No. CCXXIII; October 28, 2014
I. BRAZIL RE-ELECTS WOMAN PRESIDENT; GLOBAL SUMMIT OF WOMEN TO TAKE PLACE IN SAO PAULO IN 2015
II. MORE WOMEN ON THE RISE IN FINANCIAL INDUSTRY: ABIGAIL JOHNSON NAMED CEO OF FIDELITY INVESTMENTS
III. INDIA EXTENDS DEADLINE TO ADD AT LEAST ONE WOMAN DIRECTOR
IV. WHY MEN VALUE FLEXTIME
I. BRAZIL RE-ELECTS WOMAN PRESIDENT; GLOBAL SUMMIT OF WOMEN TO TAKE PLACE IN SAO PAULO IN 2015
Dilma Rousseff, the first woman President of Brazil, was narrowly re-elected on Sunday extending the rule of the Workers Party, which is credited for lifting up many of the country’s poorest citizens. Rousseff, who has been named by Fortune magazine as one of the most powerful women in the world for the past four years, has pledged to work together with the defeated Social Democracy Party in an atmosphere of peace and unity to further effect change in the world’s 7th largest economy. She remains one of 17 women currently in office as President or Prime Minister. To see who joins her in this position, click here for a listing of women global government leaders on www.globewomen.com.
Against this backdrop, the Global Summit of Women is proud to hold its 25th Anniversary Summit in a country led by a woman. The 2015 Global Summit of Women takes place in Sao Paulo on May 14-16, 2015, under the theme of “Creative Women – Creative Economies.”
“Women across the globe bring innovation to the world’s economies, despite the hurdles they face as workers and entrepreneurs,” said Summit President Irene Natividad. “Brazil’s impressive cadre of women in business, who have been resourceful and imaginative in starting and growing their enterprises, makes Brazil an ideal location the 25th Anniversary Summit.”
The Summit, fresh from an energetic 2014 event in Paris which brought together 1,200 women leaders from 82 countries, will again focus on creative solutions, whether from government, business, or civil society to advance women’s economic status globally. Delegations of women from countries including China, France, Japan, Poland, Spain, and others are already beginning their preparations to be a part of this historic Summit.
Early-bird registration for the 2015 Global Summit of Women is now open until the end of 2014. Forms are available at www.globewomen.org/globalsummit.
Sao Paulo serves as the headquarters for many financial and cultural institutions.
II. MORE WOMEN ON THE RISE IN FINANCIAL INDUSTRY: ABIGAIL JOHNSON NAMED CEO OF FIDELITY INVESTMENTS
In a move similar to Ana Botin taking the reins of Spain’s banking giant Santander last month, Abigail Johnson was named CEO of Fidelity Investments, succeeding her father at the helm of the U.S.’s second largest mutual fund firm.
Abigail Johnson and Ana Botin: 2 women leading global financial institutions.
Since joining the privately-owned firm in 1998, Johnson has immersed herself in all aspects of the business, much as Botin did at Santander. She started as an equity analyst, before being appointed President in 2012, where she oversaw the company’s core businesses – asset management, retail and institutional brokerage, and retirement and benefits services. (“Abigail Johnson becomes Fidelity CEO”, CNN Money, October 15, 2014)
Johnson and Botin are now together in rarefied air, with women accounting for only 2% of CEO’s of global financial services firms. In the US, women now lead 26 Fortune 500 companies, the most at any one time. However, this accounts for only 5.2% of CEO positions in the US. To see the other CEOs of US Fortune 500 companies, click here.
III. INDIA EXTENDS DEADLINE TO ADD AT LEAST 1 WOMAN DIRECTOR
Two weeks before an October 1 deadline to appoint at least 1 woman to the Boards of Directors of companies in India, the Securities and Exchange Board of India (SEBI) extended the deadline for compliance to April 1, 2015. SEBI made various amendments to the Corporate Governance Code to align with the new Companies Act, though the requirement of a minimum of one woman director is the only item given a time extension beyond October 1.
Indian companies had been slow to appoint more women directors as required in the 2013 Companies Act, which passed in April 2014. As of August 31, 2014, 755 of the 1,469 companies listed in the National Stock Exchange (NSE) had yet to appoint a woman director, according to Indian Boards, a joint initiative of Prime Database and the NSE.
India is one of 22 countries with a quota for publicly-listed or state-owned companies. To see what other countries have a requirement for women on boards, click here.
IV. WHY MEN VALUE FLEXTIME
A new report released by the Working Mother Research Institute in the U.S. shows that workplace flexibility is a competitive advantage, a gender equalizer, and an essential offering in a modern workplace. While it is no surprise that women value flex time, the survey, supported by Ernst and Young, reveals that workplace flexibility is as important to men as it is to women.
“Men are too often an afterthought in conversations about working parents or workplace flexibility,” says Karyn Twaronite, the EY global diversity and inclusiveness officer. “We have to shift our conversations and communications to be much more inclusive. The flexibility issue is going to become even more prominent, and a requirement in business to achieve sustainability in a global work environment.”
The survey evaluated 11 different categories of work-life satisfaction and found there is a wide gap between men whose employer encourages flexibility compared with those who don’t.
For example, men with greater flexibility in their work schedules reported:
- greater satisfaction with spousal/partner support (71% vs. 53%);
- they were more likely to believe that their opinion at work is valued (76% vs. 48%);
- they were happier with their compensation (68% vs. 40%);
- a greater sense of respect in the workplace (81% vs. 55%);
- a stronger opportunity to develop their skills (74% vs. 48%); and
- they were more satisfied with their career prospects (72% vs. 40%).
(“The Counterintuitive, Competitive Advantage: Men with Workplace Flexibility”, by Karen Twaronite, EY Global Diversity and Inclusiveness Officer, Huffington Post, October 21, 2014)
An example of a company focusing on work-life details and flexible schedules (including time for activities such as surfing, fishing and yoga) which has been prospering is outdoor clothing company Patagonia, based in California. While the company has created a culture around emphasizing time away from work, the family-owned company has doubled in size and tripled in profits since 2008. The company has 2,000 employees around the globe with minimal turnover. (“A Company that Profits as It Pampers Workers, Washington Post, September 16, 2014)
As EY’s Global Diversity and Inclusiveness Officer Karen Twaronite says, “Companies lagging behind on implementing workplace flexibility for all employees are may be doing so at their own detriment.”
Don’t miss the 2015 Global Summit of Women in Sao Paulo Brazil!
France’s Minister for Women, Cities, Youth, and Sports Najat Vallaud-Belkacem hands over the Summit to Brazilian delegates at the Closing Ceremony of the 2014 Summit in Paris.
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