Good afternoon,

Firstly, thank you for the invitation to speak today at Axcel’s company day. I was asked to focus my speaking time on women in leadership or perhaps better put, the lack thereof. And I believe this focus was chosen as good way to address the fact that the equity fund sector has traditionally been male dominated.

In a speech, I held back in 2016, I referred to a quote by Facebook’s COO, Sheryl Sandberg, where she said;
“Men are still ruling the world (here she took a long drown-out pause and then continued) – and its’ not going so well”.

Today, her quote could possibly be updated to; 
“Men continue to rule the world (long drown-out pause) – and it’s still not going so well”.
Actually, her statement could use a little clarification, as obviously there are women in leadership. 

Women and men should share the responsibility for the state of the world but, that would require that they also share in equal opportunities and rights.  And that unfortunately, is not always the case.

But it is interesting to pause and think about what lies behind her words.  And as we know, behind every great man, stands a woman ……… puzzled.

I can already sense a tension growing in the room, where is she going with this.  So, I will make it clear from the start.  Gender equality for me is not about negating the differences between men and women – we are ‘very’ different and that’s how it should be.  

Actually, I have heard it said that the difference in the brain between sexes is a lot less different than between individuals.  So, it’s about gender not playing a role when it comes to the opportunities and decisions in one’s life. 

And for me, gender equality is so far from being just about women and for women, it is an issue that affects each and every one of us. It is a common agenda, because we share a common dream of a more inclusive and equal world. The reality however is that worldwide, women are still under-represented in leadership positions.

Women in decision-making positions play a crucial role in mainstreaming gender in all policy areas that affect our lives. However, in most societies around the world, women hold only a minority of decision-making positions in both public and private institutions.

In a recent survey referred to in an article in Berlingske, Denmark was ranked 25 out of all EU Countries when it came to share of women in the top 2 management levels of the largest listed companies. 

The 2018 Global Gender Gap Report of the World Economic Forum places Denmark number 13 globally on overall gender diversity – which is a drop of 5 places since 2006. And just as worrying is Denmark’s current ranking of 95 when measured on gender diversity in leadership – this represents a fall of 42 positions since 2006.

Denmark has a history as a global front-runner with policies that boost gender equality and balance, and companies that keep gender diversity high on their strategic agendas. However, the latest rankings illustrate that we are lagging behind our Nordic peers and many other countries in the world. 

And I find this somewhat perplexing.  
We know that diversity brings better solutions, more innovation, increased growth and that it reflects to a greater extent the gender composition of a customer base or a population. 

And there is plenty of research to prove that diversity in the workplace makes business sense. For instance, McKinsey has found that gender-diverse companies outperform others financially by 15 %.  

Business leaders are also increasingly aware that tackling barriers to equality has the potential to unlock new opportunities for growth.

So, what are some of the barriers?

The main barriers repeatedly referred to are:

• Unconscious biases
• Lack of female role models
• Lack of females in talent pipelines
• Women’s confidence and ambition and/or their way expressing it; and
• Lack of parental leave and work-life balance

Today, I would like to focus on what the World Economic Forum considers one of the most fundamental obstacles to diversity, namely, the first barrier I mentioned, unconscious biases.

This morning I spoke with a friend, who told me about a less than desirable start to the day.  It went something along the lines of:

• My friend started the day on the phone to the family doctor about an injury, that one of the children had suffered while playing football and that the injury was more serious than initially thought.
• On the way to work my friend narrowly missed being in a car accident as the result of an incompetent driver, who recklessly changed lanes right beside her.
• And after about half an hour at work, received a call from the kindergarten that their youngest child needed to be collected because of a fever.  My friend’s spouse was in a board meeting as chairman of the board and was of no help.

We can all agree, that such a start to the day is far from a good one.  But, let us stop for a moment and think about it.  

• Was the doctor a man?
• Was the incompetent driver a woman?
• Was the child with the football injury a boy?
• Was the person who called from the kindergarten a woman?
• And was my friend’s spouse a man?

If you answered yes to these questions, then say ‘hello’ to your ‘very own’ unconscious biases.

And if you thought that my friend’s spouse was a man, then you were probably right, as by far the majority of board chairmen in Denmark are men.

This fact can also be reinforced by another form of bias, a bias called the ‘like-me’ bias or the ‘mini-me’ bias. 
This form of bias is present in all of us – both men and women –that we choose to include people who look and think like us.  Such a bias creates a clear barrier to the creation of diversity.

So, if diversity is our goal, then we must challenge ourselves on trust - of having a greater trust in others who don’t necessarily look or think like us.

I’d like to share with you a Danish of example of this ‘like -me’ bias, I heard told by a CEO in a large company some time ago at an official event.  

During a company event on the importance of diversity the executive management was gathered on the stage to discuss and debate the company’s performance in this respect.  Behind them on the screen was written boldly the topic of discussion – DIVERSITY.

The sound of muffled laughter began to spread through the audience.  The management team looked at each other, a little puzzled by this outburst.  And almost immediately they could see the irony of the situation.  There they stood; all men, all in light blue shirts and light grey suits, approximately the same age, height and weight and all with grey hair beginning to dominate their hair colour.

That’s what you call a ‘like-me’ moment, that realization that yes, it’s true; we choose to have people close to us, who look like us.

In order to see greater gender parity and diversity in leadership, I believe we must have a greater focus on the role of social norms and unconscious biases and the barriers they present.

Gender stereotypes create a widely accepted judgment or bias about certain characteristics or traits that apply to each gender. 

For example, women cannot drive and park and men cannot multi-task or men don’t cry when the see ads on TV for baby products.

Gender stereotypes lead to unconscious biases that affect our decisions and evaluations. And because it is an unconscious act, we actually believe that we are not gender biased.

We know that gendered expectations are produced and reproduced from kindergarten to university, in families, on the streets, as well as in the work place. And our social norms reinforce them. 

For example, our social norms in many ways influence women’s economic opportunities; they frame a woman’s choice of education and career, and they reflect and strengthen discriminating stereotypes, which can affect equal pay and promotion.

Culture and tradition are not easy to change, whether it is societal or corporate. It requires a continuous effort and total engagement at all levels but, when change comes (and its best that it comes from within) it will be powerful and sustainable.

I have had the privileged to discuss the issue of women in leadership with leaders of Danish and international companies.  And it is clear what they see as necessary to increase gender equality and women in leadership roles. 
In their view, it requires;

• Prioritization
• That the issue is managed on the same level as any other business strategy; through concrete and tailored actions
• That top management is committed, so it filters through all levels of the organization
• You cannot fix what you cannot see, so measurement and tracking are essential.
• And because it requires a cultural shift, patience and persistence are demanded. 

Real change comes not only from strong leadership, legislation and enforcement but, also from challenging our mindsets, questioning our social norms, and becoming aware of our unconscious biases.

Diversity and inclusion are proven to be good for society at large and are widely acknowledged to secure positive results in companies and organizations. It is not about men and women being the same, that’s just not possible nor desirable.  And as I stressed at the outset, it’s not a women’s issue.  It is a cause for everyone, where competencies are central and where less talent goes to waste – where everyone wins, in the end.

Thank you. I hope that what I have said has given some meaning and food for thought.  In finishing, I would like to leave you with a little challenge.

Next time you are faced with a people-related decision, for example; an employment, or a promotion or a new family doctor.  Do a mental gender-flip. In your mind change the gender of the person in question - is your decision the same? 

Automatic immediate decisions allow our unconscious biases to sneak in. Doing a gender flip makes us more aware of the basis upon which we make our decisions.

Give it a try!  Thank you.