Distination Barnard Colage( The collage's highest honour )

2007 Gotham Awards A New York based celebratorof Independent Film

2008 "The Hundred Year Association of New Youk'sGold Medal"

2009 Hornory doctorate Fordham University

2009 Healthy Communities Leadership Robert Wood JohnsonFoundation

]]rawmfwa&mf jrdKUawmf0ef}}]]rawmfwa&mf jrdKUawmf0ef}}

]]rawmfwa&mf jrdKUawmf0ef}}]]rawmfwa&mf jrdKUawmf0ef}}]]rawmfwa&mf jrdKUawmf0ef}}

vufatmuf½Sd trsdK;orD;0efxrf;rsm;udk rzG,fr&mvkyfonf[k ' Bloomberg ' pGyfpGJcH&\/ oluawmh

jiif;ygonf/ 1997 ckESpfwGif ,cif' Bloomberg ' 0efxrf;wpfOD; ukrÜPDwGif½SdpOf udk,f0ef&vmjyD; ' Bloomberg'udk w&m;pGJonf/ ]] owfvkduf}}? ]]aumif;w,f , No.16 }} [k 4if;uajymcJhonf/ Munfh&onfrSm ukrÜPDtwGif;

udk,f0ef&vmaom rdef;r0efxrf;ta&twGuf jzpfyHk&\/ 'DZifbmv 2008uvJ Protfolior*¾Zif;rSm ]]rvIyfom

rvl;om bvl;(rf)bgh}} [laomaqmif;yg;wGif xdktcsdefurD;zGm;cGifh,lcJhaom trsdK;orD; 500 wGif 72

a,mufrSm w&m;vdkrsm;jzpfonf[k a&;om;cJhonf/

2001 a½G;aumufyGJ2001 a½G;aumufyGJ

2001 a½G;aumufyGJ2001 a½G;aumufyGJ2001 a½G;aumufyGJ

2001 wGifvuf½SdjrdKUawmf0ef ]½l'D*DvsmeD} ( Rudy Giuliani ) a½G;aumufyGJ0if&efrSm rjzpfawmhay/

jrdKU0efoufwrf;udk 2 Mudrfomqufwdkuf ta½G;cHcGifh½SdaomaMumifhjzpf\/ ]e,l;a,m(cf)}½Sd xif½Sm;aom

EdkifiHa&;orm; awmfawmfrsm;rsm;rSm ,if;&mxl;udkqufcHvdkMuonf/ ]&DywfAvif}tjzpf 0ifa&mufa½G;cHaom

'Bloomberg'rSm vTwfawmftrwfa[mif; ][mrJef;b'Dvdk} ( Herman Badillo ) udk yxra½G;yGJwGiftEdkif&vdkuf\/

'Drdku&ufwpfrS ta½G;cHaomaemufjydKifzufrSm ]e,l;a,muf(cf)jrdKUawmf} vlxktxufwef;a½SUae

]rwfa*s*&D;ef;} ( Mark J.Green ) jzpf\/ a½G;aumufyGJMuD;wGif 'Bloomberg' rSm ,cifjrdKUawmf0ef ' Giuiliani'\ axmufcHrIudk&½Sdonfhtjyif aiGaMu;ukefMucHEdkifonfh tm;omcsufuvJ½Sd\/ jrdKUawmf0efta½G;cH&rnfh

46

KNOWLEDGE


oltwGuf toHk;p&dwfudk rnfírnfrQ[lí jrdKUawmf\Oya't& uefUowfjyXef;ay;xm;\/

'Bloomberg' u a½G;aumufyGJtwGuf ,if;vlxk\&efyHkaiGudkr,laomtcg ,if;uefUowfcsufrSmolESifh

roufqdkifawmhay/ olydkifaiGrS a':vm(73)oef;udka½G;aumufyGJtwGuf oHk;aomtcg jydKifzuf ' Green '\ 5q 1qjzpf\/ a½G;aumufyGJtwGuf ol\aMuG;aMumfoHrSm World Trade Centre twdkufcdkufcH&í

pD;yGm;a&;xdcdkufusqif; &aom jrdKUawmftwGufvkyfief;tawGUtMuHK½Sdaom jrdKUawmf0efwpfOD;vdktyfonf

[líjzpf\/

' Bloomberg ' rSm ]&DywfAvpfuif} jzpfonfwGif woD;yk*¾vygwD\ vlrIukpm;a&; ( Social Theropy)acgif;aqmifrsm;jzpfaom ]z&ufEsL;rif;} ( Fred Newman ) ESifh ]vJefe&mzlveD} ( Lenora Fulani ) wdkU\

MuD;rm;cdkifrmaom t½Sdeft0gESifh ( Ballot ) ac: vQdKU0SufrJay;pepf\tusdK;udk ' Bloombreg ' xyfí&jyef\/

]e,l;a,m(cf)jrdKUawmf}\ aygif;pnf;jcif;Oya't& jrdKU0eftjzpfta½G;cH&olonf ygwDwpfckxufruudk

udk,fpm;jyKí ta½G;cHEdkifjyD; ,if;ygwDrsm;rS&aomrJrsm;udk waygif;wnf;pkaygif;í a&wGufcGifh½Sdavonf/

jydKifbuf'Drdku&ufygwD\ Green wGifvnf; ,if;vQdKU0SufrJay;pepf ( Ballot line ) ½Sdaeonf/ 4if;rSm

Working Family Party jzpf\/ ' Bloomberg ' u xyfrHí Student First ac: aemufxyfrJ&½Sd&ef IndependenceLinewpfckudk zefwD;vkdufjyefonf/ aemufwpfcsufrSm ]e,l;a,m(cf)qdyfurf;vJjzpf? jrdKUawmf\ tpdwftydkif;

wpfckvJjzpfaom ]pwufwifuRef;} ( Staten Island ) rSm ]&DywfAvpfuif} rsm;tay:wGif usefwJJhwpfjrdKUvHk;xuf

ydkí &if;ESD;azmfa½GonfrSm tpOftvmjzpf\/ ]&DywfAvpfuif}tvHatmufrS ta½G;cHaom ' Bloomberg 'rSmþ Staten uRef;rJrsm;udkvJ &vdkufjyefonf/

47

KNOWLEDGE


,if;\rJ 75%udk odrf;ydkufí Green udkvG,fulpGmyif tvJxdk;vdkufEdkifonf/ aemufqHk;aom 50%

48% ESifh ' Bloomberg ' yifEdkifavonf/ ' Bloomberg ' rSm rQwaomvlrIa&;tjrif½Sdí udk,f0efzsufcsjcif;udk

vufcHum vdifwljcif;tdrfaxmifjyKjcif;udkvnf; w&m;0ifjzpfapvdkaompdwf½Sd\/ aoewfvufeufrsm;udk

wif;MuyfpGmxdef;csKyfaomOya'udkvnf; axmufcHoljzpf\/ ]e,l;a,m(cf)} rJqE´½Sif 68% rSm

]'Jrfrdku&ufwpf} rsm;jzpfaomfvnf; 2004 ckESpf ]&DywfAvpfuif}trsdK;om;nDvmcHudk jrdKUawmfwGifusif;y&ef

qHk;jzwfcJhonf/ ,if;udkaxmifaygif;rsm;pGmaom uefUuGufqE´jyolrsm;ESifh ,if;wdkUxJrSa'ocHawmfawmf

rsm;rsm;rSm ]tD&wf}ppfESifh tjcm;rauseyfp&mudpörsm;tay: a'goxGufMuavonf/ ykvdyfXmerS cefUrSef;ajc

qE´jyol 1800 cefUzrf;qD;cHcJh&onf/ ]e,l;a,m(cf)wkdif;rf} owif;t&rl 90%rSm oufaorcdkifvHk

aomaMumifh jyefvTwfjcif;ESifh trIydwf&jcif;rsm; ½SdcJhonf/

]]2005 jrdKU0efa½G;aumufyG J}}]]2005 jrdKU0efa½G;aumufyG J}}

]]2005 jrdKU0efa½G;aumufyG J}}]]2005 jrdKU0efa½G;aumufyG J}}]]2005 jrdKU0efa½G;aumufyG J}}

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,cifa½G;aumufyGJtoHk;p&dwf a':vm 75oef;xufpHcsdefcsdK;um ausmfvGefoHk;pGJ&ef&mxm;cJhonf/ Inde-pendence Party odkU a':vm 250,000 udk&HyHkaiGtjzpfay;tyfí 'kwd,tMudrfa½G;aumufyGJtwGuf

taysmfwrf;vkyftm;ay;rsm; ½SmazG&½Sd&ef ]zkef;bPf} ( Phone Bank ) udk xlaxmifEdkifcJhonf/

þwpfMudrfa½G;aumufyGJwGif ol\jydKifbufrSm ,cif ]ba&mef(pf)}jrdKUe,f OuúXa[mif; ]zmeef'dkzJ&m}

( Fernando Ferrer ) jzpfjyD;? 'Drdku&ufwpf udk,fpm;jyK4if;udka½G;aumufyGJMuD;ü ' Bloomberg ' yiftEdkif&onf

]a*smfefa&mbwf} ( John Robers ) udk tar&duefjynfaxmifpk w&m;olMuD;csKyftjzpf twnfjyKjcif;udk 'Bloomberg ' uefUuGufcJhonf/ ' Robert ' rSm ' Bloomberg ' vdkyif ]&DywfAvpfuif}jzpfaomfnm;vnf; 'Bloomberg ' rSm udk,f0efzsufcsjcif; cGifhjyK&efudktcdkiftrmaxmufcHol jzpfí ' Robert ' rSm 4if;udkqufvuf

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115

“As a child-focused organi ation, Save the Children in Myanmarseeks to protect to all children we are in contact with”

ACA CY A O CEME T

OB PROFILE

ob Title Disaster Response and Resilience Learning Project ManagerGrade 9.1Reports to Reporting to position: Director of Programme Operations3Budget Responsibility Period Budget-holder – amount depending on level of programme fundingEnd ofDecember 2011Child Protection Level 2 (The responsibilities of the post require you to work directly, or have frequentcontact, with children or young people, individually or in groups)

ob Purpose

In order to build the capacity of Save the Children staff and CSO, INGOs, LNGOs to support the disaster affected population, theLearning & Development Manager will be responsible for assisting the project team to identify training and capacity buildingneeds among staff and CBOs, INGOs and LNGOs a. S/he will develop and implement an appropriate training platform toaddress the identified skill gaps and will integrate disaster preparedness and DRR within the training program. S/he will alsoestablish and maintain interagency relationships that will promote common standards for response personnel in future disasters.

ey Accountabilities

Program Management

· Establish and implement a training platform and infrastructure for rapidly increasing local capacities in humanitarianresponse, preparedness and DRR in Myanmar.

· Implement training mechanisms, methodologies and approaches which are appropriate to a local context, but which areconsistent with Save the Children’s Alliance wide approach to capacity building and emerging industry practices.

· Review and assist in delivering a rapid response learning and capacity building strategy in conjunction with key internal andexternal stakeholders.

· Design and deliver learning, training or development interventions for specific needs of individuals, teams, departmentsor programmes as identified by the Emergency Response Team.

· Operationalize and implement competency frameworks and assessments.· Implement strategies for converting existing development capacities into emergency response and preparedness

capacities.· Review the design and implementation of standard training packages to ensure uniform approach to capacity building.· Support learning needs analysis, and the implementation, monitoring and evaluation of learning activities and

programmes.· Contribute to the day to day delivery of the programmes and oversee the logistics arrangements.· Develop and maintain a register and network of internal and external trainers, facilitators and consultants in conjunction

with other stakeholders.· Primary budget holding responsibility for all Funds related to programme.· Set the programme objectives, advocacy strategy, work-plan, and annual budget.

· Ensure compliance to systems and processes for planning and reporting to member head offices and donors

Programme Development

· Maintain strategic overview of thematic area in Myanmar, and be aware of state-of-the-art technical approach inthematic area.

· Explore opportunities for improvement to, and/or expansion of existing initiatives, and/or other initiatives inthematic area.

· Design and develop new programmes, and develop associated funding proposals - with support from otherstaff.

Communications

· Represent as a contact point with technical advisers from Save the Children Managing and ParticipatingMember organisations.

· Ensure high quality, accessible information about the DRRLP programme is available for internal and externalaudiences (including current donors, Save the Children Managing and Participating Member organisations,potential funders, etc.)

· Representing DRRLP Programme to government, the UN and other international agencies, donors and bodiesincluding media, identifying opportunities to advocate SC’s position and raise funds through building keystakeholder relationships.

Leadership

· Recommend to the Director of Programme Operations, structure and staffing of thematic programme underhis/her jurisdiction, with the end in view of maintaining effective and efficient management and use of allresources in line with SC’s policies and guidelines.

Person Specification - Essential Criteria

· Direct experience in the design and delivery of learning and development activities and knowledge of thetheoretical underpinning of Human Resource Development.

· An understanding of the issues, processes and practices involved in the delivery of learning and developmentprogrammes in an emergency response context

· Proven skills in the design, organisation, and delivery of learning, training and development programmes andthe production of related materials.

· Ability to deliver learning and development programmes to a variety of audiences using a competency-basedapproach tailored for emergency response environments

· Understanding of quality assessment in the development of learning programs and utilizing competencyframeworks in training design and work-based assessments.

· Excellent verbal and written communication and relationship building skills in order to deal tactfully and sensitivelywith a wide range of people in a large organization

· Strong persuasion, negotiating and influencing skills, and the ability to work collaboratively.· Excellent analytical skills, a flexible and initiative-taking, proactive attitude with the ability to manage and

prioritize an unpredictable workload· Creativity and innovation skills to design, deliver and sell new approaches to responding to the learning

needs and objectives of the client groups.· Attention to detail in order to ensure consistent delivery of learning programmes in line with response objectives.· Commitment to personal/professional development and work-based learning.

Person Specification - Desirable Criteria

· Experience in emergency response, preparedness and DRR activities in either a domestic or international setting.· Experience working and building capacity in an emergency response focused organisation or environment.· Experience and/or skills in design and delivery of online/distance learning.

Child Protection

The responsibilities of the post/role do not require to have regular contact with children or young people but they may haveinfrequent contact, usually with different groups of children and young people and/or the post holder does not line manageworkers employed in level 2 and 3 posts.

ote Candidates are also requested to mention in the applications if there is, blood/marriage relationships with the existingSave the Children employees. For those who failed to mention or incorrectly mention the apply position’s title, Programme/Sector name and location in their applications, we will consider those as disqualify and we will not consider for short list.

Interested and qualified candidates are to send a Cover Letter and Curriculum Vitae to the Human Resources Department or by email to [email protected](or) [email protected] (or) Save the Children, Wizaya Plaza, 226 U Wisara Road, Bahan Township, Yangon,Myanmar, not later than p.m., Monday, 1 April 2 11.

Save the ChildrenWi aya Pla a22 Wisara Road, 1st FloorBahan TownshipYangon, MyanmarPhone 3 1, 3 1, 3 3 , 3 , 3

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