Inspiration at the Annual Women in the City Awards 2009

By Jane Lucken (London)

The fall-out of the financial events in 2009 has moved the argument for diversity beyond the HR department and firmly into the boardroom. So the 350 women who attended this year’s Third Annual Women in the City Awards lunch in London on Friday had plenty to debate, from diversity’s role in the reduction of risk to how companies can retain and develop female talent.

The opulent surroundings of the Plaisterers Hall provided a contrasting but welcome backdrop to shared experiences of pay cuts, zero bonuses and canceled Christmas parties. But the overall mood was of celebration and recognition of tangible examples of how individuals can make a difference in professional organisations.

Winners of Third Annual Women in the City Awards

The judges for these awards were charged with recognizing women who, in addition to fulfilling professional roles, were also actively supporting the development of women in their teams, their organisation, sector and the wider business world. They needed to demonstrate that they are building, nurturing and leveraging networks on behalf of themselves and other women. This year’s winners are:

Sacha Romanovitch, Grant Thornton: Jaguar Woman of Achievement and Accountancy Category
Estelle Clark, Lloyd’s Register: Coutts Lifetime Achievement Award Winner
Maggie Craig, ABI: Coutts Lifetime Achievement Award Finalist
Louise Rushmer, RSA: Facilities Management Category Winner
Janet Thomas, Citi FX Prime: Financial Services Category Joint Winner
Barbara-Ann King, Barclays Wealth: Financial Services Category Joint Winner
Sue Langley, Lloyds of London: Insurance Category Winner
Charlotte Eddington, CB Richard Ellis: Property Category Winner

Women can help break the damaging silo mentality prevalent in the City

Gillian Tett, assistant editor at the Financial Times, addressed the room offering her insights on the banking crisis as both an anthropologist and financial markets specialist. She explained that talk of an alternative outcome under Lehman Sisters made her uncomfortable without the existence of a control group but preferred to talk about the danger of silos and narrow thinking. Competitive departments within a bank could create complex instruments without others knowing. She said that this internal competition extended to “a regulatory structure also treated in silos” and that “Canary Wharf is not just a physical island but a structural island too” with bankers “retreating to a Bloomberg village” disconnected with the majority of the population. Gillian suggested that silos could be broken up by individuals who have in-depth knowledge but also a wider view. She explained that media and academics tend to have that view, but that women also bring an alternative perspective. “Women know instinctively that social dynamics matter.” She explained that women often end up moving in and out of jobs including time off to have children. We should “celebrate the fact that women can’t afford to have tunnel vision.”

More men than women submit nominations for the awards – lets change that

Gwen Rhys, founder of Women in the City, called for more nominations in 2010 from women because, surprisingly, more men than women submit nominations for these awards. Gwen said that “women are less likely to promote others and, because of this, under-appreciate how doing so can enhance their own status. Men, on the other hand, understand that the kudos create by such association can be nothing but beneficial.” She points out that employers also benefit from the awards both externally and internally amongst “employees who celebrate being part of an organisation that supports ambitious, successful women.”

As Sacha Romanovitch summed up in accepting her award as 2009 Jaguar Woman of Achievement, “If we can set an example and provide inspiration to women, then we have left a footprint behind us that is quite special.”