Beyond the Boardroom
Helena Morrissey's April Newsletter
Dear friends,
Welcome to my April newsletter. This month has been filled with meaningful conversations about women's leadership, celebrating milestones, and balancing professional commitments with family celebrations.
I'm pleased to share these moments with you and look forward to an exciting few weeks ahead with international travel and policy work.
Policy and Thought Leadership
The Future of Diversity and Inclusion
As the anti-DEI storm continues to gather force, I find myself in an unexpected position – feeling remarkably calm and genuinely hopeful about the future of true diversity and inclusion. This isn't naive optimism but a conviction born from having weathered similar (if smaller) storms before.
Make no mistake – there's absolutely no room for complacency. Emerging from this challenge not merely intact but stronger and more effective will demand extraordinary care, unwavering determination, and perhaps even a rebranding.
A business leader recently shared with me how he had overcome a seemingly insurmountable challenge with what he called "remorseless enthusiasm." I was struck by the phrase. To his winning formula, I would add "the willingness to listen and learn" – particularly from those who disagree with us.
History teaches us that no meaningful social or organisational change has ever followed a straight line. Resistance and missteps aren't just inevitable; they're essential elements of lasting transformation. What appears as setback often creates the opportunity for necessary course corrections.
Those of us who believe in the demonstrated benefits of diversity and inclusion must now listen to objections with genuine openness, consider critiques thoughtfully (even when uncomfortable), and adapt our approaches intelligently.
But as we reflect and recalibrate, we must never allow anyone to diminish our fundamental intent or distract us from the prize we seek: genuine meritocracy, opportunity for everyone with talent, and demonstrably better business results.
If we rise to meet today's challenges effectively, we will emerge with a more compelling case and a broader coalition of support than we've ever had before.
There's always been scepticism around what started simply as 'diversity' initiatives. Fifteen years ago, when I founded the 30% Club campaign for more gender balanced UK company boards, a colleague complained, 'Women have never had it so good'. Perhaps, but at that point men occupied over 90% of FTSE350 board seats.
It was hardly as good as it gets.
The strength of opposition to what seemed a reasonable goal amazed me then. I received hate mail, was shouted at by the chairman of not one but two FTSE100 firms for 'destroying British business' (incredible what a few women on boards might do) and acquired a misogynistic stalker.
Those who couldn't care less were more frustrating. They couldn't be bothered to find out about the 30% Club's approach - voluntary business-led change, working with men to improve boards.
They assumed that all diversity efforts were motivated by political correctness. It was hard to understand their dismissiveness after the global financial crisis had just demonstrated the cataclysmic risks of groupthink.
We listened to the objections and misunderstandings, and tacked to meet every new challenge but throughout, applied that 'remorseless enthusiasm' and kept our eyes on the prize. Yes, it was exhausting and demoralising. But as the sceptics saw they were on the wrong side of history - or witnessed firsthand the benefits of different perspectives in their own boardroom - they went quiet, with some even joining the movement.
Today women make up over 40% of UK board directors and people expect approximate gender balance on company boards. I'm not suggesting the backlash then was in any way comparable to the scale of today's, but it was a good test of resolve.
So let's first reflect on how we find ourselves here - including acknowledging our own mistakes. Some DEI efforts have played into the eye-rollers' disdain, with facile mandatory training, simplistic statements, exclusionary language, virtue-signalling, and a lack of tolerance of certain viewpoints.
In short, some things have been done in the name of diversity or inclusion that have actually been the exact opposite. Many - including some powerful 'un-diverse' characters - understandably felt excluded, threatened or annoyed. These missteps have given President Trump and Elon Musk ammunition to portray DEI as anti-merit, anti-civil rights and pro-discrimination. Again, the opposite of what was intended.
So it's time to return to first principles. Not merely to reclaim the narrative but to ensure that all diversity and inclusion efforts genuinely promote fairness, merit, inclusion and opportunity.
This a second chance for diversity and inclusion efforts to reflect what was originally intended.
Next, let's look at the nature of the threat. There's been an understandable emotional reaction to some of the more bizarre pronouncements – but let's look behind the tough talk at what's at stake. President Trump is seeking to outlaw programmes which might contravene the Civil Rights Act of 1964 and be discriminatory (against white men). He is not and cannot, outlaw hiring and developing the best talent, or make our values illegal. Even Winston in Orwell's 1984 had those few cubic centimetres inside his skull.
Obviously, we need to check that everything we do is in line with those values and could not be construed as preferential treatment. That doesn't mean lessening our focus on underrepresented groups, but adopting different tactics. We need a broader 'opportunity for all' plan, including encouraging those who may feel especially threatened at the moment. We may not be able to set targets but we can set out our intent clearly.
But it's not all one-way. In the UK, the Labour government is moving diametrically opposite to the US, consulting on mandatory ethnicity and disability pay gap reporting and strengthening worker protections (including for vulnerable groups such as pregnant women) in the Employment Rights Bill.
European business leaders may have received ominous diktats from President Trump demanding compliance with his anti-DEI stance but he doesn't have extraterritorial jurisdiction. And clients outside the US will continue to expect us to make progress: all-male teams, for example, seem old-fashioned.
While it's understandable that businesses would prefer to sit this controversy out, that's simply not an option for global, Asian or European firms. They have to navigate increasingly divergent legal, regulatory and political frameworks.
This is a time when campaigning organisations can step in to help. Individual businesses or their leaders may – understandably - not want to put their heads above the parapet in such a complex, risky and fast-moving environment. There are accounts of US law firms which have particularly promoted DEI being targeted to the point of potential bankruptcy.
The Diversity Project is on the case for the investment and savings industry. We have created a task force to address the challenges, which will no doubt continue to evolve. It builds on existing work: the Diversity Project commissioned a rigorous study last year to re-examine the business case for diversity and inclusion, focusing on the linkage between cognitive diversity and the performance of investment teams. (Cognitive diversity in the broadest sense, where people bring different ideas and perspectives because of differences in experience, education or background).
Rather than prove that there IS a business case, we asked Professor Alex Edmans of the London Business School to simply see what the evidence said. That report will launch in June. I am confident it will restate a nuanced business case for diversity and inclusion done well, rather than simplistic 'add diversity, then stir'. It will also offer practical suggestions for leaders and managers, again based on a thoughtful, values-based approach to creating diverse meritocracy.
We are also holding a series of webinars and roundtables, all on a confidential Chatham House basis, starting with a C-suite discussion in April. We know many are leading with courage and empathy around these issues. They are committed to their values while taking care to ensure compliance and create broader buy-in to reposition diversity as a strategic intent.
CEOs don't tend to 'do DEI', they lead people, and know that the range of talent they can attract and retain will influence profits, firm culture and the future of their business.
We will hold a webinar in May for employees unnerved by what is happening, who will be able to 'ask us anything' confidentially beforehand. We hosted such sessions for employees during Covid, when some felt they could not approach their own managers with their challenges.
Then after Professor Edmans' report is published we plan roundtable discussions for deeper dives into practical implications for managers and their firms.
My optimism that we will find a way through is based on the common ground we share with those opposed to DEI. The harshest critics agree that businesses should be looking to hire and develop the best talent to create the best-performing teams.
And there is broad agreement that people with different experiences and skillsets are likely to bring different ideas and perspectives to the table – especially valuable in solving complex problems. It is the how that is the point of contention – along with the messaging.
So what shall we call DEI 2.0? (Not that!) The backlash focuses on 'equity'. Contextualised hiring aims to level the playing field rather than favour those from certain backgrounds, but that is the accusation.
I like JP Morgan's adoption of 'opportunity' and new 'DOI' acronym, which makes it clear that the intent is opportunity for all, including those with more potential than polish.
But simply moving to 'inclusion' may be even better. Indisputable for meritocracy and linked to good culture and everyday behaviours, not special initiatives.
Long live inclusion! And all the intent behind it. I am confident we will prevail.
House of Lords: Advocating for Humanities in an AI World
The House of Lords debate on women in science and technology provided a platform to challenge some conventional thinking. I made the case that in an increasingly AI-driven world, the skills developed through studying humanities subjects are just as valuable as technical knowledge – good judgment, strong ethics, creative thinking, and historical perspective will remain distinctly human advantages.
While girls should absolutely have every opportunity to pursue STEM, I cautioned against pressuring them in that direction simply because it's considered the path to future success. We risk missing women's distinct opportunity to shape our collective future by bringing forward skills and insights that complement and balance technological advancement.
UK Spring Statement Analysis
I recently shared my thoughts on the UK Spring Statement in my Telegraph column.
I analysed the fiscal measures introduced and their potential impact on businesses, investors, and households. In particular, I examined how the Statement's approach to taxation and spending might affect economic growth and financial planning.
The Future of DEI: Moving Ahead at the House of Lords
I was delighted to host Moving Ahead at the House of Lords for a timely discussion about the future of Diversity, Equity, and Inclusion. The event brought together Liz Dimmock (Moving Ahead CEO) and Pavita Cooper (Chair of UK 30% Club) – though I apparently missed the memo about wearing white trouser suits!
In light of global challenges to DEI initiatives, our discussion built on themes from my recent article on the future of diversity and inclusion, which I'm sharing in full below.
Professional Highlights
International Women's Day: A Month of Meaningful Conversations
International Women's "Day" has dominated my calendar this March – though in reality, the events now stretch across the entire month (which is no more than we women deserve!).
While these gatherings celebrate progress toward gender equality, there's been a palpable undercurrent of concern this year about potential backward slides. Nevertheless, these forums have provided valuable space to discuss constructive paths forward – with men by our side and feeling optimistic about their own futures. I was particularly encouraged that all the IWD events where I spoke included men in the audiences.
My IWD journey began when AXA Investment Managers invited me for a fireside chat with Caroline and Michaela, both dynamic leaders in the company's gender equality network. Our conversation explored resilience, embracing uncertainty, balancing competing demands, and the unique challenges and opportunities for women in fund management. The candid questions and thoughtful engagement from the audience made for a particularly rewarding exchange.
Glass Ceiling to Glass Cliff: Evercore's IWD Event
Investment bank Evercore invited me to speak at their 'International Women's Week', where Joe Chambers and I engaged in a thoughtful conversation. Joe and I have known each other since 2013 when he advised Newton on the sale of our private client business – it's always a pleasure to reconnect with colleagues who've been part of significant career moments.
Our discussion ventured into the fascinating territory of the 'glass cliff' phenomenon – that tendency for women to be appointed to leadership positions during periods of crisis or high risk, while simultaneously facing more intense scrutiny than their male peers.
This double challenge can create extraordinary pressure, yet I've observed how it often reveals women's remarkable capacity for resilience, strategic thinking, and thoughtful leadership under fire.
I was particularly encouraged by the strong attendance, including many men from across the firm. Their presence and engagement reflect the kind of inclusive approach that's essential for meaningful progress – after all, creating more balanced leadership isn't a "women's issue" but a business imperative that benefits everyone.
IoD Northern Ireland's Women's Leadership Conference
My visit to Belfast for the Institute of Directors Northern Ireland's 18th annual Women's Leadership conference was a highlight of the month. The questions ventured refreshingly beyond the usual territory – including how much I enjoy being a grandmother (answer: enormously!). Addressing an audience of over 500 women from both Northern Ireland and the Republic created an electric atmosphere, and the conversations that followed my formal remarks were equally stimulating.
Speaking at the Employment Rights Bill Second Reading
In a more formal parliamentary setting, I spoke at the Second Reading of the Employment Rights Bill in the House of Lords, making two distinct points – one general and one specific.
As a business leader, I expressed support for much of the Bill's intent to raise standards around employee treatment. While responsible firms already maintain high standards voluntarily, others show little inclination to follow suit without legislative guidance.
I then focused specifically on clauses 19-22 regarding Protection from Harassment, arguing that they offer little improvement over existing legislation, which has proven inadequate.
Drawing on insights from our Diversity Project IWD event, I noted the divided opinions on banning non-disclosure agreements in sexual harassment cases. I advocated for the Irish approach, where NDAs are only permitted if explicitly requested by the victim and accompanied by independent legal advice.
Our additional proposals – including mandatory independent investigations for serious incidents and standardised board reporting templates – received 85% support from attendees at our Diversity Project event.
I'll be tabling amendments reflecting these approaches during the Committee stage. The cross-bench support I received was encouraging, and I'm hopeful we can make meaningful progress in restricting misuse of NDAs.
The Diversity Project's Innovative IWD Event
The final IWD highlight was, fittingly, the Diversity Project's event, generously hosted by AON Investments. True to form, we avoided conventional formats and topics.
We first tackled the challenging issue of preventing and addressing sexual harassment in the City, gathering valuable insights from our engaged audience. This was followed by a lively "Dragons' Den" contest featuring four ideas to accelerate women's progress.
The winning concept by a significant margin?
Equalising parental leave between mothers and fathers. I cast my vote for this proposal as well – we simply won't achieve gender equality in the workplace without parallel progress toward gender equality at home.
The event concluded with a powerful interactive monologue from our partners at Bi-jingo, dramatically illustrating how we all make decisions based on unconscious biases and mental shortcuts. The session received an exceptional 4.9/5 rating from attendees – a testament to the Diversity Project and AON teams' outstanding work.
Celebrating 15 Years of the 30% Club
It was both exhilarating and deeply moving to ring the opening bell at the London Stock Exchange this month, marking the 15th anniversary of the 30% Club. The iconic trading floor – historically the epitome of male financial power – provided the perfect backdrop to celebrate how far we've come.
When a small group of us launched this initiative in 2009, the landscape was dramatically different. Women held just 12.5% of FTSE 100 board seats, and our ambition to reach 30% was met with everything from gentle scepticism to outright hostility.
Some thought we were setting ourselves up for failure; others worried we would damage UK business competitiveness. Yet today, women represent over 40% of UK board directors – our target not just met but exceeded.
This journey demonstrates something I've long believed: that voluntary, business-led change can deliver more meaningful and sustainable results than mandated quotas. By engaging chairmen and business leaders as champions rather than treating them as obstacles, we created a movement with widespread support and lasting impact.
Standing on the LSE balcony watching the markets open, I couldn't help but reflect on the countless conversations, debates, and occasionally difficult confrontations that marked our path.
What once seemed revolutionary – having women in boardrooms – has become an expected feature of well-governed companies.
While there's certainly more work ahead, particularly at executive committee level, this milestone represents genuine progress worth celebrating.
In New York for Board Meetings
The McKinsey Investment Office board meetings are consistently among the most intellectually stimulating governance experiences in my portfolio, and this month's session was no exception.
It stands as a compelling case study in how genuine diversity – thoughtfully composed and respectfully engaged – elevates decision-making and risk management.
Our board's composition reflects diversity across numerous dimensions: professional background, sector expertise, geographic experience, gender, ethnicity, and thinking style.
What makes this diversity truly valuable isn't merely its presence on paper, but how we deliberately draw upon these varied perspectives.
During discussions of market volatility or emerging investment opportunities, the interplay of different viewpoints consistently produces more nuanced analysis and robust decisions than any homogeneous group could achieve.
We began our two-day session with a lunch alongside Asian colleagues from various levels of the organisation. This continues our intentional practice of connecting board members with professionals throughout the business – from emerging talent to seasoned experts.
These conversations reveal insights that formal presentations often miss and help us understand the organisation's culture beyond the executive suite.
As a non-executive director across multiple boards, I've found that developing these relationships is absolutely essential. The most effective governance comes not just from reviewing reports and metrics, but from understanding the human dynamics, unspoken challenges, and cultural nuances that truly drive organisational behaviour.
When board members remain isolated in the boardroom, they miss the essential context for good oversight.
Family Corner
My daughter Millie and I share the same birthday – she was a month early, making her arrival a beautiful surprise gift. We enjoyed a week of celebrations this year as various family members made their way home from university.
My youngest daughter Bea created a personalised 'Vogue' magazine for me – my favourite page shows me climbing over gates and fences "in search of the perfect shot" for Instagram! 🤣 This good-natured teasing about my quest for the ideal photo opportunity gave us all a wonderful laugh.
These family moments remind me that while professional achievements are important, it's these personal connections that bring the deepest joy and meaning to life.
Looking Ahead
April promises to be an exciting month of international connections and policy work:
International Travel
Australia and Singapore: I'll be traveling for the first half of April with CT Group, visiting Perth, Sydney, Melbourne, and Singapore.
30% Club Australia: Looking forward to spending time with Nicola Wakefield-Evans, Chair of the 30% Club in Australia, which just celebrated its tenth anniversary.
Family Milestone
Eagerly awaiting the safe arrival of my fifth grandchild after Easter!
Speaking & Policy Engagements
Bloomberg CFO Event: I'll be speaking to a group of female chief financial officers.
Employment Rights Bill: Toward the end of the month, the Bill enters Committee stage in the House of Lords. I'll be debating amendments, including my own proposal to introduce tighter restrictions around the use of non-disclosure agreements in sexual harassment cases.
Personal Celebration
Richard's birthday is coming up next – looking forward to celebrating with him!
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