By Melissa J. Anderson (New York City)
UK companies aren’t moving fast enough to hire female board directors, revealed a new report released yesterday by the Cranfield School of Management. Professor Susan Vinnicombe, co-author of the report said, “Our review reveals that the number of women in board positions is beginning to creep up albeit quite slowly.”
Six months ago Lord Davies of Abersoch presented an independent report discussing the state of gender diversity in the UK’s top companies. The review suggested that firms were not doing enough to attract and retain women in top positions.
As a solution, Davies called for British companies to set targets for the percentage of women they aim to have on their boards, and recommended that FTSE 100 companies set a 25% target for women on boards by 2015.
The new review by the Cranfield School of Management showed that the percentage of women on boards has grown from 12.5% to 14.2% in 2011. And, the Financial Times notes, “Since the Davies report, women have accounted for 22.5 per cent of appointments – below the 33 per cent he recommended.”
The Cranfield review revealed that only 33 companies on the FTSE 100 are aiming for the 25% target recommend by Davies. According to the Telegraph, in fact, a full two-thirds of blue chip companies have yet to even set out their plans for getting more women on boards. Dr. Ruth Sealy, co-author of the Cranfield report, commented:
“The results from our report suggest the recommendations in Lord Davies’s review have had beneficial effects in terms of reinforcing good practice, but they also demonstrate an institutional inertia, whereby companies persist in their existing approach – or lack thereof – to gender diversity on boards. It is so important that our top companies set the standard for achieving better representation on their boards.”
In his initial report, Davies suggested that if companies fail to set targets to increase the representation of women in the boardroom, the government should enact quotas similar to those in Norway, France, and Spain. Prime Minister David Cameron is reported to be writing letters to the members of the FTSE 350 who have not set targets to encourage them to do so – before government intervention is necessary.
Thought Leaders: Ana Duarte McCarthy, Managing Director and Chief Diversity Officer, Citi
Thought Leaders“As a female leader, it’s not just the women you influence. It’s also the men whose vision of leadership – that women are effective leaders – changes.”Beginning the Diversity Journey
Duarte McCarthy has been with Citi since 1995, and one of her proudest achievements, she said, was being part of the work to bring employee resource networks to the company.
Read more
Intrepid Woman: Foluke Akinlose MBE, CEO & Founder, Precious Online
Intrepid Women SeriesAs a child growing up in Manchester, Foluke Akinlose dreamed of launching a magazine for women and girls who looked like she did. But how did this childhood vision culminate in the creation of Precious Online, an e-magazine, network and resource for the UK’s c. 2.3 million women of colour and of the UK’s only awards for this community, described as a “memorable occasion” and “inspirational” by British Prime Minister David Cameron?
“When I was younger, there were no British magazines that featured girls who looked like me. I’d spend my pocket money on American imports and they were great, but I really wanted to read about the Black British experience. When I grew older and started working in the media as a journalist, I quickly realised how expensive setting up a print magazine was. I just didn’t have those kind of funds, so I decided to put the magazine idea at the back of my mind for a while.
“In 1996, I began working in the online department of TV company ITN. Because of the nature of my job, I spent a lot of time researching online. I came across so many online publications aimed at African-American women but there was nothing for those based in the UK. I soon realised that the web gave me a publishing channel and that it was a way for me to launch the magazine of which I had always dreamed. So I followed my dream.
“Precious got underway in 1999 and was the first publication of its kind to launch in the UK. We now get 80,000 unique website visitors each month and reach 10,000 women via the mailing list – our goal is to be the premier destination for women of colour on the web.”
Precious aims to provide resources for and to showcase women of colour and to shine a light on their achievements in business and life. The site runs articles on health and beauty and profiles black writers and artists, as well as organising events every quarter on topics such as the joy of networking or an audience with an entrepreneurial woman.
Read more
Senior Women in the City: The Impact of Regulatory Reform on the UK Financial Markets
Industry Leaders, Leadership, Senior Women in the CityModerator of the event, Monica McConville, Partner, Practice Leader, English Law Equity Capital Markets at Shearman & Sterling, invited the panelists to give their perspective on the way capital market regulatory changes might impact day-to-day business.
The panel, consisting of Mary Pragnell, Managing Director, Regulatory Response, GBM Treasury, RBS Global Banking and Markets; Joanna Cound, Managing Director, Government Affairs and Public Policy, BlackRock; and Dr. Sonja Koerner, Partner, Risk, Financial Services, Ernst & Young, tackled a set of questions posed by regulatory reforms in the post 2008 crisis ‘New Normal.” To manage risk and continue to grow as an industry, we contemplated how could we predict, define, and manage some of the unintended consequences of regulators’ actions.
Read more
UK Companies Stalling on Female Board Appointments
Industry Leaders, LeadershipUK companies aren’t moving fast enough to hire female board directors, revealed a new report released yesterday by the Cranfield School of Management. Professor Susan Vinnicombe, co-author of the report said, “Our review reveals that the number of women in board positions is beginning to creep up albeit quite slowly.”
Six months ago Lord Davies of Abersoch presented an independent report discussing the state of gender diversity in the UK’s top companies. The review suggested that firms were not doing enough to attract and retain women in top positions.
As a solution, Davies called for British companies to set targets for the percentage of women they aim to have on their boards, and recommended that FTSE 100 companies set a 25% target for women on boards by 2015.
The new review by the Cranfield School of Management showed that the percentage of women on boards has grown from 12.5% to 14.2% in 2011. And, the Financial Times notes, “Since the Davies report, women have accounted for 22.5 per cent of appointments – below the 33 per cent he recommended.”
The Cranfield review revealed that only 33 companies on the FTSE 100 are aiming for the 25% target recommend by Davies. According to the Telegraph, in fact, a full two-thirds of blue chip companies have yet to even set out their plans for getting more women on boards. Dr. Ruth Sealy, co-author of the Cranfield report, commented:
In his initial report, Davies suggested that if companies fail to set targets to increase the representation of women in the boardroom, the government should enact quotas similar to those in Norway, France, and Spain. Prime Minister David Cameron is reported to be writing letters to the members of the FTSE 350 who have not set targets to encourage them to do so – before government intervention is necessary.
Read more
Iron Butterflies: Ushering in a New Era of Collaboration
Expert AnswersThe late US Congresswoman Bela Abzug said that in the 21st century “Women will change the nature of power, rather than power changing the nature of women.” And this is exactly what Iron Butterflies are quietly up to.
For thousands of years we have been a domination-based society that has used power over others. This use of power generates hierarchies, a frontier mentality, a “lone ranger” style leadership, a command and control approach that reveres “masculine” qualities of independence, autonomy, and individuality.
Some good things have come from this use of power: the industrial revolution, technology, architecture.
But if you think of the woes of the world—sexism, racism, terrorism, genocide, war, environmental degradation—what do they share in common? A use of power over others. A power that is no longer sustainable.
The world is begging for a different kind of leadership and Iron Butterflies are leading the way. They are ushering in a new era of cooperation by exercising a collaborative style of leadership that transforms the meaning of power from power over to power with and for others.
Read more
Voice of Experience: Tamara Box, Partner, Head of International Structured Finance, Berwin Leighton Paisner LLP
Voices of ExperienceA self confessed “start-up junkie”, Tamara Box always wanted to be a lawyer and was told from a young age that she was too argumentative – an ambition and a personality trait which has subsequently stood her in good stead in her career as an award-winning structured finance lawyer and steering committee member of the 30% Club.
“I grew up in Texas and had a great role model in my mother, who worked in the telecoms industry at a senior level. My first international move came when I relocated to London to study at the London School of Economics. Then I returned to the USA and did law at Georgetown. After graduation, I joined Coudert Brothers, first in New York and then in Singapore where I worked for four years and met my English husband. My first “start up” opportunity came early as a founding member of the first overseas office (in Singapore) of US law firm Orrick. In 1997, I moved back to the UK to open Orrick’s London office and I made Partner in 2000.”
After stints at top London firms Tite & Lewis and Lovells, Box landed at Berwin Leighton Paisner in 2006 – the same year in which her son Hugo was born – in order to build their structured finance business from scratch.
Read more
Seven Tips for Leadership Success – for Introverts
Industry Leaders, LeadershipAccording to a survey conducted by TheLadders.com, 65% of 1,542 senior managers see introversion as an impediment to reaching higher management levels. That’s because more flamboyant, talkative, or exuberant extroverted employees can catch management’s eye, and tend to be well-known around the office.
In reality, however, “introverts can be better bosses,” especially in a dynamic and unpredictable environment, according to Adam M. Grant, an associate professor at University of Pennsylvania’s Wharton School who studies this topic. Amid the uncertainty created by the increased pace of innovation and globalization, Grant adds, it’s probably better “to be an introverted leader now than at any previous time on record.”
Because they often have a very keen understanding about what works for them, introverts can be very effective in the corporate environment. Introverts often have an inner strength and personal commitment that allows them to succeed. Notable CEOs who are introverts include Bill Gates, Warren Buffet, Steven Spielberg, Douglas Conant, former President and CEO of Campbell Soup Co., and Larry Page, co-founder of Google.
There’s no need for introverts to fight their own personality traits to get ahead. Here are seven expert tips for introverts on how to succeed as business leaders.
Read more
Voice of Experience: Lupin Rahman, Senior Vice President and Portfolio Manager, Emerging Markets, PIMCO
Voices of Experience“A valuable lesson I learned over the years is to make one’s mark head first,” said Lupin Rahman, Senior Vice President and Portfolio Manager for Emerging Markets at PIMCO.
Having navigated between academia, the public sector, and the investment management industry, Rahman has developed expertise in how to successfully transition to new opportunities.
When you begin a role in a new company or industry, she explained, focus on networking and building your personal brand. “The first six months are extremely critical to your brand capital and in shaping how others view your work. It’s also the time when networking is the easiest.”
Read more
Perspectives: Three Women in Finance on Presenting Oneself Professionally
Expert Answers, PassionsWhile finance is still a male-dominated industry, these days, women’s style needn’t be crafted to blend in. For example, stylists like Ella Goldin, founder of New York-based styling and personal shopping firm Chic Inspiration, believe that the no-frills look women in the financial world embraced for so long is no longer necessary. Women who want to succeed in finance today, she says, have a better chance of climbing the ranks if they celebrate their womanhood rather than trying to hide it.
“In the past, women in finance and other male-dominated fields wanted to be just like men so that they could climb the work ladder, and they stuck strictly to dark suits in order to better blend in,” Goldin says. “Now, things have changed and I find that those women who really achieve professional success and are at the top as decision makers are the ones who stand out and don’t mind having a unique, beautiful and sophisticated look.”
Goldin believes that women in finance have a greater chance of succeeding professionally if their style represents who they are. “Confidence comes from feeling comfortable in your own skin,” she says, particularly in today’s highly competitive world, where so many talented people are out of work. Women who have a personal style and work with it rather than trying to hide it are those that are going to go the farthest, she says, “because as a woman, you have to have something that differentiates you from the next person.”
Here, three successful professionals who work in the world of finance, each with a unique sense of fashion, share advice on personal style for the next generation of industry leaders.
Read more
Empowering Women by Investing in Education
NewsYesterday, the Foundation for Social Change and the UN Office for Partnerships kicked off the second annual Global Conference for Social Change with a Women and Girls Education Summit. The Summit featured several programs across the world for educating and empowering females.
Louise Guide, Founder and CEO of the Foundation for Social Change, explained, “The idea is about driving social progress through education for women and girls.”
Guido explained that by educating disadvantaged girls and women, organizations can empower entire communities – that when you educate women, you create a multiplier effect, whereby knowledge and skills are reinvested in families and neighborhoods.
The Foundation recently launched its own initiative, eLife, an education program for girls in Columbia. It is also partnering with Nokia to launch three new mobile applications for women in developing regions: Smart Women (for business owners), Parenting Skills, and Job Training.
Amir Dossal, Founder and Chairman of the UN Global Partnerships Forum said, “Innovation only comes when you work together. You can have great ideas but you can’t implement them unless you partner with someone.”
The conference highlighted the partnerships between nonprofit organizations and corporations to empower communities by investing in girls and women.
Read more