Seven FTSE 100 boardrooms without a single woman

Cable: "Doing nothing is not an option anymore”

Vince Cable has warned the seven remaining FTSE 100 companies without a single woman in their boardrooms that “doing nothing was not an option anymore”.

 In a letter sent to the chairman and chief executive of each business, he made clear that he wanted a “significant female presence” on every board by 2015.

There were 21 FTSE 100 companies solely directed by men at the beginning of the Coalition government two and a half years ago, but mining specialists Xstrata, Glencore, Kazakhmys, Vedanta and Antofagasta, chemicals manufacturer Croda and Melrose, which specialises in performance improvement of businesses, are still to make changes in the way they’re managed.

The Business Secretary added that it was “not about equality, [but] good governance and good business”, and that “diverse boards [benefit] from fresh perspectives, opinions and new ideas which ultimately serve the company’s long term interests”.

This announcement came five days after the World Economic Forum in Davos, Switzerland, held a panel about women in economic decision-making, where Christine Lagarde, head of the IMF, called for greater gender equality in companies.

She accused companies of only giving jobs to women when they are “a basket case, a lost cause”, and that gender diversity and inclusiveness were important for humanity, as well as business.

Out of the 2500 people who attended the conference, 83 per cent were male, which accurately mirrors reality, as women currently make up only 16 per cent of all FTSE boards.

Companies were also criticised for overturning the gender imbalance by simply appointing female non-executive directors, who arguably have less power and influence on a day-today basis.

Only 20 per cent of boards have female executive directors, and Burberry and Imperial Tobacco are the sole two FTSE 100 UK companies to be run by women – respectively Angela Ahrendts and Alison Cooper.

The European Commission proposed to resolve this by making it mandatory for companies to have 40 per cent female directors on their boards, but several EU nations, including the UK, are opposed to the idea.

UK ministers want companies to have at least one female director for every three men by 2015 but do not back quotas, preferring to encourage a voluntary approach.

A study published by Randstad UK last December showed that this opinion was shared by women currently working in business, with 73 per cent of respondents saying that “self-doubt” was the main reason for women holding back, and only 6 per cent backing compulsory quotas.

Vince Cable wants every FTSE board to have a significant women presence by 2015

Marie le Conte is a freelance journalist.

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A global marketplace: the internet represents exporting’s biggest opportunity

The advent of the internet age has made the whole world a single marketplace. Selling goods online through digital means offers British businesses huge opportunities for international growth. The UK was one of the earliest adopters of online retail platforms, and UK online sales revenues are growing at around 20 per cent each year, not just driving wider economic growth, but promoting the British brand to an enthusiastic audience.

Global e-commerce turnover grew at a similar rate in 2014-15 to over $2.2trln. The Asia-Pacific region, for example, is embracing e-marketplaces with 28 per cent growth in 2015 to over $1trln of sales. This demonstrates the massive opportunities for UK exporters to sell their goods more easily to the world’s largest consumer markets. My department, the Department for International Trade, is committed to being a leader in promoting these opportunities. We are supporting UK businesses in identifying these markets, and are providing access to services and support to exploit this dramatic growth in digital commerce.

With the UK leading innovation, it is one of the responsibilities of government to demonstrate just what can be done. My department is investing more in digital services to reach and support many more businesses, and last November we launched our new digital trade hub: www.great.gov.uk. Working with partners such as Lloyds Banking Group, the new site will make it easier for UK businesses to access overseas business opportunities and to take those first steps to exporting.

The ‘Selling Online Overseas Tool’ within the hub was launched in collaboration with 37 e-marketplaces including Amazon and Rakuten, who collectively represent over 2bn online consumers across the globe. The first government service of its kind, the tool allows UK exporters to apply to some of the world’s leading overseas e-marketplaces in order to sell their products to customers they otherwise would not have reached. Companies can also access thousands of pounds’ worth of discounts, including waived commission and special marketing packages, created exclusively for Department for International Trade clients and the e-exporting programme team plans to deliver additional online promotions with some of the world’s leading e-marketplaces across priority markets.

We are also working with over 50 private sector partners to promote our Exporting is GREAT campaign, and to support the development and launch of our digital trade platform. The government’s Exporting is GREAT campaign is targeting potential partners across the world as our export trade hub launches in key international markets to open direct export opportunities for UK businesses. Overseas buyers will now be able to access our new ‘Find a Supplier’ service on the website which will match them with exporters across the UK who have created profiles and will be able to meet their needs.

With Lloyds in particular we are pleased that our partnership last year helped over 6,000 UK businesses to start trading overseas, and are proud of our association with the International Trade Portal. Digital marketplaces have revolutionised retail in the UK, and are now connecting consumers across the world. UK businesses need to seize this opportunity to offer their products to potentially billions of buyers and we, along with partners like Lloyds, will do all we can to help them do just that.

Taken from the New Statesman roundtable supplement Going Digital, Going Global: How digital skills can help any business trade internationally

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