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Interview with Yoko Ishikura : Diversity on the Boards of Directors
GSAM Ishikura-san, you started yourcareer as a freelance interpreter and are
now a Professor Emeritus at
Hitotsubashi University. You have also
served as an outside director at several
companies. Could you speak about yourcareer path so far?

themselves also must not merely rehashwhat men have done; we need to think
differently.
GSAM Could you tell us how you shareyour ideas and goals with directors at aboard meeting in order to lead acompany in the desired direction? Also,could you share with our readers anytips and the philosophy that you value
as a leader? Moreover, why do youbelieve diversity on Boards of Directors
is important?

Ishikura I still introduce myself as a"free agent" (laughs). This is why I do
not have any title on my business card. I
have repeatedly said that we are now in
the age of individuals, and there is little
meaning in titles such as "so-and-so at
Ishikura I value my uniqueness. For
such-and-such company." Probably
example, I make it known to thebecause I have changed jobs so many
executives if their direction differs fromtimes, I do not have a sense ofglobal trends. Since the company'sbelonging. The turning point in myinternal matters are well understood bycareer was visiting the U.S. when I was
those inside, I give them input from aa college student. That experience
different perspective. In recent years,expanded myboth men and women areworld, and sincerequired to have uniquethen I have"THE REASON WHY WOMEN'S
experience, assets,
worked as aknowledge, and skills (onfreelancer. Later, I
PARTICIPATION IS NEEDED IN
the Board of Directors). I
went to business
THE WORKPLACE IS BECAUSE
think the oversight function
school and felt
is effective due to thatlike getting
COMPANIES MUST INNOVATE,diversity.
involved inAND INNOVATION REQUIRES
business. Around
GSAM Regarding thethat time,
DIVERSE IDEAS."
need for diversity andcompanies had
unique opinions on thejust started to hire
Board of Directors, what
outside directors, so the timing may
caused the genesis of that idea andhave been key.
what was the turning point?
GSAM When you first became an
Ishikura I would guess the mostexternal director, female directors werepowerful factor must have been thefar more uncommon than today. Whatinvestors. In some companies, investorsdifficulties and issues did you face?
requested independent directors, which
led to changes in the composition of theIshikura I first served as an outsideboard. There were also voluntary efforts
director at Avon Products, and then atby companies. The Abenomics reforms
the former Japan Post Corporation,
were backed with the intention toMitsui O.S.K. Lines, Fujitsu, and others.
increase foreign investment, and someAt that time, there was a trend to include
companies realized that they needed tofemale directors, and I did not feel
improve and started making changes. I
uncomfortable about being the only
think Kathy Matsui of Goldman Sachs
woman on the board. Maybe I am not so
Securities also made a lot of effort inconcerned about whether directors arethis area.
men or women. The reason why
women's participation is needed in theGSAM Do you have any advice forworkplace is because companies must
companies that are having difficulties ininnovate, and innovation requires
finding excellent female directors?
diverse ideas. In other words, one of thefactors to generate many different ideas
Ishikura When choosing a successor
is gender. However, Japanese
in a company, regardless of the position,companies characteristically devote
female candidates should always bethemselves to the "How to" details, andincluded.
Many years ago when
consider hiring women to be thecompanies began effort to make thepurpose in and of itself. When they lookboard diverse, I recall Kitashiro-san ofback and think about why women areneeded in the workplace, they often
cannot identify an answer. Women

Yoko Ishikura
Professor Emeritus,Hitotsubashi University
Professor Ishikura received a Master ofBusiness Administration from theUniversity of Virginia, Darden School ofBusiness and a Doctor of Business
Administration from Harvard Business
School. She has served as a manager
at McKinsey & Company Inc.; professor
at the School of International Politics,
Economics, and Business at Aoyama
Gakuin University; professor at theGraduate School of International
Corporate Strategy, Hitotsubashi
University; and professor at theGraduate School of Media Design, KeioUniversity. She currently serves as an
outside director of Shiseido Company
Limited, Sekisui Chemical, and TSI
Holdings. She also serves as a
strategic advisor to Avatarin and atrustee of the Nagamori Culture
Foundation. Professor Ishikura is amember of the World Economic
Forum's Expert Network.

IBM Japan always required thatcandidate list includes women. We needto have a mindset of always including,always searching for the best womencandidates.
GSAM What kind of system or
structure is desirable for companies topromote the exchange of diverse
opinions regardless of race or gender?
Ishikura A human resources system
where hiring and evaluation is based
upon the type of job and output isespecially important. In addition, theentire company must be determined totake time to hold discussions in a freeand open-minded manner. Thisconsequently requires the top
management to listen to others'opinions. It is the same as digitaltransformation, and it is difficult to dowell from the start, so trial and error isimportant. Meanwhile, it is also
important for employees to acquire skills
and expertise so that they can do well
anywhere as individuals.

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