January 31, 2018; No. CCXLXVIII
THIS ISSUE’S HIGHLIGHTS:
I. WOMEN PRESIDENTS AT THE 2018 GLOBAL SUMMIT OF WOMEN
II. DIVERSE LEADERSHIP LEADS TO HIGHER INNOVATION REVENUE
III. SUCCESSFUL WOMEN CEOs JOINING THE 2018 GLOBAL SUMMIT OF WOMEN
IV. BBC CUTS PAY OF SOME MEN AFTER OUTCRY ON INEQUALITY
I. WOMEN PRESIDENTS AT THE 2018 GLOBAL SUMMIT OF WOMEN
Among the 1,000 women leaders from 60+ countries planning to attend the 2018 Global Summit of Women in Sydney, Australia on April 26-28, 2018 are three women who are leading or have led countries as Heads of State. With diverse backgrounds in science, education and security, all three will share their experiences in leading their nations with the Summit’s audience of influencers in business and government while defining their role in creating economies of “share value.”
President of Mauritius Ameenah Gurib-Fakim, President of the Marshall Islands Hilda Heine, and Former President of Kosovo Atifete Jahjaga will join the 2018 Global Summit of Women in Sydney.
Ameenah Gurib-Fakim is President of the island nation of Mauritius located in the Indian Ocean, southeast of the African continent. President Gurib-Fakim, a biodiversity scientist with a doctorate in organic chemistry, led a successful business that researches plants and their applications in the fields of cosmetics, nutrition, and therapy, before being elected President. Mauritius, which is consistently named Africa’s most competitive economy by the World Economic Forum for its success in streamlining its goods market, building solid infrastructure and promoting a healthy workforce, is hailed as one of Africa’s success stories due to its political stability and good governance.
A second Head of State of an island nation participating in the 2018 Global Summit of Women is Hilda Heine, President of the Republic of the Marshall Islands, located in the Pacific Ocean between Hawaii and the Philippines. An educator before entering politics, President Heine is the first woman from the Marshall Islands to earn a doctorate. The founder of the women’s rights group, Women United Together Marshall Islands, she has stressed that women’s economic empowerment is essential for building resilience and driving sustainable development.
Also participating in the 2018 Summit is Atifete Jahjaga, who served as President of Kosovo from 2011-2016, who has participated in three prior Summits. Kosovo, landlocked in Southeastern Europe and part of the former Yugoslavia, gained its independence in 2008 and under President Jahjaga’s leadership the transition economy grew each year she was in office. A former Deputy Director of the Kosovo Police with the rank of Major General, President Jahjaga has emphasized that investment in women is an investment in the family, investment in the community, and investment in society.
The Global Summit of Women is honored to welcome these three remarkable women leaders to the 2018 Summit in Sydney, Australia on April 26-28. To see all 17 women currently serving as President or Prime Minister, visit www.globewomen.com/?page_id=137.
II. DIVERSE LEADERSHIP LEADS TO HIGHER INNOVATION REVENUE
A recent study by the Boston Consulting Group which surveyed over 1,700 companies in eight countries suggests that increasing the diversity of leadership teams leads to more and better innovation and improved financial performance. Companies with more diverse management teams reported revenue from new products and services launched within three years that was 19 percentage points higher than that of companies with below-average leadership diversity – 45% of total revenue versus 26%.
The study also looked at the effect of digitization on overall innovation and found that companies that place a greater emphasis on digital technology show an even stronger correlation between diversity and innovation. Companies which invested the most in digital technology as a percentage of operating expenses showed the strongest correlation between diversity and innovation revenue.
The bottom line: Companies that take the initiative and actively increase the diversity of their management teams perform better. These companies find unconventional solutions to problems and generate more and better ideas, with a greater likelihood that some of them will become successful products in the market. As a result, they outperform their peers financially.
The 2018 Global Summit of Women in Sydney will feature many women leading innovative companies in various industries based in different parts of the world. To see the full Summit program, click here .
III. SUCCESSFUL WOMEN CEOs JOINING THE 2018 GLOBAL SUMMIT OF WOMEN
Coming together at the 2018 Global Summit of Women under the theme of “Women: Creating Economies of Shared Value,” delegations of women entrepreneurs from countries including China, Vietnam, Spain, Mexico, Kazakhstan, and South Africa, to name a few, will participate in the three-day event in Sydney. Seeking to connect with their counterparts in Australia and throughout the world, the business women join the Summit with the intention of growing their businesses while creating more economic opportunities for the women in their communities.
Among the hundreds of women business leaders arriving in Sydney for the Summit, five women entrepreneurs from five different countries are featured in the Summit’s “Women Entrepreneurs Forum.” The women presenting in the forum have not only grown successful businesses but have also included activities of social impact with their work. Sharing lessons learned and advice for those entrepreneurs contemplating the next stage of growth while stressing the importance for entrepreneurs to engage in “shared value” are (from left to right):
- Susana Balbo, CEO of Susana Balbo Wines from Argentina;
- Anasuya Gupta, CEO of CICO Technologies, a leading company in the construction chemical industry in India;
- Le Hong Thuy Tien, CEO of IMEX Pan Pacific Group, which is a diversified conglomerate leading in the Vietnamese luxury market;
- Xu Ping, CEO of Henan Imported Materials, a logistics giant in the Chinese import-export industry; and
- Catriona Wallace, CEO of the artificial intelligence company Cre8tek from the host country, Australia.
These extraordinary women are only a few of the 80+ dynamic presenters at the 2018 Summit in Sydney. To be a part of the event, register today at www.globewomen.org/globalsummit.
IV. BBC CUTS PAYS OF SOME MEN AFTER OUTCRY ON INEQUALITY
The BBC announced last week that it was reducing the salaries of several of its prominent male journalists following the decision of a senior executive Carrie Gracie to leave her position as China Editor to protest unequal pay between men and women at the organization. Her resignation revived criticism of Britain’s publicly-funded broadcaster, which last summer published the salaries of its top presenters.
The data in last July’s report revealed a startling gap in pay between its most senior male and female journalists – the highest paid male presenter earned 2.6 million pounds while the highest paid female presenter earned only 500,000 pounds. This glaring pay gap led BBC’s most senior female journalists to demand the organization take action. Since then, around 230 people, mostly women, have raised pay grievances with the BBC.
The report by PricewaterhouseCoopers commissioned by BBC detailed the overall pay gap for on-air staff at 6.8% but among lower-profile presenters and reporters, the figure rises to 12.6%. The report blamed this on a lack of structure and openness, and financial constraints in the BBC. Although PwC said there was no evidence of gender bias, it added that in some cases when it approached the broadcaster about the reasons for differences in the pay between a man and a woman “the objectively verifiable evidence available was more limited.” (New York Times, 1/27/18)
Since unequal pay, which besets women workers globally, lessens their ability to have equitable pensions, the 2018 Global Summit of Women in Sydney, Australia on April 26-28, 2018 includes a session on “Safeguarding Your Future: Women and Financial Planning” to present successful strategies for women to plan for their future.
For more information on the 2018 Global Summit of Women and to register to join this global gathering, go to www.globewomen.org/globalsummit.
Australian delegation at the Tokyo Summit in May 2017 announcing Australia as 2018 Host Country
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