Gus Makris Helps Dow Grow

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Gus Makris is senior managing counsel and head of the Office of Tax Counsel at Dow. From overseeing the company’s global tax planning, to leading the tax and structuring aspects of its mergers, acquisitions, and other transactions, to playing a role in Dow’s tax controversies and audits, if it’s tax related, it comes across Makris’s desk.

And given that his employer is the Dow, the country’s largest chemical and plastics producer, Makris has his work cut out for him. He represents a company that had 2023 annual sales of $45 billion and operates in an industry that’s always front and center for regulators.

Tell Them What You’re Going to Do, Then Do It

Despite the high stakes of his job, Makris is remarkably calm. During our conversation, the tax attorney often spoke in metaphors—the sign of a true “legal translator” who has figured out the best way to break down complex tax law for laypeople—and maintains the demeanor of someone who has seen it all several times over.

The attorney spent six years in private practice before going in-house at Turner Broadcasting in 2012. He spent seven years there before moving back to his home state of Michigan in 2020 and joining Dow.

When it comes to working with auditors, his approach isn’t based on cunning or intrigue.

“Like any other major company, we are constantly under audit around the world,” Makris explains. “My approach is to be direct and honest. That may seem obvious, but the point is to recognize that you may meet with auditors who have been misled in the past, and before they listen to what you have to say, they’re going to decide whether they can rely on what you say. So, establishing an honest and direct line of communication is paramount.”

Makris ensures that not only he but the rest of his team abides by this rule of transparent, straightforward behavior. The minute someone thinks you’re trying to pull the wool over their eyes, things can spin quickly out of control.

“There is little point in being coy, and so I generally just tell the auditor what I’m going to do and then I do it,” Makris says simply. “Obviously we look to resolve audits quickly and efficiently, but if we have a fundamental disagreement and we can’t resolve it, then I just tell the auditor that we will appeal and we go from there. It doesn’t make sense for us not to be clear about what we’ve done and how we intend to proceed.”

Early Career Lessons

Makris began his career at Cravath, Swaine & Moore in New York. When asked to reflect on any early lessons, he pauses before saying that while law school teaches you to think like a lawyer, it is private practice that teaches you to be a lawyer.

“One of the most important things I learned early in my career was what it meant to do an excellent job,” Makris says. “You have to know what you’re aiming at before you can hit it, and I was fortunate to work with great lawyers who helped direct my aim.”

Makris says he also learned the importance of an ownership mentality. “Starting your first real job is intimidating, and why wouldn’t it be? You don’t know what you’re doing yet. I thought I was there to support the more senior lawyers and it took a few months to realize that I was there to jump into everything, to learn and know and be responsible for all the details. That’s when you can start running.”

When Makris went in-house at Turner, he had another chance for a novel education. Suddenly, the tax attorney had to learn accounting. “You can understand a business or a transaction without understanding accounting, just as you can understand how to cut hair without speaking Spanish,” Makris explains, setting up another metaphor. “But if you are going to be an effective barber in Spain, you need to speak Spanish. And if you are going to be an effective counsel in business, you need to understand the common tongue, which is accounting. At Turner, I was fortunate to learn from some great ‘bilingual’ attorneys.”

The Chance to Lead

At Dow, Makris is also learning the language of sustainability, thanks to the company’s increased investment in sustainable energy practices. One of Dow’s most ambitious projects is a $6.5 billion net-zero ethylene cracker and polyethylene complex in Fort Saskatchewan, Alberta. It will be the world’s first net-zero emissions integrated ethylene cracker and derivatives site.

“Dow is a leader on this front and that’s exciting,” Makris says. “Our plan continues to be ‘Decarbonize and Grow.’ It takes a lot of energy to create our products, and so it is exciting to be at a company that is a leader on both sustainability and growth. In an environment where both customers and regulators expect more, we are at the head of the pack, and we are moving forward. I’m proud to be part of the team.”

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