In referring to the banking crunch triggered by the collapse of Lehman Brothers Harriet Harman as deputy Labour leader had laid the blame for the financial crisis on the male domination of the top jobs in banks. She suggested that the presence of more women in the boardrooms of financial institutions could have eased the impact of the meltdown. What do you think?
More women in the boardroom?I think there is an argument for more women being involved in all sectors of business. Maybe then we would have a less aggressive approach, where presently 'good business' is synonymous with the humbling or even humiliation of 'opponents'. A more enlightened set of business values and ethics are called for, through which the interests of all stakeholders can be considered. Maybe more women in the boardrooms can set us along the road to achieving that. Nigel is quite right. With different people come multiple perspectives and bad practices by company bosses are likely to be challenged more often. Viviane Reding, the EU justice commissioner wants European boards to be 30% female by 2015 and 40% by 2020. A new French law requires listed firms to reserve 40% of seats on boards for women by 2017 and Norway and Spain have similar laws. Germany is also considering it. Whilst I am personally uncomfortable with compulsory quotas and prefer a system based on merit, there is a point here. After all women’s suffrage goes back over one hundred years and we still have not made much progress in the boardroom! Is the cultural shift finally happening? IBM has just announced Virginia Rometty its first female CEO – the first woman in IBM’s 100 year history. She will become the first woman to run a company as large as IBM, surpassing PepsiCo’s CEO (another female) Indra Nooyi. And that is not all, this trend is catching. Heather Bresch is taking over as CEO of pharmaceutical firm Mylan. In the last three months three new CEOs have come through – Meg Whitman at HP, Denise Morrison at Campbell Soup Company and Garcia Martore was named CEO of Gannet recently. Whilst this is good news for women there is still a long way to go – this will take the total number of female CEO’s of the Fortune 500 companies to 18! City Marketor |
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