Fed up with platitudes and more than ready for action, hundreds of women threw their weight behind more regulation to force a better gender mix in organisations in polling at last week’s Global Summit of Women.
Women came from 81 countries and from every possible background, but the common cause was all about getting more women into decision making roles — in communities, government and business.
A poll of the audience on the best option for making progress revealed a clear endorsement of quotas, with the host country France already leading the way. According to a panel of CEOs, which included ex-Telstra Boss Sol Trujillo and Societe Generale head Frederick Oudea, the momentum is growing for more gender balanced organisations — although Trujillo did not believe quotas are the answer.
But it was also clear that the 2011 introduction of quotas in France – with a goal of 40% by 2017 – is having an impact. Women make up about 20% of directors at larger French companies at the moment.
“France has raised the bar for other countries interested in opening up corporate board rooms to women,” according to Irene Natividad, the Summit chair and head of the Washington-based Corporate Women Directors International (CWDI) which released a study on gender on boards at the forum.
The top ten companies globally for women directors did include Australia’s Woolworths, which was better than nothing. But as Natividad pointed out, French companies were the best represented while organisations from rapidly growing economies, such as China, did not fare well.
Quotas are one lever for change but fund manager Joe Keefe, the CEO of Pax Global Funds, said tackling the travesty of just 16% women on Fortune 500 boards rests with shareholders and corporate ranks too.
“Who elects boards? Shareholders. So if you think it’s a travesty but you are investing in funds then you are part of the problem and not the solution – or your money is.”
Pax recently launched a Global Women’s Index Fund which includes about 400 companies with better levels of women in senior roles. Along with shareholder and investor action, pressure to deliver behaviour change in the corporates that dominate the world economy is a priority, Keefe said.
The power to change the rules to make workplaces more equitable lies with corporates, Microsoft France president Alain Crozier said during a debate on whether women can ‘have it all’. He said blending caring and paid work and ensuring women’s careers are not derailed is achievable if the will is there.
“Why aren’t there reporting requirements on gender pay?” one participant asked.
The role of the media in changing norms around women’s leadership and roles was also a focus for a panel discussion. Bloomberg editor-at-large Lisa Kasenaar is running Global Women’s Coverage for the media company which aims to mainstream women as commentators in all coverage.
The media must be encouraged to frame the conversation about diversity and establish role models, Cassandra Kelly said during a discussion on women and boards. She outlined the progress made under Australia’s voluntary regulation regime and the importance of women supporting each other to ensure culture change.
As the conference ended, there was a mixture of hope for change with continuing frustration about the pace of progress and the need to challenge entrenched attitudes that continue to categorise diversity as doing good rather than an economic and human rights imperative around the world.
