Global growth: the challenge for the 21st century boards.

• Author: Bible, Geoffrey C.

THE PROMISE OF Philip Morris Companies Inc. has always been growth, and to fulfill that promise our company has had two clear goals: to increase earnings by growing our tobacco, food, and beer businesses and to increase returns to our shareholders. The directors who helped guide our company in its first overseas ventures realized that to achieve these goals, management had to seize the extraordinary opportunities that global business offers.

Today, Philip Morris is the world's largest producer and marketer of consumer packaged goods, with 1995 revenues of more than $64 billion. The company is building on the tremendous assets that international expansion has created to fuel its growth for the next century. The following are the strengths the global marketplace has brought Philip Morris. The challenge for our board and our management in the 21st Century will be to grow these assets even further.

1. Globally-Oriented Directors: Running businesses in 180 countries and territories demands a board of directors with global vision. Our directors share our passion for international business, and I believe it was our extensive worldwide operations that attracted these exceptional people to our company. Many of them manage huge international businesses, and their experience brings an extraordinary dimension to our board discussions. They have a deep understanding of other cultures and are vitally interested in the impact of global events on business opportunities. These traits are essential to ensuring that Philip Morris remains the largest and most profitable consumer packaged goods company in the world.

2. Powerful Global Brands: In its aggressive pursuit of overseas business opportunities, Philip Morris has invested, nurtured, and developed a powerful array of global trademarks unmatched in the industry. Nine of our premium brands -- Marlboro, Kraft, Miller, Oscar Mayer, L&M, Post, Jacobs, Merit, and Maxwell House -- have annual revenues of over $1 billion, and 68 other premium brands have revenues of over $100 million.

3. Strong International Infrastructure: Philip Morris has management on the ground in virtually every market. Our people know how to work in multiple currencies, cultures, and languages. We know how to produce, package, and distribute our brands across borders and across oceans.

4. Talented Global Work Force: Our world-wide presence has helped us recruit and develop managers who are strategic global thinkers. Today, 55% of...