Beyond the Boardroom
Helena Morrissey's March Newsletter
The Joys of Spring
This month I’m celebrating the long-overdue arrival of Spring, sunshine and feeling optimistic about the life that lies within our grasp. The headlines are alarming but I have learned over very many years (this month I will enter my 60th year!) that we also have considerable agency. We don’t need to simply accept what’s going on, we can ‘shake it up’.
This month sees the 15th anniversary of the 30% Club, which has (quite remarkably) exceeded our original goals by some margin (we’re now at over 40% women on UK boards). It wasn’t a smooth path (massive understatement, I was yelled at, sent hate mail and got a stalker) BUT it succeeded and that gives me hope that bigger broader change lies within our grasp.
I choose hope (although that needs to be accompanied by determination) over fear.
Please let me know your thoughts. Helena x
Highlights from My Month
London Fashion Week with Florence
London Fashion Week was extra special for me because my eldest daughter Flo and I went to the wonderful Roksanda show. We both know the designer and she always very kindly invites us both to her fabulous shows, but the last time we managed to go together was over six years ago.
The show was a triumph! I especially loved the pink and yellow long silk dress (pictured). It was also an opportunity for both Flo and I to reconnect with many friends. Roksanda has a wide range of interests and always assembles the most interesting crowd.
After changing, Flo and I went out for a delicious lunch with her three beautiful children and two more of mine at one of our favourite 'locals', Portobello Pizza. A wonderful day.
Board Activities & Professional Updates
I serve on a number of company boards and have a peak 'board meeting' month each quarter, with three companies following a February, May, August, November cycle.
CT Group and Fidelis Insurance: Meetings held in London
Altum Group: My ninth visit to Jersey for board meetings and staff offsite - and the first one when the sun shone! Everything looked beautiful, and everyone was happy.
Thought Leadership
Alliance of Responsible Citizenship London Conference
I serve on the Advisory Board of ARC, which brings together politicians, business leaders and campaigners from around the world with a shared (grand!) ambition to create a better, more hopeful future - so badly needed in a world where the prevailing narrative is so often very negative.
February saw the 2nd London conference, with over 4,000 attendees (including 1,000 from the US) and many interesting speakers and ideas. I enjoyed meeting Scott Morrison, former Australian Prime Minister at the opening dinner, and seeing Matt Ridley, Allister Heath and Douglas Murray again.
Key Insights from the Conference:
The conference started by examining "what's worked," with a powerful session on how free enterprise has lifted so many out of poverty, especially over the past half century.
John Mackey, founder of Wholefoods, gave a compelling personal account of how business can be both profitable and purposeful. He shared striking data:
200 years ago, over 90% of the world's population lived in poverty
Today that figure is less than 10%
Extreme poverty has been cut in half over just the past two decades
Countries with the highest economic freedoms have achieved the highest GDP per capita
Yet as Mackey noted, "It's amazing that something that has done such good is so hated." Just 45% of American millennials have a positive view of capitalism.
His solution? "Capitalism with love" - companies consciously serving a broader range of stakeholders, appreciating workers more, and creating "win-win-win" scenarios benefitting customers, shareholders and employees.
Labour Party Peer Maurice Glasman added a thoughtful challenge to the idea that more wealth automatically makes things better, asking "what is the meaning of the past 50 years?" The sharpest fall in poverty has coincided with unprecedented breakdown in traditional family structures, rising secularism, and growing pessimism.
My perspective? It's not either/or when it comes to financial wellbeing and other valuable aspects of life. Two things are irrefutable:
True prosperity means much more than money
Poverty is awful and too many people remain trapped in it
Women and Financial Security
As we gear up for International Women’s Day (8th March) I want to draw attention to a little-discussed but critical aspect of inequality. As I wrote in ‘A Good Time to be a Girl’, I don’t see how we can attain true parity until women have equal financial security and power - but that’s far from the case at present:
The average "gender pension gap" for 55-64 year-olds is almost £90,000
British women's pension savings stand at little more than half of men's
New research from AJ Bell suggests women's tendency to save rather than invest exacerbates this gap
As Beyoncé put it rather fabulously, "Money gives men the power to run things."
The AJ Bell report confirms that women often:
Feel less confident about their financial knowledge
Find product proliferation overwhelming
Consider financial jargon off-putting
Struggle to prioritise their own financial wellbeing
I hosted an event at the House of Lords to share the findings - and solutions (it’s easy to simply criticise or wring our hands but I want to see real progress) - including improving financial education, both for adult women and at schools.
I note that NONE of my nine children (six girls, three boys) received financial education (or at least remembers it), even though it’s been part of the National Curriculum since 2014.
And in my latest Telegraph article, I'm calling for the government to simplify Britain's ISA framework.
With more financial security, we can all focus on those even more important things in life.
DEI - Navigating Changes in the Landscape
The fallout continues from President Trump's Executive Orders banning Federal agencies from having DEI programmes and threatening private sector companies as well, even though legal challenge means that those bans are currently ‘paused’.
Many US firms have cancelled their own DEI programmes, while others have confirmed they remain committed (but perhaps restyling their ambitions).
UK subsidiaries of US-headquartered companies have sometimes taken different approaches - Deloittes, for example, has reaffirmed their programmes in the UK, diverging from their counterparts.
It’s a fast-moving situation but here are my updated thoughts after another frenzied month.
DEI - where do we go from here?
The backlash against DEI predates President Trump's inauguration but has gained momentum, becoming increasingly politicised. While some resistance stems from natural human tendency to resist change, the DEI industry must acknowledge its role.
Some ‘DEI’ initiatives have, ironically, had the opposite effect - excluding rather than including, favouring certain groups, stifling open debate, or prioritising identity over merit. Mandating ‘pronouns’, facile training, flying flags….and all the while carrying on as the same. That annoys everyone.
Trump’s anti-DEI crusade has significantly impacted corporate attitudes:
Some US businesses have scaled back or dismantled DEI initiatives
In the UK, the transatlantic backlash has validated skeptics' views
Others have doubled down, recognising long-term benefits
As businesses reassess, uncertainly is fuelling anxiety among under-represented groups. It's critical that businesses ensure clear pathways for the best talent to apply, develop and progress - regardless of background.
When done right, DEI should be:
Rooted in fairness
Open to all
Focused on creating opportunities that unite rather than divide
At the Diversity Project (which I Chair), we're refreshing the business case for DEI. We've commissioned new research from Prof Alex Edmans of London Business School to explore the relationship between cognitive diversity and investment team performance. (And not working backwards from the answer we hope to see; we’ve asked him to simply present what the data shows).
Ultimately, the focus needs to be on fostering strong corporate culture and reinforcing principles of human decency.
Pathway Programme Update
After focusing on technical skills for the first two months, the course has now moved onto behavioural skills, starting with a well-attended networking event hosted by DWS.
We heard from two brilliant women, Rachel Harris (Schroders) and Anna Strillaci (Milken Institute), both "returners" who have mastered networking to enhance their careers. Clearly the women who attended picked up their tips pretty quickly! And it was great over drinks afterwards.
Special Events
Google Dinner for Matt Brittin
After 18 years, Matt Brittin has retired from Google, with a farewell dinner at the wonderful Spring restaurant in Somerset House. He invited around 100 guests who had "inspired him or he admired."
I was delighted to attend; Matt was a great supporter of the 30% Club from its early days and hosted many events at Google for our cross-company mentoring scheme. He also participated in my guest-edited episode of the Today Programme in December 2016.
Matt gave a beautiful, self-deprecating and funny speech, and I wish him well in his next chapter.
Personal Passion: My Journey with Reformer Pilates
I've added a new skill to my repertoire: teaching my first Reformer Pilates class under the watchful eye of Brett Starr of Ten Pilates.
I began practicing Reformer Pilates after the birth of my youngest child, who is now 16, having struggled to maintain any consistent exercise before that. Other fitness approaches never quite worked for me:
Large gym classes felt crowded and intimidating
Personal trainers were costly and somewhat awkward
Swimming proved too time-consuming
Cycling to work seemed too complicated and dangerous
Reformer Pilates, with its small classes (maximum ten participants) and adaptability for beginners while still providing a substantial workout, was the perfect solution. I started at Ten's first London studio in Berkeley Square, attending classes twice weekly around my work schedule.
Today, Ten has expanded to multiple studios. A beautiful location opened near my house in Notting Hill Gate, allowing me to literally leave home three minutes before class and be back at my desk for virtual meetings an hour later.
The benefits have been substantial:
Improved stamina
Alleviated age-related problems
Enhanced posture
Eliminated a previous sciatica problem
Provided mental health benefits through focused concentration
During COVID lockdowns, my adult children and I participated in online classes together in the garden. Our cockapoo, Buddy, even tried to join in….
As I wrote in my book Style and Substance, self-care is crucial for sustaining energy throughout a long career. Believing Pilates is particularly beneficial for women as we age, I proposed teaching a class to introduce more women to this practice.
Ten Pilates embraced the idea and gifted my class to alumnae from the Pathway programme. My daughter Bea helped curate a playlist including Tame Impala, my daughter Flo's music, Taylor Swift, and Shania Twain's "Man! I Feel Like a Woman." We all sang along to Chappell Roan's "Good Luck Babe" and cheered each other at the end.
Sometimes, stepping outside our comfort zones is beneficial. I'm now exploring training to make this a regular "guest class" – it would be wonderful to see you there!
Upcoming Events
7th March: Speaking at the IoD in Belfast for their International Women's Day event
19th March: Evercore IWD event
21st March: Diversity Project IWD event
25th March: 15th Anniversary 30% Club; opening the London Stock Exchange
Early April: Australia and Singapore for CT Group
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