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| Welcome note |
Welcome to the second edition of the People Corner Newsletter. We’ve received some great feedback since launching this initiative back in July 2021 and have tried to incorporate many of those helpful insights into this Issue.
One of the key themes you will continue to see very clearly pushed through each of these editions is the idea of bringing your human to work. What this essentially is, is the idea of redefining our human collaborations. Workspace design, workplace behaviors, how we conduct face-to-face interactions have all dramatically changed in the past few years. Creating a workplace where people feel enriched and plugged in to something larger than themselves is going to be paramount for any organization if they are to navigate themselves to future sustainability.
Moving on to this edition of the newsletter, we’ve decided to ‘double click’ on the specific role Group Finance plays in the execution of the deals. Taking a deeper dive into the extent of support the team provides, sometimes even long past the ‘success announcements’ we typically see. Moving on to this edition of the newsletter, we’ve decided to ‘double click’ on the specific role Group Finance plays in the execution of the deals. Taking a deeper dive into the extent of support the team provides, sometimes even long past the ‘success announcements’ we typically see.
We hope that these articles help bring you closer, inspiring deeper connections and meaningful conversations about the roles, your hobbies, and perhaps even some friendly competition. Whatever it is, we continue to do it as a team.
Please do continue to support by sharing ideas, articles and feedback to groupfinanceHCBP@mubadala.ae
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| Celebrating together |
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Group Finance is proud to have supported our colleagues in the business and asset teams, pursuant to the successful IPO of GlobalFoundries. The collaboration throughout the process is a testament to Mubadala’a defining values, which required significant commitment, versatility and leadership from all those involved.
Although team members across Group Finance have actively supported GF for a number of years, the IPO involved multiple work streams where the DI Business Finance team played a critical role, such as the:
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Bank beauty parade and syndicate selection process, including the selection criteria, evaluation process and fee benchmarking. This entailed engaging with 10 leading investment banks 25 specialist ECM brokerages, before refining the syndicate to a group of 18 Active, Passive and co-manager roles, which included roles for FAB and ADCB as GCC market advisors;
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Driving the process of assessing and establishing EY and KPMG independence across the Mubadala Group with support from FGR team, which was a critical step before both the accounting firms could be engaged for any engagements regulated by the SEC in relation to the GF IPO. Given the broad and diverse nature of the Mubadala portfolio and looking back multiple years of engagements, this was a herculean task requiring co-ordination across different geographies and entailed active support of all platform finance teams;
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Coordination of the PCAOB accounting uplift procedures which, in partnership with the GF finance team, required the auditors to mobilize significant resources in order to meet the SEC accounting standards;
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Capital structure optimization initiatives, via the:
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Negotiation and execution of a $1bn RCF ahead of the IPO to enhance GF’s liquidity, maximizing value by actively leading negotiations with IPO syndicate banks to also upsize their commitment to GF RCF at favorable terms including a dilution of the MIC change of control provisions and significant margin savings;
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Critical analysis including the accounting implications assessment by FGR team and recommendations for the conversion of existing shareholder loans to equity which was important to ensure capital structure was clean ahead of SEC review of the prospectus; and
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Analysis and proposals for the total share issuance and price setting.
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Support with the preparation of multiple IPO committee materials and stakeholder engagement through the process;
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Supporting GF finance teams with responses to SEC queries on accounting matters driving prompt and decisive closure to queries raised by the regulator;
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Active GF audit committee participation ensuring robust governance with IPO processes and readiness, besides endorsing multiple prior period/year financials drawn up to PCAOB standards and lower materiality; and
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Establishment of the new shareholders agreement, including the establishing of the new governance and reporting requirements. This required the Business Finance team to drive multiple rounds of discussions with the central FGR team, Mubadala legal, GF Finance as well as external counsel to ensure we struck the right balance between recognizing GF’s status as a SEC regulated public listed company whilst catering for Mubadala’s reporting and governance requirement given GF continues to be a significant component of the Mubadala group.
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Of the many positive outcomes from the IPO, the collaboration across MIC is an important highlight and one that everyone supporting the process from Group Finance has contributed towards. There are also valuable lessons learnt from the process which will keep us in good stead for future potential IPOs across our portfolio companies.
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Employee Expose
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To start with, tell us something about your
personal life.
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Who in your life has inspired you most?
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Two people come to mind – Tiger Woods: he is one of the main inspirations for me in the sport of golf, his incredible achievements has made history and thanks to him – golf was put on the sport map.
Mohammad Al Abbar: I saw something special in him as he is very charismatic in the business world. He is a very intellectual man and it shows when he is on stage talking about the business world today, he has a very positive and contagious energy which inspires the audience.
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How has your hobby prepared you, or helped you in your professional life?
Always striving to be the best in every goal that I set my mind to achieve.
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What is your biggest achievement?
Receiving a gold medal in Arab Olympics 2011 in Golf.
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What is your favorite inspirational Quote?
No matter how good you get, you can always get better.
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What was your dream profession growing up?
Professional Golfer.
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Tell us two truths and a lie (kindly specify the lie) – winner to be selected and announced in the following quarterly publication
· Played a round of golf with Tiger Woods.
· Have visited all seven continents.
· Come from a family 9 siblings.
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What is one thing on the very top of your bucket list that you have not achieved yet?
To play in the Augusta National Golf Club.
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What is your favorite thing about the UAE?
UAE is a country that holds a lot of diversity which ranges from the cosmopolitan feel of in Dubai to the rustic heritage feel found in the western and northern regions.
The innovative structure and architecture of the city and its buildings.
Having 10 months of great weather.
The leaders of the country who are always striving to achieve the best standards of living for their citizens.
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When you’re not at work, what are your other passions?
Apart from Golf, I love to travel and getting to know different people and cultures.
I love food from different cultures and travel to different countries and cities just to try food.
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If you could live anywhere in the world, where would you chose and why?
I can see myself living in a city like Buenos Aires – the Food and culture was so different, it had an amazing vibe to it just by walking in the streets.
Growing up I always loved watching the Argentinian football league and that passion grew inside me which ignited my love for the culture, the language, I got the chance to visit Argentina as my first trip to a Latin country in 2011 for a golf tournament.
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Winner Announcement
Employee Expose will contain 2 truths and a lie, the employee who identifies the lie will get to attend a 30 minute coffee catch up with the employee from the expose and Carlos
Winner from last quarter’s People Corner Expose is Nigel D’souza.
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Highlights the learning opportunities within Mubadala that employees can take advantage of.
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| Leadership Bootcamp for FGR employees |
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As part of our drive to enhance the team effectiveness and ensuring a holistic approach to developing people's personal and technical skills, we are pleased to announce that a Learning Bootcamp specifically designed for senior professionals in TIR has commenced on the 7th of October 2021.
The Bootcamp consists of accelerated, intensive courses that will enable members to develop and polish their abilities in the following key areas:
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· Leading Others
· Communication
· Team-building
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The Bootcamp includes the following courses:
· Leading Performance Development
· Effective Feedback
· Leading Crucial Conversations
· Communications & Interpersonal Skills
· Delivering Influential Presentations
· Leading with Emotional Intelligence
· Outward Mindset: Thriving in Turbulent Times
· Manager as Coach
· Building Trust
· Impactful Virtual Meetings & Presentations
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WELLNESS CHECK-IN
In the spirit of the initiative launched in October by our Wellness team in HC, we will be using this platform to continue with the Stay Well Cycling Challenge spirit and extend this till the end of December 2021. This activity can incorporate any other type of activity and is not confined to a particular sport – feel free to Run, Walk, Cycle or Row etc.
We encourage you all to take part in this healthy lifestyle change initiative and have a friendly competition with your colleagues for the month of December.
For more details on other wellness initiatives in Mubadala’s Wellness Program please visit https://canvas.mubadala.ae/wellness/Pages/wellness.aspx
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BOOK CLUB
Leaders East Last
Synopsis:
Give and Take highlights what effective networking, collaboration, influence, negotiation, and leadership skills have in common.
For generations, we have focused on the individual drivers of success: passion, hard work, talent, and luck. But today, success is increasingly dependent on how we interact with others. It turns out that at work, most people operate as either takers, matchers, or givers. Whereas takers strive to get as much as possible from others and matchers aim to trade evenly, givers are the rare breed of people who contribute to others without expecting anything in return.
Grant shows that these styles have a surprising impact on success. Although some givers get exploited and burn out, the rest achieve extraordinary results across a wide range of industries. Combining cutting-edge evidence with captivating stories, this landmark book shows how one of America's best networkers developed his connections, why the creative genius behind one of the most popular shows in television history toiled for years in anonymity, how a basketball executive responsible for multiple draft busts transformed his franchise into a winner, and how we could have anticipated Enron's demise four years before the company collapsed - without ever looking at a single number.
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| mubadala.com |
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