The 30% Club Goes Global
Accelerating the pace of change towards better gender balance worldwide
July 1st 2013, London
At its first global summit held in London today, The 30% Club showcased the collaborative concerted approach that has accelerated progress towards more women on UK boards. The event, attended by representatives from the US, Canada, Hong Kong, Ireland, the Netherlands, Belgium, Norway, France, Australia, Switzerland and Germany, explored global levers of faster change to achieve more women at top levels around the world.
As part of its efforts to accelerate the progression of women in the pipeline, The 30% Club also announced a new fully funded Executive MBA Scholarship in partnership with Henley Business School. The Henley Business School & The 30% Club Women in Leadership Scholarship, in association with The Financial Times, is in support of The 30% Club’s new Balancing the Pyramid initiative which aims to encourage and increase the female gender balance at all organisational levels. The recipient of this full scholarship, normally £34,000, will be the winner of an essay competition titled ‘What are the key challenges to creating a gender balance at all levels in organisations’ judged by a distinguished panel (application details are available on both The 30% Club and Henley Business School websites).
In recognition that the need for better gender balance is a global one, The 30% Club is expanding internationally: a 30% Club launched in Hong Kong in March 2013 with 41 founding local Chairmen members at a reception attended by the Chief Executive of Hong Kong, the Honourable Mr CY Leung. The summit heard from Su-Mei Thompson, CEO of The Women’s Foundation and Founder of The 30% Club HK, who said: “Our launch was driven by a realisation that greater diversity at executive and non-executive levels leads to more effective decision-making, enhanced customer affinity and better business performance. The Hong Kong Stock Exchange’s introduction of new board diversity policy disclosure requirements for listed companies in conjunction with the launch of The 30% Club HK are a powerful impetus for change.
“That we were able to launch so quickly is testament to the learnings and networks which the UK’s 30% Club generously shared with us. I believe their collaborative and supportive approach will be a significant asset as The 30% Club continues to drive the momentum for change globally.”
A Southern Africa 30% Club is expected to be launched soon, with further Clubs planned for later in 2013 in the US, Canada and Ireland.
Helena Morrissey CBE, CEO of Newton Investment Management and Founder of the 30% Club said: “We have seen significant progress over the past three years through the UK’s voluntary business-led approach, with men and women working together to effect change. Today’s summit aims to create the impetus for global, sustainable change.”
The summit explored the present situation in different parts of the world, including Norway, where quota legislation for gender balance on boards has failed to translate into more women in senior executive roles, and North America, where progress has stalled without a clear objective – over the past 18 years the percentage of women on the boards of Fortune 500 companies has increased at less than half a percentage point per year, from 9.6% in 1995 to 16.6% today*.
Australia was highlighted as a positive example of the potential impact of a ‘comply or explain’ voluntary approach, having seen a high level of percentage increase in female appointments. From a low base of 8.4% in 2009 the percentage of board positions held by women has grown by two-thirds to 14% in March 2013**.
The conference then explored potential levers of global change. A self-reinforcing and seamless cycle can be created through a joined-up approach by executive search firms, investors, asset owners and board effectiveness reviewers. These are global industries and organisations and there need be no frontiers to their approaches. The blueprint set out by the Davies Committee in the UK in February 2011 can be replicated and modified to suit local cultures.
Lord Davies, speaking at the evening reception, said: “We are making great progress but we must keep the pressure up internationally. The 30% Club is doing a great job.”
Minister for Women and Equalities Jo Swinson said: “It is vital that we continue to improve the representation of women both on company boards and in the pipeline for senior positions. We simply can’t afford to lose out on the talents and skills of over half the population. To do that, we need to encourage and support employers to put the right measures in place: ensuring we are nurturing talent, creating more inclusive workplaces, and driving greater transparency.
“It is great to see The 30% Club spread its message to other countries – it is only by working together that we will drive through change. Women have secured nearly 40% of FTSE 250 board appointments in the UK since March this year and 50% of these are at executive director level. More importantly this is being achieved as a cultural shift rather than through mandatory quotas. The government has also set out a series of key actions in response to the Women’s Business Council report to help support women at all stages of their careers.”
