No. CCXXXIV;\u00a0September 30,\u00a02015
\nTHIS ISSUE’S HIGHLIGHTS:
\nI. CWDI OPENS PHILIPPINE STOCK EXCHANGE
\nII. APEC ECONOMIES FALLING BEHIND IN PLACING WOMEN ON CORPORATE BOARDS
\nIII. PHILIPPINE WOMEN CEOs SHARE AT SUMMIT’S LEGACIES OF WOMEN FORUM
\nIV. ADVANCING WOMEN\u2019S EQUALITY CAN ADD UP TO $28 TRILLION TO GLOBAL GROWTH
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\n<\/em>I.\u00a0CWDI OPENS PHILIPPINE\u00a0STOCK EXCHANGE<\/h4>\nOver 40 women business leaders in the Philippines, led by CWDI Chair Irene Natividad,came together\u00a0at the first-ever all-women Market Open at the Philippine Stock Exchange on September 15th<\/em><\/strong>. The historic event saluted the achievements of Philippine women in business and marked the Philippines\u2019 hosting of the APEC Women and the Economy Forum. Philippine Undersecretary of Trade and Industry Nora K. Terrado, the Chair of the APEC women\u2019s conference, and Chair of the PSE Jose T. Pardo joined Ms. Natividad in ringing the bell.<\/p>\n![\"17\"](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2016\/01\/17.png\")
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Click the Photo to See a Video of the PSE Market Open.<\/strong><\/p>\nAlso joining the event were Former Secretary of Foreign Affairs Delia Domingo-Albert,President of Clorox Philippines Marites Dagdag, Country Manager of Pepsico Philippines Maricelle Narciso, President of NEC Philippines Agnes Gervacio,President of Health Solutions Corp Alma Rita Jimenez, and President of CibaCapital Philippines Aurora \u201cBoots\u201d Garcia, among others.\u201cThere is a plethora of Philippine women making a huge impact in the country\u2019s economy as Board Directors, CEOs,executives, and entrepreneurs,\u201d Natividad said.\u201cI was pleased to have this group of women leaders join me at this Market Open to showcase their leadership and achievements.<\/p>\n
The PSE Market Open marked the 15th organized by CWDI. Previous CWDI Market Opens have taken place at NASDAQ in New York, as well as at stock exchanges in Toronto, Johannesburg, Madrid, Istanbul, Barcelona, Warsaw, Sao Paolo, Hong Kong, Zurich, Kuala Lumpur, Frankfurt, Paris, and Sydney. Joining CWDI as partners for this historic event in Manila were the Women’s Business Council of the Philippines, the Filipina Women CEO Council, and the Asian Institute of Management.<\/p>\n
To see more from the PSE Market Open,\u00a0click here<\/a>\u00a0or\u00a0for highlights from previous CWDI Market Opens,\u00a0click here<\/a>.<\/p>\nII. APEC ECONOMIES FALLING BEHIND IN PLACING WOMEN ON CORPORATE BOARDS<\/h4>\n
Men hold nine out of every ten seats on the Boards of Directors of companies in APEC economies, according to the new CWDI Report: Women Board Directors of APEC Economies.\u00a0 With an average percentage of 9.8% women board directors, companies in the regional economic forum trail their peers in Europe (20%) and Africa (14.4%).<\/strong><\/em><\/p>\nWOMEN BOARD DIRECTORS IN APEC ECONOMIES<\/strong><\/p>\n![\"enews](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2016\/01\/enews-apec-report-graph.png\")
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The report shows that Canada (20.4%), Australia (20.4%), and the U.S. (19.2%) have the highest percentages of women corporate directors with APEC.\u00a0 At the bottom of the list, with women holding less than 5% of the board seats are Russia (4.8%), Chinese Taipei (4.4%), Chile (3.2%), Japan (3.1%), and Korea (2.1%).<\/p>\n
“While the overall numbers are not encouraging,” states Natividad, “there are practical steps some countries have taken to improve the presence of women in the boardroom.\u00a0 “Look at the success in Australia, where the percentage of women on boards of its 200 largest companies has increased from 8.3% in 2009 to 20.4% today.”<\/p>\n
The impetus for Australia’s increase was the Australian Securities Exchange’s decision in 2010 to make gender diversity on boards a listing requirement.\u00a0 This entailed ASX member companies reporting on the number of women on their boards, in senior management, and in their workforce, and most important — their goals for improving those numbers.<\/p>\n
In addition to Australia’s dramatic increase, another APEC economy taking measures to accelerate gender diversity on boards is Malaysia<\/em><\/strong>, whose government has set a policy for companies to reach a target of 30% women directors by 2016 <\/em><\/strong>\u2013 the only APEC economy with such an initiative.\u00a0 Since 2009, Malaysia\u2019s largest companies have nearly doubled their percentage of women on boards from 6.1% to 11.7%.\u00a0 A government-driven quota or target has become a popular measure worldwide, with 22 countries having enacted quotas.\u00a0 To see a full list of countries with quotas, click here<\/a>.<\/p>\nOutside of APEC, countries with quotas for women directors have seen increases at a faster rate than prior years.\u00a0 France and Italy, both with quotas in place, have had the most dramatic increases in the percentage of women being appointed to board seats<\/em><\/strong>.\u00a0 Since 2009, France\u2019s percentage has surged from 8.2% to 32.3% among its 120 largest companies, while Italy has increased more than five-fold, from 3.6% to 22%.<\/p>\nThere are now ample studies from different parts of the world that show a correlation between more women in senior corporate leadership and companies\u2019 better financial performance,\u201d states Natividad.\u00a0 \u201cBy becoming a driving force among corporate and governmental leaders on the issue of greater gender diversity on boards, APEC can advance economic growth for all people in this alliance.\u201d<\/p>\n
Interested in seeing which of the 200 largest companies do best in appointing women to board seats? <\/em><\/strong>Click here.<\/a><\/p>\nIII. PHILIPPINE WOMEN CEOs SHARE AT SUMMIT’S LEGACIES OF WOMEN FORUM<\/h4>\n
In addition to the Market Open and release of the CWDI Report on Women Board Directors of APEC Economies, Summit President Irene Natividad also hosted a Legacies of Women Forum in partnership with the Asian Institute of Management on September 14th<\/em><\/strong> during her recent visit to Manila.\u00a0 The Legacies Forum in Manila featured four top CEOs: Zondy Garcia, President and CEO of ING Bank Philippines; Maan Hontiveros, Chair of Air Asia; Rizalina Mantaring, President and CEO of SunLife Financial Philippines; and Marife Zamora, Chair of Convergys Philippines <\/em><\/strong>who shared their experiences reaching the top of the business world with over 450 students from AIM and other business schools.<\/p>\n![\"enews](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2016\/01\/enews-Legacies-photo.jpg\")
\nIrene Natividad (center) with four Filipina CEOs – Zondy Garcia, Marife Zamora, Maan Hontiveros, and Rizalina Mantaring – at the Legacies of Women Forum in Manila.<\/strong><\/em><\/p>\nDuring the two-hour discussion, the CEOs shared their definition of success; their best leadership qualities;\u00a0 crisis points in their careers and how they managed them, as well as tips for finding work-life balance.\u00a0 One of the overarching themes of the discussion was how each cared about the impact of their work on the Philippines as a whole and on their industry.<\/p>\n
Ms. Garcia of ING said that success for her meant realizing that she had influence in her company and in her industry.\u00a0 Ms. Hontiveros of Air Asia relished her success in stabilizing her company with an outstanding team as well as finding her successor as CEO. Having a successful personal and family life is as important to Ms. Mantaring of Sunlife as helping to bring insurance to the masses in the Philippines.\u00a0 For Ms. Zamora of Convergys, success meant ensuring that the Philippines remained number one in the global outsourcing industry and having employees, who not only wanted to succeed themselves but also to help others.<\/p>\n
\u201cI established the Legacies of Women events globally so that young women entering the business world can receive the gift of expertise and knowledge from the many successful business women who lead enterprises worldwide, but who are not present in textbooks,\u201d Natividad said. \u201cThese four CEOs succeeded in offering their knowledge and wisdom to the next generation of enterprising women.\u201d<\/p>\n
IV. ADVANCING WOMEN\u2019S EQUALITY CAN ADD UP TO $28 TRILLION TO GLOBAL GROWTH<\/h4>\n
![\"15\"](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2016\/01\/15-290x300.jpg\")
If women were to play an equal role in labor markets to that of men, as much as $28 trillion could be added to global annual GDP by 2025<\/em><\/strong>, according to a new report from the McKinsey Global Institute.\u00a0 This impact would be equivalent to the size of the combined Chinese and U.S. economies today.\u00a0 The findings of the study complement previous studies from the International Monetary Fund, Booz Inc. and Goldman Sachs, which have shown an increase to GDP with more women active in the economy.<\/p>\nAmong the 95 countries included in the study, India and the Latin American region stand to experience the most gains.<\/em><\/strong>\u00a0 If they were to match the progress of their fastest-improving neighbor, India\u2019s GDP would increase by 16% and Latin America as a whole would increase by 14% by 2025.\u00a0 Worldwide, female workers currently generate about 37 per cent of the world’s GDP, considerably lower than their 50 percent share of the global working-age population.\u00a0 In the case of India today, the share of GDP generated by women is only 17%, presenting a great opportunity with future increases in women\u2019s economic participation.<\/p>\nThe gap in labor force participation partly reflects the unequal sharing of household responsibilities between men and women, according to the report<\/em><\/strong>. <\/strong>\u00a0\u00a0Around 75 percent of the world’s unpaid work is undertaken by women, including the vital tasks that keep households functioning such as child care, eldercare, cooking and cleaning.\u00a0 Using conservative assumptions, the report estimates that this unpaid work could be valued at $10 trillion per year, an amount roughly equivalent to 13 per cent of global GDP. \u00a0(Source: McKinsey Global Institute, \u201cHow Advancing Women\u2019s Equality Can Add $12 Trillion to Global Growth,\u201d September 2015)<\/p>\n <\/p>\n
Come to Warsaw in June to be a part of the premier gathering of women leaders in business and government from around the world!<\/strong><\/em><\/h3>\nGLOBAL SUMMIT OF WOMEN 2016<\/strong><\/span><\/h3>\nJune 9-11, 2016<\/em><\/strong><\/span>
\n Warsaw, Poland<\/strong><\/span>
\n<\/em><\/strong><\/h3>\n![\"poland](\"https:\/\/globewomen.org\/globalsummit\/wp-content\/uploads\/2015\/05\/poland-photo-at-closing-in-brazil.jpg\")
<\/a><\/p>\nPolish delegates at the Closing Ceremony of the 2015 Global Summit of Women inviting delegates to Poland in 2016.<\/strong><\/em><\/p>\nClick here for more details and to register.<\/a><\/strong><\/h3>\nDon’t receive this e-newsletter regularly? Subscribe here<\/a><\/strong>.<\/strong><\/p>\n <\/p>\n
<\/p>\n
Click the Photo to See a Video of the PSE Market Open.<\/strong><\/p>\n Also joining the event were Former Secretary of Foreign Affairs Delia Domingo-Albert,President of Clorox Philippines Marites Dagdag, Country Manager of Pepsico Philippines Maricelle Narciso, President of NEC Philippines Agnes Gervacio,President of Health Solutions Corp Alma Rita Jimenez, and President of CibaCapital Philippines Aurora \u201cBoots\u201d Garcia, among others.\u201cThere is a plethora of Philippine women making a huge impact in the country\u2019s economy as Board Directors, CEOs,executives, and entrepreneurs,\u201d Natividad said.\u201cI was pleased to have this group of women leaders join me at this Market Open to showcase their leadership and achievements.<\/p>\n The PSE Market Open marked the 15th organized by CWDI. Previous CWDI Market Opens have taken place at NASDAQ in New York, as well as at stock exchanges in Toronto, Johannesburg, Madrid, Istanbul, Barcelona, Warsaw, Sao Paolo, Hong Kong, Zurich, Kuala Lumpur, Frankfurt, Paris, and Sydney. Joining CWDI as partners for this historic event in Manila were the Women’s Business Council of the Philippines, the Filipina Women CEO Council, and the Asian Institute of Management.<\/p>\n To see more from the PSE Market Open,\u00a0click here<\/a>\u00a0or\u00a0for highlights from previous CWDI Market Opens,\u00a0click here<\/a>.<\/p>\n Men hold nine out of every ten seats on the Boards of Directors of companies in APEC economies, according to the new CWDI Report: Women Board Directors of APEC Economies.\u00a0 With an average percentage of 9.8% women board directors, companies in the regional economic forum trail their peers in Europe (20%) and Africa (14.4%).<\/strong><\/em><\/p>\n WOMEN BOARD DIRECTORS IN APEC ECONOMIES<\/strong><\/p>\n The report shows that Canada (20.4%), Australia (20.4%), and the U.S. (19.2%) have the highest percentages of women corporate directors with APEC.\u00a0 At the bottom of the list, with women holding less than 5% of the board seats are Russia (4.8%), Chinese Taipei (4.4%), Chile (3.2%), Japan (3.1%), and Korea (2.1%).<\/p>\n “While the overall numbers are not encouraging,” states Natividad, “there are practical steps some countries have taken to improve the presence of women in the boardroom.\u00a0 “Look at the success in Australia, where the percentage of women on boards of its 200 largest companies has increased from 8.3% in 2009 to 20.4% today.”<\/p>\n The impetus for Australia’s increase was the Australian Securities Exchange’s decision in 2010 to make gender diversity on boards a listing requirement.\u00a0 This entailed ASX member companies reporting on the number of women on their boards, in senior management, and in their workforce, and most important — their goals for improving those numbers.<\/p>\n In addition to Australia’s dramatic increase, another APEC economy taking measures to accelerate gender diversity on boards is Malaysia<\/em><\/strong>, whose government has set a policy for companies to reach a target of 30% women directors by 2016 <\/em><\/strong>\u2013 the only APEC economy with such an initiative.\u00a0 Since 2009, Malaysia\u2019s largest companies have nearly doubled their percentage of women on boards from 6.1% to 11.7%.\u00a0 A government-driven quota or target has become a popular measure worldwide, with 22 countries having enacted quotas.\u00a0 To see a full list of countries with quotas, click here<\/a>.<\/p>\n Outside of APEC, countries with quotas for women directors have seen increases at a faster rate than prior years.\u00a0 France and Italy, both with quotas in place, have had the most dramatic increases in the percentage of women being appointed to board seats<\/em><\/strong>.\u00a0 Since 2009, France\u2019s percentage has surged from 8.2% to 32.3% among its 120 largest companies, while Italy has increased more than five-fold, from 3.6% to 22%.<\/p>\n There are now ample studies from different parts of the world that show a correlation between more women in senior corporate leadership and companies\u2019 better financial performance,\u201d states Natividad.\u00a0 \u201cBy becoming a driving force among corporate and governmental leaders on the issue of greater gender diversity on boards, APEC can advance economic growth for all people in this alliance.\u201d<\/p>\n Interested in seeing which of the 200 largest companies do best in appointing women to board seats? <\/em><\/strong>Click here.<\/a><\/p>\n In addition to the Market Open and release of the CWDI Report on Women Board Directors of APEC Economies, Summit President Irene Natividad also hosted a Legacies of Women Forum in partnership with the Asian Institute of Management on September 14th<\/em><\/strong> during her recent visit to Manila.\u00a0 The Legacies Forum in Manila featured four top CEOs: Zondy Garcia, President and CEO of ING Bank Philippines; Maan Hontiveros, Chair of Air Asia; Rizalina Mantaring, President and CEO of SunLife Financial Philippines; and Marife Zamora, Chair of Convergys Philippines <\/em><\/strong>who shared their experiences reaching the top of the business world with over 450 students from AIM and other business schools.<\/p>\n During the two-hour discussion, the CEOs shared their definition of success; their best leadership qualities;\u00a0 crisis points in their careers and how they managed them, as well as tips for finding work-life balance.\u00a0 One of the overarching themes of the discussion was how each cared about the impact of their work on the Philippines as a whole and on their industry.<\/p>\n Ms. Garcia of ING said that success for her meant realizing that she had influence in her company and in her industry.\u00a0 Ms. Hontiveros of Air Asia relished her success in stabilizing her company with an outstanding team as well as finding her successor as CEO. Having a successful personal and family life is as important to Ms. Mantaring of Sunlife as helping to bring insurance to the masses in the Philippines.\u00a0 For Ms. Zamora of Convergys, success meant ensuring that the Philippines remained number one in the global outsourcing industry and having employees, who not only wanted to succeed themselves but also to help others.<\/p>\n \u201cI established the Legacies of Women events globally so that young women entering the business world can receive the gift of expertise and knowledge from the many successful business women who lead enterprises worldwide, but who are not present in textbooks,\u201d Natividad said. \u201cThese four CEOs succeeded in offering their knowledge and wisdom to the next generation of enterprising women.\u201d<\/p>\n Among the 95 countries included in the study, India and the Latin American region stand to experience the most gains.<\/em><\/strong>\u00a0 If they were to match the progress of their fastest-improving neighbor, India\u2019s GDP would increase by 16% and Latin America as a whole would increase by 14% by 2025.\u00a0 Worldwide, female workers currently generate about 37 per cent of the world’s GDP, considerably lower than their 50 percent share of the global working-age population.\u00a0 In the case of India today, the share of GDP generated by women is only 17%, presenting a great opportunity with future increases in women\u2019s economic participation.<\/p>\n The gap in labor force participation partly reflects the unequal sharing of household responsibilities between men and women, according to the report<\/em><\/strong>. <\/strong>\u00a0\u00a0Around 75 percent of the world’s unpaid work is undertaken by women, including the vital tasks that keep households functioning such as child care, eldercare, cooking and cleaning.\u00a0 Using conservative assumptions, the report estimates that this unpaid work could be valued at $10 trillion per year, an amount roughly equivalent to 13 per cent of global GDP. \u00a0(Source: McKinsey Global Institute, \u201cHow Advancing Women\u2019s Equality Can Add $12 Trillion to Global Growth,\u201d September 2015)<\/p>\n <\/p>\n Polish delegates at the Closing Ceremony of the 2015 Global Summit of Women inviting delegates to Poland in 2016.<\/strong><\/em><\/p>\n Don’t receive this e-newsletter regularly? Subscribe here<\/a><\/strong>.<\/strong><\/p>\n <\/p>\nII. APEC ECONOMIES FALLING BEHIND IN PLACING WOMEN ON CORPORATE BOARDS<\/h4>\n
<\/p>\nIII. PHILIPPINE WOMEN CEOs SHARE AT SUMMIT’S LEGACIES OF WOMEN FORUM<\/h4>\n
\nIrene Natividad (center) with four Filipina CEOs – Zondy Garcia, Marife Zamora, Maan Hontiveros, and Rizalina Mantaring – at the Legacies of Women Forum in Manila.<\/strong><\/em><\/p>\nIV. ADVANCING WOMEN\u2019S EQUALITY CAN ADD UP TO $28 TRILLION TO GLOBAL GROWTH<\/h4>\n
If women were to play an equal role in labor markets to that of men, as much as $28 trillion could be added to global annual GDP by 2025<\/em><\/strong>, according to a new report from the McKinsey Global Institute.\u00a0 This impact would be equivalent to the size of the combined Chinese and U.S. economies today.\u00a0 The findings of the study complement previous studies from the International Monetary Fund, Booz Inc. and Goldman Sachs, which have shown an increase to GDP with more women active in the economy.<\/p>\nCome to Warsaw in June to be a part of the premier gathering of women leaders in business and government from around the world!<\/strong><\/em><\/h3>\n
GLOBAL SUMMIT OF WOMEN 2016<\/strong><\/span><\/h3>\n
June 9-11, 2016<\/em><\/strong><\/span>
\n Warsaw, Poland<\/strong><\/span>
\n<\/em><\/strong><\/h3>\n<\/a><\/p>\nClick here for more details and to register.<\/a><\/strong><\/h3>\n