Barclays International Women's Day Conference

A new horizon for women in business

This speech was given by the Minister of Equalities, Lynne Featherstone at the Marriot West India Quay on 8 March 2011. This version is as written, not as spoken.

Good morning everyone. It’s a real pleasure to be here with you to celebrate the centenary year of International Women’s Day and to talk about a subject not only critical to women’s lives, but critical to the future of this country.

I want to start by thanking Anthony Jenkins not only for that introduction, but for all the hard work him and his colleagues have put into organising today.

It’s great to see such a huge and important employer like Barclays committed to supporting women in business.

When we talk about a ‘new horizon’ for women in business what do we mean?

The world has seen a financial crisis that was unprecedented. Everybody here, in one way or another, has seen the impact of it – the last few years have been an incredibly painful time for businesses, for people fearing for their jobs, for families.

But it can be during the moments of crisis that we can achieve the greatest clarity.

When old assumptions and outdated practices are seen for what they are and dismissed. When people reset their sights and look for better ways of doing things. When we look for fresh perspectives and new approaches.

In short, a crisis can present a real opportunity for change.

I think that’s where we find ourselves today – both here in the UK and around the world.  Building a new economic model, supporting new industries to emerge, and creating the conditions which enable a workforce to draw on the talents of everyone. A workforce equipped to compete in an increasingly competitive and global economy.  

And of course that means thinking about how we can better utilise humankind’s most untapped resource, women.

I am sure we are all alive to many of the barriers that prevent more women from thriving in business, these include:

• The difficulties women experience in juggling the needs of their business with their caring responsibilities;
• Perceptions – completely unfounded – that women lack skills or experience;
• A lack of transparency about pay and opportunities; and
• A prevailing business culture, which is very masculine – even “macho” – and exclusive.

We are determined that the UK will lead the way in driving change. 

There was absolute consensus within the Coalition that we need to make progress on these issues.  That is why in our Agreement we placed such an emphasis on measures to support and remove barriers for women.

That’s also why we prioritised measures to support women in an incredibly tough Spending Review; for example, by protecting funding for free nursery education.

And that’s why, we asked Lord Davies – who you will be hearing from after me - to develop a business-led strategy to help us break the glass ceiling and increase the number of women on corporate boards. 

We did this because we firmly believe that achieving gender parity on boards is not a nice to do, but absolutely imperative to the performance and productivity of British business.

Inclusive and diverse boards are better boards. They are better able to understand their customers and stakeholders. They are better able to benefit from fresh perspectives, new ideas, vigorous challenge and broad experience - leading to better decision making.

And so, myself and colleagues very much welcomed Lord Davies’ report last month which we think will prove to be an absolute critical tool in helping us to make real progress.

Later this year also sees the launch of the Modern Workplaces consultation, which looks at how best to extend flexible working so that it is not seen as a ghetto for women but a genuine tool for business to get the most from their employees. 

The consultation will further look at reforming our outdated system of parental leave, which limits choice for women and ignores the needs and responsibilities of fathers in caring for children.  

We will also set out details of a voluntary scheme for gender equality reporting in private and voluntary sector.  This will improve transparency and complement the strong action that we are taking against employers who are found by a tribunal to have breached equal pay law.

Critically, we are taking this action with the needs of business in mind.  It’s no good to you if, in the interests of furthering equality, we add ever increasing burdens on business which hold everyone back.  We need a strategy that promotes growth rather than tying up businesses in red tape. 

So I hope that in the brief time I have had today that I have shown you that this government is determined to seize this moment and ensure that women are not still talking about these same issues in another hundred year’s time.

But all this will mean nothing, unless we have the full support of business on this. We can provide you with the tools you will need to drive change, but we can’t put your foot on the accelerator for you.

And so I want to close by urging you to go away from today with a pledge to take up this challenge in your organisations and spheres of influence – to really push for more supportive structures for your female employees.

Thank you again to Barclays. And thank you to all the women in this room and watching around the world who are succeeding despite the barriers put in your way and the extremely difficult economic climate.  I truly believe with everyone on board this century will see a lot more women become leaders in business.

Thank you.