We’ve seen this movie before and the ending still stinks.
The sex-discrimination lawsuit by Ellen Pao against the Silicon Valley venture-capital firmKleiner Perkins Caufield & Byers may be the gender and workplace story of the moment. But let’s get one thing straight: This doesn’t describe anything that’s new. It seems to happen routinely. Just yesterday, at a hearing in London, a lawyer for Latifa Bouabdillah, a former Deutsche Bank AG director, said the woman’s male colleagues were paid bonuses “double or triple that of the claimant” for the same work.
Swap out Pao for Pamela Martens, who led the class-action “Boom-Boom Room” lawsuit against Smith Barney in the 1990s, or Allison Schieffelin, who sued Morgan Stanley in 2001, or Carla Ingraham, who sued UBS AG in 2009, and you wind up with some combination of the same old complaints: coworker come-ons, power meetings for guys only, higher pay for men and retaliation against the uppity women who have the nerve to complain.
In the venture-capital world, where you get more than the usual share of people who are prone to thinking their every experience is novel, there is shock over news that a highly qualified woman has filed a suit against a celebrity firm. But sex discrimination isn’t the iPad, folks. It’s more like the electric typewriter.
Here are America's top women financial advisors, as identified by Barron's. The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms and the quality of the advisors' practices. The scoring system assigns a top score of 100 and rates the rest by comparing them with the top-ranked advisor. A ranking of "N" indicates the advisor was not ranked in the specified year.
Despite more than a decade of concerted advocacy and good intentions by the industry, women continue to struggle to break through the senior leadership ranks in Canadian Capital Markets- and into the industry. According to Women and Men in Canadian Capital Markets: An Action Plan for Gender Diversity, released at a Women in Capital Markets luncheon, Catalyst found the informality of male-dominated networks, the fact that poor managerial skills are too easily overlooked and the persistent stigma around work-life balance continue to impact women's advancement.
The appointment of women to FTSE 350-listed non-executive director roles is being held back by selection processes which ultimately favour candidates with similar characteristics to existing male-dominated board members, according to a new report released today by the Equality and Human Rights Commission.
The report, produced by Cranfield School of Management for the Equality and Human Rights Commission, is the first in-depth study into the appointment process to corporate boards and the role of executive search firms. It follows the recent Davies Review which called upon executive search firms to take on a more active role in increasing gender diversity on FTSE boards.
New research from Finsia shows that companies need to make good on their stated commitment to promote gender equity.
The research findings were announced today in conjunction with the Bank of New Zealand, which is also launching a new industry body, Women in Financial Services Forum, in partnership with Finsia.Finsia chief executive Russell Thomas said, “This is the first New Zealand snap shot on gender diversity dedicated to the finance industry. It follows on from earlier research that Finsia conducted in 2010 and shows that the New Zealand situation is broadly similar to that in Australia.” BNZ, which partnered with Finsia to undertake the New Zealand component of the research, are today announcing the creation of a new industry association, the Women in Financial Services Forum.
A gender discrimination suit filed by a female employee of Kleiner Perkins Caulfield and Byers has exposed a system to view that allegedly boosted male positions and compensation while excluding the company's female employees, reports ABC News.
Ellen Pao, 42, an investment partner with the firm, filed a lawsuit on May 10 alleging the firm engaged in gender discrimination against her and other female employees. She said she faced retaliation when she complained of multiple instances of sexual harassment, which included being pressured by a junior partner to have a sexual relationship and being given a book that had "sexual drawings" and poems with "strong sexual content."
Kleiner Perkins, the esteemed venture capital firm based in Menlo Park, Calif., is seven miles away from the headquarters of Facebook, one of the many tech firms in which it has invested in its 40-year history. Google, Zynga and Groupon are among other beneficiaries of Kleiner Perkins' investments, which can range from $100,000 to $50 million.
In this elite world, women represented fewer than 10 percent of high-level venture capitalists, and left the industry at twice the rate as that of men, according to an estimate from the Kauffman Foundation in 2004.
Teresa Nelson, a professor at Simmons School of Management in Boston and faculty affiliate at the Center for Gender in Organizations, said she has no knowledge that the situation has changed.
Riding Australia's resources boom like no one else, BRW magazine's annual rich list yesterday revealed the 58-year-old mining magnate's wealth has ballooned by an unparalleled $18.87 billion in the past year to $29.17 billion.
That equates to $598 a second, more than $1 million for every half an hour - and almost $52 million a day.
Ms Rinehart is now the richest woman in the world, surpassing the $25 billion of Christy Walton, the widow of Wal-Mart founder John Walton, who still has a major stake in the US retail giant.
Ms Rinehart's meteoric rise led experts to speculate she is a serious contender to become the world's richest person. She would have to pass the $69 billion fortune of Mexican telco mogul Carlos Slim.
Lynne Parker reflects on an article by Daniel Boffey in the Observer newspaper entitled 'Why women's jokes fall flat in the boardroom' which reviews the findings of a study by Dr Judith Baxter, a linguistics expert, about women's behaviour in the boardroom. The study raises questions about how women use humour in the workplace, specifically the boardroom, the ultimate 'boys club' where even some of the women wear trousers.
If a woman employs the direct, masculine approach to any sort of confrontation in business, in or out of the boardroom, she is more often or not described as 'aggressive' or 'bossy'. Men are more comfortable with a woman flirting her way out of a situation than confronting them.
I've just been quoted in an article by Daniel Boffey in theObserver newspaper yesterday entitled 'Why women's jokes fall flat in the boardroom' which reviews the findings of a study by Dr Judith Baxter, a linguistics expert, about women's behaviour in the boardroom. The study raises questions about how women use humour in the workplace, specifically the boardroom, the ultimate 'boys club' where even some of the women wear trousers.
Having spent the last 10 years listening to and watching nearly 2,000 female comedy acts, and 35 years working in business and the media, I can confirm that women's humour is not always as self-deprecating at Dr Baxter's study would have us believe. I don't profess to be an 'expert' and can only take as I find, but women's humour is evolving.
Speakers at the British Private Equity and Venture Capital Association’s inaugural Women in Private Equity Forum have come out largely against hiring quotas as a solution to the lack of women working in the industry.
Panellists including Zeina Bain, a director in leveraged buyouts at the Carlyle Group, and guest speaker Laura Tenison, founder of Jojo Maman Bebe, spoke out against the use of quotas following a European Commission proposal to impose mandatory quotas and a report by Lord Davies in which he called for more female board representation at FTSE 100 companies.
Bain said: “I am against quotas. It is hard enough to be taken seriously as a woman. You put yourself out there when you are working on a deal. If there are quotas in place, [people might say] does she know what she is talking about? Why is she here?”
Tenison said in a speech about her experience as an entrepreneur that she disagreed with quotas, noting that she believed that the hiring process should be dependent solely on achievements and merit. “It just so happens that all the directors [on Jojo Maman Bebe’s board], apart from one, are women, and that is because they are right for the job."
In a straw poll of about 80 attendees, only a handful agreed with the use of quotas.
Following the 1997 Asian financial crisis and the spate of corporate frauds and accounting scandals such as Enron, WorldCom, Parmalat, Satyam and China Aviation Oil (Singapore), there has been considerable research about the effectiveness of the board of directors in the corporate governance of firms. There are strong conceptual and business propositions for greater board diversity. In the corporate world, there has been anecdotal evidence from some large corporations such as IBM, Ford Motor, Nortel, Lucent, Sara Lee, Texaco, and DuPont that diversity at every level of the work force tothe board of directors of firms have been cited as an imperative for business success.