![\"\"](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2016\/04\/eNews-banner.png\")
<\/p>\n<\/p>\n
Issue No. CCXVIII;\u00a0April 23,\u00a02014<\/strong><\/p>\n THIS ISSUE’S HIGHLIGHTS: I. HARVARD REPORT: GENDER WAGE GAP A RESULT OF INFLEXIBLE WORKPLACES Golding\u2019s research is the latest of many that underscore work\/life integration as fundamental to ensuring career mobility and better pay for women.\u00a0 At this year\u2019s\u00a0Global Summit of Women<\/em>\u00a0(June 5-7 in Paris), a plenary discussion looks closely at whose responsibility it is\u00a0for women workers to combine their work and family responsibilities \u2013 government, employers, families themselves?\u00a0 Why does this issue need to be addressed by every country in the world?\u00a0 How is this issue tied to an economy\u2019s productivity?\u00a0 What is the role of men in this work\/life balance?\u00a0 Participating in this dialogue are the CEO of Carnival Australia Ann Sherry, the President of Microsoft France Alain Crozier, Metlife\u2019s Executive Vice President for Employee Benefits Maria Morris and Unibail-Rodamco\u2019s Management Board Member Armelle Carminati.\u00a0 For more on the GSW 2014 program and presenters, go to\u00a0www.globewomen.org<\/a>\/globalsummit.<\/p>\n II. MALE\u00a0& FEMALE CEOs EARNING THE HIGHEST SALARIES<\/strong><\/em> Among the top 50 earners, only four women CEOs made it to this Equilar listing. Ranked 30th<\/sup>\u00a0is Meg Whitman, CEO of Hewlett Packard, who had the highest salary among her female counterparts with $17.6 million.\u00a0 Lockheed Martin\u2019s CEO Marilyn Hewson ($15.7 million), Mondelez International\u2019s CEO Irene Rosenfeld, and IBM\u2019s Virginia Rometty (both earning $14 million each in 2013) complete the listing at the lower end.\u00a0 (New York Times,\u00a0<\/em>4\/13\/14)<\/p>\n These salaries bring to mind early revelation of General Motors\u2019 first ever female CEO \u2013 Mary Barra — whose pay package was revealed by media initially to be only half of her predecessor\u2019s salary.\u00a0 The media uproar about this seeming CEO pay gap resulted in a later GM announcement that her \u2018real\u2019 pay package actually came to $14 million as opposed to the earlier reported $7 million. \u00a0\u00a0A Bloomberg study showed that the highest paid U.S. female executive among the S&P500 companies earned 18% less than the highest paid male executive.\u00a0 In other words, the gender pay gap scales up as well as down career ladders.\u00a0 (Source:\u00a0\u00a0CBS MoneyWatch,<\/em>\u00a02\/5\/14)\u00a0\u00a0<\/em>For a complete listing of women CEOs of US\u00a0Fortune<\/em>\u00a0500 companies, go to\u00a0www.globewomen.com<\/a>\u00a0and scroll down the page.<\/p>\n III.\u00a0OPENING UP CREDIT FOR ENTREPRENEURS: IFC\/WORLD BANK & GOLDMAN SACHS US$600 MILLION FUND<\/em> This fund will open with IFC investment of US$100 million while the Goldman Sachs Foundation will come in with US$32 million initially.\u00a0 In addition, the foundation will give $18 million capacity-building support to banks to address issues that financial institutions face in deploying capital in developing economies, as well as those faced by women in accessing capital through banks.\u00a0 \u201cThere is a credit gap,\u201d according to Goldman Sachs Foundation President Dina Powell.\u00a0 \u201cLocal banks at times don’t have (trained) loan officers.\u00a0 But women are also not applying for the capital because they worry about not having the collateral or the rates are prohibitive.\u201d\u00a0 (Source:\u00a0\u00a0Philanthropy News Digest,\u00a0<\/em>4\/6\/14).<\/p>\n Access to capital is an ongoing issue for women-owned business, but the Internet has provided a gateway that skips traditional banks.\u00a0 At the 2014\u00a0Global Summit of Women<\/em>\u00a0on June 5-7th<\/sup>, crowdfunding \u2013 an Internet-based avenue for raising capital through small contributions \u2013 will be explored.\u00a0 Once aimed primarily at raising funding for artistic projects, crowdfunding has now spilled over to enterprises of all sizes \u2013 from start-ups in developed and developing economies to more mature businesses.\u00a0 (For more information on the 2014 GSW, go to\u00a0www.globewomen.org<\/a>, click to the Summit.)<\/p>\n IV. HONDA APPOINTS FIRST WOMAN BOARD DIRECTOR<\/em><\/strong> Putting women in leadership positions is a pillar of Prime Minister Shinzo Abe\u2019s policies to revive the economy and Honda is the first major company to act. \u00a0\u00a0The other two major Japanese automakers Toyota and Nissan still have all-male boards.\u00a0\u00a0\u00a0According to the Corporate Women Directors International (CWDI), the research arm of the Global Summit of Women, Japan\u2019s 25 largest companies represented in\u00a0Fortune\u00a0<\/em>Global 200, averaged just 3.1% women board directors in 2013.\u00a0 That low percentage, however, marked an increase from 2011 when Japan\u2019s companies in the\u00a0Fortune<\/em>\u00a0Global 200 had a percentage of only 1.8%.<\/p>\n CWDI will release its 6th<\/sup>\u00a0update of the Women Board Directors of the Fortune Global 200 at the 2014 Global Summit of Women in Paris on June 6 and will hold a Roundtable on Board\u00a0Diversity that looks at best practices in accelerating\u00a0women’s access to board seats globally.\u00a0\u00a0\u00a0\u00a0To see more of CWDI\u2019s research, visit www.globewomen.org\/cwdi\/cwdi.htm<\/p>\n Join 1,000 women coming to Paris at the REGISTER TODAY AT:\u00a0<\/strong><\/p>\n WWW.GLOBEWOMEN.ORG<\/a><\/strong><\/p>\n Don’t receive this e-newsletter regularly?
\n<\/u>I.\u00a0\u00a0\u00a0\u00a0HARVARD REPORT: GENDER WAGE GAP A RESULT OF INFLEXIBLE WORKPLACES
\n<\/em>II.\u00a0\u00a0 MALE\u00a0& FEMALE CEOs EARNING THE HIGHEST SALARIES
\n<\/em>III.\u00a0 OPENING UP CREDIT FOR ENTREPRENEURS: IFC\/WORLD BANK & GOLDMAN SACHS US$600 MILLION FUND
\n<\/em>IV.\u00a0 HONDA APPOINTS FIRST WOMAN BOARD DIRECTOR<\/em><\/p>\n
\n
\n<\/em><\/strong>Claudia Golding, the first woman to earn tenure at Harvard University\u2019s Economics Department, found in her latest research that workplaces still reward employees for working more hours or during certain times of days (early morning meetings or late night client entertainment) \u2013 practices that hamper working mothers\u2019 career advancement.\u00a0 Flexible schedules mean less hours, and less hours mean lower pay that depress women\u2019s earnings in the course of their careers.\u00a0 Golden states:\u00a0 \u201c\u2026It is often the case that hours alone get rewarded.\u00a0 Persistence in these positions and continuous time on the job probably matters far more to one\u2019s success than a desire and ability to compete.\u201d\u00a0 (Source:\u00a0\u00a0Washington Post,\u00a0<\/em>3\/26\/14)<\/p>\n![\"\"](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2017\/08\/1-8.jpg\")
<\/p>\n
\n
\nA ranking of the top 100 earners among U.S. CEOs by Equilar showed how few women made it to the list and how much lower their salaries are compared to male top earners.\u00a0 Oracle\u2019s CEO, Lawrence Ellison, ranked first with $78.4 million in his combined pay package (cash, stock and options) in 2013 \u2013 more than twice the pay of the second ranked CEO, Robert Iger of Walt Disney at $34.3 million.<\/p>\n![\"\"](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2017\/08\/2-2.jpg\")
<\/p>\n
\n
\n![\"\"](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2017\/08\/photo-dina-powell-goldman-sachs.jpg\")
<\/strong>One of the welcome news items emerging from International Women\u2019s Day celebrations last month is the announcement from the International Finance Corporation \u2013 the private sector arm of the World Bank \u2013 and Goldman Sachs that they are partnering to fund the first-ever global finance facility dedicated to women-owned small and medium enterprises.\u00a0 The partner institutions aim to raise up to US$600 million in capital and will work with local banks to stimulate lending to women-owned enterprises.<\/p>\n
\n
\n![\"\"](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2017\/08\/photo-hideko-kunii-jpg.png\")
Japanese automaker Honda has recently appointed a woman to its Board of Directors for the first time in a sign that women may be beginning to inch into the boardrooms of Japan\u2019s leading companies.\u00a0 A technology expert, Hideko Kunii, who is in charge of promoting gender equality at the University of Tokyo, will join Honda\u2019s Board following their shareholders meeting in June<\/p>\n
\n![\"\"](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2017\/08\/photo-paris2014.jpg\")
<\/p>\n
\n2014 Global Summit of Women
\nJune\u00a05-7, 2014
\n<\/strong><\/p>\n
\n
\nSubscribe by\u00a0clicking here<\/a>.<\/p>\n