Business First May-June 2017 Business First May 2017 | Page 22
THOUGHT LEADERSHIP
Staring down the
BULL
k, here I go again, the research is still
clear, as in the movie A Few Good Men,
crystal clear so why are we not making
more progress.
According to McKinsey, companies across
all sectors with the most women on their
boards of directors significantly and
consistently outperform those with no female
representation – by 41 per cent in terms of
return on equity and by 56 per cent in terms
of operating results.
Likewise, in the Fortune 500, Catalyst
studies reveal companies in the highest
percentile of women on their boards
outperformed those in the lowest percentile
by 53 per cent higher return on equity, 42 per
centhigher return on sales, and 66 per cent
higher return on invested capital.
Furthermore, a recent Danish study found
that companies with good numbers of women
on the board outperformed those with no
women by 17 per cent higher return on sales
and 54 per cent higher return on invested
capital.
A young girl stares down the famous Wall
Street charging bull on International
Women's Day. It's intended to highlight the
gender disparity of senior level roles at US
financial firms; 85 per cent of financial
advisors on Wall Street are men.
The sculpture installed temporarily in New
York to champion gender diversity is so
popular that thousands have signed a petition
demanding it remain permanently.
Called "Fearless Girl" and created by
American artist Kristen Visbal, the bronze girl
stands with hands on hips and chin jutting
out, challenging the famous "Charging Bull"
statue that is a symbol of Wall Street.
Unfortunately on this side of the pond the
resignation of Charlotte Hogg from the Bank
of England (BoE)will leave it with no female
deputy governors and, come the summer,
only one woman on its three main
policymaking committees.
The BoE styles itself as “reflecting the
diversity of the United Kingdom” and has
improved its gender and ethnic minority
employment record at junior levels in recent
years.
Among its most senior policymaking staff,
however, it has slipped back. Having also
failed to hit a key gender diversity target
Mark Carney introduced when he became
governor four years ago — 50 per cent for
women at management level and 35 per cent
of senior managers by 2017 — the loss of its
Roseann Kelly, Chief Executive of Women in
Business, discusses the proven advantages of
adding more women to your board
O
20 www.businessfirstonline.co.uk
most senior female official will add to the
sense of an organisation still in need of
modernisation.
When she leaves there will be no women on
the 11member Financial Policy Committee,
which seeks to ensure financial stability; one
woman on the 12member Prudential
Regulation Committee, which regulates
banks; and after Kristin Forbes’ departure in
June, no women on the ninemember
Monetary Policy Committee, which sets
interest rates.
Following the recent Women in Business
Inaugural Female Entrepreneurs Conference,
where 240 business women, discussed
business challenges and successes, talked
finance and social media, networked and
supported each other in order start and to
grow their business I was delighted to see a
comment on a recent Facebook post.
The post featured Mark Zuckerberg’s recent
talk to students at North Carolina A&T and
his response to a question on the lack of
diversity in the tech world. “Frankly, I think
that’s our problem to figure out,” he replied. A
woman responded on Facebook, “I think we
should just have our own companies and stop
asking to be a part of their world”.
What do you think, should we all, women
and men alike just walk away from the BULL?
I don’t think we should be leaving it to the
next generation; let’s start now to create a
new economy.
QUOTABLEQUOTE
A recent Danish study found
that companies with good
numbers of women on the
board outperformed those with
no women by 17 per cent
higher return on sales and 54
per cent higher return on
invested capital.