Still a long way to go for women's equality, says Marilyn Loden. Andy Rain/EPA
Still a long way to go for women's equality, says Marilyn Loden. Andy Rain/EPA

Gender equality pioneer says glass ceiling still intact



When Marilyn Loden sat on a panel called "Mirror, Mirror on the Wall" 40 years ago she got fed up of hearing women saying how their negative self-image kept them from advancing at work.

When it came time for her to speak she disagreed and instead described another invisible barrier besides the looking glass.

"That's the glass ceiling," she said, and the term was born.

Four decades later the "glass ceiling" is a household phrase - but the number of female chief executives of Fortune 500 companies hovers at 5 per cent and most nations have never had a female leader.

"If you had asked me 40 years ago did I think that we would be having this conversation today, I would have said absolutely not. But we are," says Ms Loden, 71, a California-based management consultant.

"It's going to take longer, and it's going to be maybe a little more painful than anybody predicted."

Ms Loden recalls she coined the phrase "glass ceiling" without much forethought, saying "it kind of popped out".

But the New York media was at that conference in 1978 so as the term began appearing in the press she staked her out claim.

The author of books including Feminine Leadership or How to Succeed in Business Without Being One of the Boys and Implementing Diversity, Ms Loden still speaks on topics such as shattering the glass ceiling and gender differences in leadership.

Four decades later, she says she is both encouraged and discouraged.

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"On the one hand, I'm amazed at the unbelievable talent that women have and their ability to be successful in a lot of fields and a lot of professions where they're not welcome," she says.

"But I also am discouraged at the slowness of change at the top of organisations."

Men, women and institutions must recognise the unconscious bias and assumptions that keep women out of positions of power, decision-making and leadership, she says.

Society blames women for not trying harder and criticises their assertiveness, while companies label time-strapped working mothers as not serious about their careers, she adds.

But she says it is not helped by the fact that few women at the top reach out and bring other women up with them.

"What I think every woman who's in a bona fide leadership position needs to be doing now is being an advocate for change for women," Ms Loden says.

Former US Secretary of State Hillary Clinton famously referred to the glass ceiling when she conceded the Democratic Party's presidential nomination to then-candidate Barack Obama in 2008, referring to the 18 million people who voted for her.

"Although we weren't able to shatter that highest, hardest glass ceiling this time, thanks to you, it's got about 18 million cracks in it, and the light is shining through like never before," she told her supporters.

Ms Loden disputes 18 million cracks in the glass ceiling.

"I will grudgingly say there are a couple small holes."

But she says the #MeToo tide of women coming forward to recount experiences with sexual misconduct, harassment and assault could make a difference and she wants to be part of that.

"I think there's just so much more work to do," she says.

"I'm not ready to stop. I want to make a difference."

Reuters

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

Best Academy: Ajax and Benfica

Best Agent: Jorge Mendes

Best Club : Liverpool   

 Best Coach: Jurgen Klopp (Liverpool)  

 Best Goalkeeper: Alisson Becker

 Best Men’s Player: Cristiano Ronaldo

 Best Partnership of the Year Award by SportBusiness: Manchester City and SAP

 Best Referee: Stephanie Frappart

Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)

Best Sporting Director: Andrea Berta (Atletico Madrid)

Best Women's Player:  Lucy Bronze

Best Young Arab Player: Achraf Hakimi

 Kooora – Best Arab Club: Al Hilal (Saudi Arabia)

 Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)

 Player Career Award: Miralem Pjanic and Ryan Giggs

The specs

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UAE currency: the story behind the money in your pockets

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5