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2020 // Norway One Small Step for Greater Gender Equality

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2020 // Norway One Small Step for Greater Gender Equality 1 2020 // NORWAY ONE SMALL STEP FOR GREATER GENDER EQUALITY We are very pleased to share the the women themselves; society as such and all SHE Index 2020 – Powered by EY. the participants within the corporate world. We want to support and motivate the corporate Even though we live in a world where world to embark on the changes needed, while “change is the new normal”, some changes are striving for gender equality. Let’s embark on too slow. The World Economic Forum contin- this journey together. Let’s strive for gender ues to report that it will take two centuries equality, laying the foundation for diversity and for women around the world to experience bringing this to life through inclusion. full economic parity, unless we see an in- creased step change. The SHE Index is a catalyst for encouraging stakeholders to focus on diversity and gender As an essential part of Diversity and Inclu- equality within the whole workforce including sion (D&I), gender equality is the common at leadership level, by addressing the relevant denominator within all categories, spanning data including aspirations and actions. By join- from age, disability, race and ethnicity, to sex- ing the Index, companies have taken an impor- ual preference etc. If we struggle to achieve tant step in being a part of the journey towards gender equality, we will never experience gender equality. Even though we have seen a the competitive advantages D&I bring to significant increase in companies joining the the corporate world. We need to do better! Index, we encourage more to do so. We need to ensure that the corporate world mirror society, including our demographic If you want to go fast, go alone. If you composition and the potential work force. want to go far, go together. Be a part There are many stakeholders on this journey; of the change you want to see! HEIDI AVEN, CEO & FOUNDER, SHE COMMUNITY & CHRISTIN E. BØSTERUD, CEO, EY NORWAY 2 3 SHE INDEX REPORT THE SHE INDEX & WHY WE STILL NEED IT In 2020 most of us intuitively know that We believe that motivating the corporate PAGE 5 PAGE 12 diversity matters – and that inclusion brings world to address gender equality and THE SHE INDEX & THE SHE INDEX everything to life. This does not only make diversity as business issues, is essential WHY WE STILL NEED IT sense from a social point of view – it also in the transformational journey. We also PAGE 14 makes sense in pure business terms. believe that this shift will be beneficial PAGE 7 KEY FINDINGS from a financial point of view and support CREATING THE INDEX Unfortunately, even though we hold the corporate world in adapting to new PAGE 20 this knowledge, change is coming too markets and new challenges. Innovation and PAGE 8 TOP THREE COMPANIES slow. Waiting another two centuries for creativity are examples of essential building OUR GOALS IN THE INDEX gender equality, as predicted by the World blocks in our society that prosper when Economic Forum, is too long! driven by diverse teams. Therefore, we (still) PAGE 22 believe that the SHE Index powered by EY PAGE 9 Even in our country, gender differences is an essential tool in benchmarking and TWO COMPANIES WORKING EXECUTIVE SUMMARY and lack of diversity and inclusion, is visible. driving change. We believe that measuring, TOWARDS GREATER GENDER While Board of Directors in listed companies sharing, and reporting, reinforced by bold PAGE 10 EQUALITY are required to have 40% or more women, leadership, will support equality at all levels HOW TO READ THE SHE INDEX the number of female leaders has not including top management, thus, reflect the PAGE 24 changed significantly during the last demographic harmony of our population and PAGE 11 THE APPENDIX 10 years. the admissible work force. WHY It’s time to walk the talk and agree that actions do speak louder than words! 4 5 CREATING THE INDEX When we first set out to create the SHE Index nizing that lack of gender balance and lack powered by EY, our goal was to find a way to of diversity is a common business issue – document how far individual companies had not linked to the size of the company. come with regards to gender balance, espe- cially at leadership level. • In addition to reporting the numbers, the Index offers an incentive for organiza- Thus, we wanted to create an index that tions to create change within their business, would reflect the true status of gender equali- as the Index measures the actions compa- ty in corporate life. In addition, we wanted to nies have taken to improve gender equality. find a way of understanding the underlying We trust that these actions will form the factors in achieving progress with respect to basis for a wider talent base to be consid- equality. The first Index was limited to the ma- ered when future leaders are identified. jor listed Norwegian companies. The number We have therefore shifted the weighting, of participating companies participating in the whereas 40% of the index account for the Index this year, has almost quadrupled from actions taken by the companies vs. previous the start in autumn 2018. indexes applying 20%. This allows us to see the current situation merged with a peek This edition has been slightly changed vs. pre- into the future. vious editions, partly due to feedback from our reference group. The changes are: Many companies have shown remarkable progress in changing what has been a work • Highlighting the overall D&I agenda by cat- culture for decades. Most importantly, we egorizing the wider topic, hence, embedding need to see the willingness and the action to age, race, ethnicity, disability, religion, sexual create a better and more diversified future, preference – in addition to gender, thus, fully recognizing that change takes time. recognizing that gender is the common denominator in all diversity categories. We In the appendix you will find useful informa- have also stressed that without inclusion, tion about the questionnaire and a full over- the gain from diversity is not recognized. view of the composition and weighting of the Index. As in previous indexes, we would like • Opening the index for a wider community to stress the fact that we fully depend on the thus measuring not only the developments information shared by the participating com- within the largest companies. This is recog- panies. We do not audit the information. 6 7 OUR GOALS EXECUTIVE SUMMARY OUR AMBITION SUPPORTING AN We are proud to announce that we have had a By developing and sharing the SHE Index EMPOWERING ENVIRONMENT 7% increase in the number of companies that have powered by EY we strive to accelerate Leaders who are willing to acknowledge the joined the SHE Index powered by EY since the change both with respect to gender equality need for change, and who show willingness to previous report in the autumn of 2019. and diversity as such. We encourage private create an environment that is empowering to and institutional investors to look out for all, also create trust. Employees who feel trust 72% of the companies that participated in the last gender balance at all levels, when considering and support from their leaders, are more report, participated again this time. At the very top their portfolio. prone to excel in their work and thus creating of the list with the highest scores, we have Making more value for the company. Waves. This company is followed by Telenor and SUPPORTING BOLD LEADERSHIP OBOS coming in third. We want to see leaders who are willing and INSPIRATION INTERNALLY able to define new strategies, set goals and AND EXTERNALLY The average score shows that women constitute implement practices that will contribute to The Index measures the practices imple- 39% of Board of Directors, but only 22% of the CEOs. diversity and equality. mented for change. Seeing how companies Furthermore, 31% of top management are women, put work and effort into ensuring equality is and of Management that reports to top management ENCOURAGING TRANSPARENCY inspiring. Not only for the company itself, but women are at 36%. 73 out of the total of 98 companies By being part of the SHE Index powered by also for other companies, for their employees have a Gender Equality Policy. Regarding sectors, the EY, the companies have accepted to parti- and for the future leaders and workers Telecommunications, Media & Entertainment sector cipate knowing that the scores will be made of tomorrow. has the highest overall score with 72 points on average. available to the public. We trust that this also drives change internally within the organiza- The following three sectors are Banking & Capital tion, recognizing the steps needed to support Markets, Construction & Real Estate and Insurance the business case of gender equality. Trust all with 67 points (small decimal variations separate and transparency are key components these three). of change. WHAT IS MEASURED, CAN ALSO BE CHANGED. Numbers do not lie and can form a valuable basis for change. We trust that the Index and the individual scores support companies in moving away from practices that do not sup- port equality – towards constructive practic- es supporting equality, diversity and inclusion at all levels. 8 9 HOW TO READ THE SHE INDEX WHY? We do of course offer full transparency with This year, we’ve made some important We have adjusted the weighting of the Index because we want to have respect to the framework, the questionnaire changes to the SHE Index: more focus on the policies and practices that will create a long term change.
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