A female-led economy
Sir, – Following David McWilliams’s piece asserting that a female-led economy is coming and it will be better, while it is welcome in its intent, it suggests a false sense of progress (Analysis, April 10th). The barriers to achieving an equal, balanced and better society remain huge.
It is estimated by the World Economic Forum in the Global Gender Gap report that it will take 145.5 years to attain parity between men and women in politics. Not only is women’s access to entering politics around the world hindered by structural, socioeconomic, institutional, and cultural barriers, but also those who have managed to break the political glass ceiling can be confronted with yet more barriers once in high office.
The sector of wealth management is one of the least diverse ones and it’s a crucial one in terms of what capital ends up being used for.
There is no country in the world that has even 5 per cent of its stock exchange listed companies with female CEOs.
There are more companies now with some women in the executive suite, but around the world there are only two countries that have parity and less than 10 that have 30 per cent women.
Today, despite the many achievements made by women in decision-making positions, a culture of distrust in and lack of respect for their capabilities still persists.
Evidence provided by the Reykjavik Index for Leadership indicates that society has not become much more progressive in how it views women’s suitability for leadership roles.
This creates a significant challenge for women leaders around the world. Parity is not just about numbers; it is also about influence. Even after reaching the top, women leaders can still be distanced from the centre of action.
What better way to understand this issue than to see the female president of the European Commission sidelined while two male leaders “talked politics and policy”?
Without equal representation in the leadership of our society it is hard to see how a true feminisation of the economy can occur, so don’t break out the champagne just yet. – Is mise,