COVER STORY
We are not seeing evidence that mindsets are changing or that companies are taking steps to ensure more women are given a seat at the top table. — Fern Ngai, CEO, Community Business
Forbes’ females Angela Merkel, Chancellor of Germany since 2005, tops the FORBES 2014 list of the most powerful women, for the eighth time. Not only this, she also features as number five in the FORBES 2014 most powerful people in the world (see adjacent table). As a country with an enviable reputation for economic stability, low corruption and political wisdom, Merkel has proven the adage, which women have been fighting for decades to prove, namely, ‘Yes we can do it, and we can do it even better’. Number nine in the FORBES list of the top ten richest people in Hong Kong is Pansy Ho, daughter of casino tycoon Stanley Ho. Whilst her familial connections no doubt helped her make her way in life, she has carved herself a very respectable career away from the glare of her father’s casino empire, currently serving as Chair of Jetstar Hong Kong.
All above board In an effort to get the best female candidates a chance to progress to the best boards in North America, executive search firm Spencer Stuart and corporate governance community WomenCorporateDirectors have formed a strategic partnership. Their collaboration will, they profess, help them to raise the game in corporate governance through their chapters over North America and boardroom expertise sharing sessions. The cooperation will help to raise the bar, according to Julie Hembrock Daum, head of Spencer Stuart’s North American Practice, by, “Connecting companies with the highest performing directors, and ensuring that directors get the information and insights they need to serve.” On a local note, Community Business released the findings of their latest research Standard Chartered Bank Women on Boards Hong Kong 2014 at the start of March, to coincide with International Women’s Day on 8 March. The research found that in the past year, in Hong Kong’s 50 leading companies as listed on the Hang Seng Index, the amount of women holding directorship roles has increased just
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0.2%—from 9.4% to 9.6%. When looking at the 356 companies listed on the Hang Seng Composite Index, the news is even bleaker— women are holding just 9% of board positions. Their previous research project, the Board Diversity in Hong Kong: Directors’ Perspectives 2013, released late last year, showed that 76% of directors in Hong Kong see board diversity as a measure to comply with corporate governance requirements rather than a move that makes good business sense, although 91% believe that diversity in the boardroom leads to balanced decision making. It seems that inviting candidates into high-power positions regardless of gender, age and culture is yet to be seen as a non-issue, rather than an act of positive discrimination. Late in 2013, Hong Kong Exchanges and Clearing Limited (HKEx)—along with their subsidiaries including the Stock Exchange of Hong Kong Limited—strengthened its effort by introducing a board diversity code provision. The city is steering towards inclusion and openness, although perhaps more for appearances than faith in benefits it will bring. Fern Ngai, CEO, Community Business said, “Despite HKEx’s laudable efforts to promote board diversity with the introduction of the new code provision last September, international attention on this issue, and efforts of a number of fronts to increase the supply and visibility of female talent in Hong Kong, we are not seeing evidence that mindsets are changing or that companies are taking steps to ensure more women are given a seat at the top table.” It remains to be seen whether women will truly be welcomed to take any seat at the boardroom table and also whether the high representation of women in HR positions will shift along with the increasingly strategic focus of HR departments. Gunn said, “Having a balance of both genders adds to the dynamics of the profession and the ability to garner different views and opinions and thoughts,” and whilst she was talking of HR, this surely should be true of all business roles.