Pānui October 2011
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October – Whiringa-ā-Nuku 2011 A PUBLICATION OF THE MINISTRY OF WOMEN’S AFFAIRS Action on boards ‘Business leaders in New Zealand are realising it makes good sense to have women on their boards,’ says Rowena Phair, Ministry of Women’s Affairs Chief Executive. ‘We are at the tipping point of change. from Telecom’s structural separation women in leadership and management Attitudes are shifting and the evidence is (subject to shareholder approval). positions,’ said Rowena. showing a positive relationship between women on boards and better financial Wayne said, at a time where there is a The Prime Minister, Rt Hon John Key performance.’ sharp focus on female participation at and the Minister of Women’s Affairs, New Zealand’s board tables, it is Hon Hekia Parata were guest speakers at particularly heartening that 50 percent of Research by Goldman Sachs the ‘Enhancing New Zealand’s Leadership the Chorus board is female, including chair – women, productivity and our economy’, shows there are significant Sue Sheldon. If the demerger is approved breakfast in Auckland in August. This event by shareholders, the proposed Telecom was hosted by the Trans-Tasman Business gains to be made by board also has two new women joining its Circle and the Ministry of Women’s Affairs. broadening the sectors board: Justine Smyth and Maury Leyland. Speakers at the event included Australia women work in, their Finally, research by Goldman Sachs shows seniority, and increasing there are significant gains to be made by and New Zealand Goldman Sachs the number of women in broadening the sectors women work in, Chairman Stephen Fitzgerald and their seniority, and increasing the number of NZX Ltd Chairman Andrew Harmos. senior governance roles. women in senior governance roles. Goldman Stephen told guests that a proactive Sachs identifies an increase of up to 10 approach from the Government and percent GDP by adopting such measures. Several recent initiatives are showing business on closing the gender gap would the way for organisations. ‘These initiatives are forcing other not only provide benefits for organisations The NZX has announced it will be companies to question their practices and and women, it could significantly boost consulting with its members on reporting ask if they are doing enough to address New Zealand’s economic performance. on the diversity of their board members CONTINUED ON PagE 2 and senior management. The Institute of Directors has also launched a mentoring programme to help women develop connections with top business leaders and gain the skills that will allow them to achieve board positions. The Institution of Professional Engineers New Zealand has also launched a business plan, ‘Retention and Renewal of Women in Engineering’, to improve the number of women in engineering. The current Chair of Telecom New Zealand, Wayne Boyd, has announced diversity was a key factor in the appointments to the boards Goldman Sachs Australia and New Zealand Chair Stephen Fitzgerald and NZX Chair of the two standalone companies resulting Andrew Harmos speaking at the business breakfast, hosted by the Trans-Tasman Business Circle and the Ministry of Women’s Affairs. TE MANA WĀHINE HEI ARA WHAKATIPU | RECOGNITION OF WOMEN’S MANA IS THE PATHWAY TO EQUALITY 1 CONTINUED from PagE 1 FROM THE MINISTER Andrew spoke to guests about NZX’s consultation process with its members on reporting on the diversity of boards for publicly-listed companies. The proposed Making good rule consultation will be part of NZX’s biannual rules review process in early 2012. If the new rule is agreed to by the NZX progress members, there will be a requirement for publicly-listed companies to report on the number of female directors and Kia ora everyone. senior managers in their companies. It’s hard to believe spring is here and Experience in other countries has we are now in the last quarter of 2011! shown that reporting on gender We have had some great successes. diversity can encourage companies to examine their own practices, and As a Government, we have implemented eliminate existing barriers to women a number of initiatives over the last three reaching leadership positions. years which have benefited New Zealand women. These have included investing At the function Minister of Women’s more in education and health and Affairs, Hon Hekia Parata applauded employment assistance programmes, and organisations that have already taken changing the tax system which has seen the action and encouraged others to develop Hon Hekia Parata after-tax average wage increase two percent initiatives to encourage more women faster than inflation over the last year. into leadership positions. We have introduced Police Safety Orders Compared to many of ‘New Zealand businesses need to which allow Police to remove an alleged the APEC economies challenge themselves to lift the violent person from the home for a period of quality of their corporate governance. New Zealand women I am delighted to see that the NZX up to five days. Over five thousand of these are doing very well. is encouraging diversity on boards. have been issued since their introduction I expect that this will also see a focus in July of last year – and over 80 percent of At 9.6 percent, the on pipeline issues around women these have been issued to protect women. gender pay gap is the coming through the workforce, We have also made good progress on lowest it has ever been. management and leadership,’ she said. getting more women participating in The Ministry of Women’s Affairs provides the economy and into leadership roles. extensive advice for women interested doing very well. At 9.6 percent, the gender The report from investment bank Goldman in pursuing governance roles. For more pay gap is the lowest it has ever been. Sachs that says we could increase our GDP information or to assess if you are ready by ten percent by increasing women’s But there is always more that can be done. for a governance role please visit participation in the economy, made a www.mwa.govt.nz/women-on-boards. The recurring theme of the Summit was number of recommendations of how that a stable economy focused on growth the gender gap could be reduced. These was the best possible environment for included: investigating the career choice women to realise their economic potential. of girls, identifying emerging industries Key facts It was great to see the approach our and working with employers to encourage Government is taking to increasing the more women into trades, many of which The percentage of women participation of women in the economy our Government is already leading. directors on the NZX top 100 is the right one. Our Government is listed companies is 9.3%. We are starting to see change with completely committed to lifting the The number of NZX top 100 New Zealand organisations developing performance of our economy and the companies with no women new initiatives to progress women contribution that women can make to that. directors is 57. in leadership. As I said during our Suffrage Day The percentage of women I recently attended the APEC Women and celebrations, New Zealand led the way on state sector boards and the Economy Summit in San Francisco, in giving women the right to vote, let’s committees is 40.7%. along with the USA’s Secretary of State, continue to lead the way for further change. Hillary Clinton, the Ambassador-at-large Ngā mihi The percentage of women in for Global Women’s Issues, Melanne Verveer senior management roles in the and Under-Secretary-General and Executive top 100 NZX companies is 19%. General, UN Women, Michelle Bachelet. The percentage of women in Compared to many of the APEC HON HEKIA Parata senior management roles in economies New Zealand women are MINISTER OF WOMEN’S AffaIRS the public service is 40%. 2 TE MANA WĀHINE HEI ARA WHAKATIPU | RECOGNITION OF WOMEN’S MANA IS THE PATHWAY TO EQUALITY Focus on women and economy at APEC Summit A who’s who of female diplomats, government officials and business leaders from 21 APEC economies converged on San Francisco in September 2011 for a dialogue on fostering women’s economic empowerment. ew Zealand was represented ‘The summit showed all our economies that they will take actions to realise at the APEC Women and the what can be achieved when women are the full potential of women, integrate NEconomy Summit by the Minister provided with the tools and the access them more fully into APEC economies, of Women’s Affairs, Hon Hekia Parata they need to succeed. In New Zealand harness their talents, remove barriers and Ministry of Women’s Affairs’ Director, we have been working hard to get more that restrict women’s full economic Policy, Joanna Gordon. women into leadership roles and increase participation and maximise their One of the Ministry of Women’s Affairs’ contributions towards economic growth. priority areas is to contribute to greater ...when we liberate This will be done by helping women economic independence for women, by get access to capital and markets, providing practical solutions that make the economic potential and increasing the capability and better use of women’s skills. The dialogue of women we lift the number of women in leadership roles. at the summit provided an opportunity performance of the to show the progress New Zealand has The declaration will be presented made and to discuss potential solutions. economies of our to the APEC leaders at their conference communities and in Hawaii in November 2011. The Minister was the final speaker in a high level policy discussion on our nations. For more information on APEC visit www.apec2011.gov/ women and the economy, chaired by U.S.