Insight
The diversity dividend is obvious: Bishop
SHANE WHITE, CONTENT MANAGER, INSTITUTIONAL, ANZ | MARCH 2019
The diversity dividend is well documented. In 2018, more than half of the companies that dropped off the Fortune 1000 in the US had one or less women on their board.
As an MP and former Australian Foreign Minister, the Hon Julie Bishop MP knows the importance of diversity in talent.
At a recent ANZ-sponsored AustCham event in Hong Kong, Ms Bishop sat down with ANZ Group Executive International, Farhan Faruqui.
Below is an edited transcript of that discussion. You can read the full discussion HERE.
FARHAN FARUQUI: Australia is very well known for being culturally accepting as a society but we find that’s not necessarily reflected in the boardroom and at senior management levels.
What advice would you give Australian corporates for creating more diversity at senior level both culturally and from a gender diversity standpoint?
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“I think it’s so obvious I shouldn’t have to spell it out.”
- THE HON JULIE BISHOP MP
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JULIE BISHOP: Australia is a multicultural society. Over decades we have welcomed people from all over the world and we now have generation after generation of Australians who were born overseas or have a parent born overseas.
Ours is a very diverse society. What we need to do is ensure we make the effort to identify the talent that is undoubtedly there. And I find it’s not about quotas - it’s about actually doing it. Identifying the people who, on merit, can add richness to your boardroom.
The evidence is there that the more diverse a board, the more likely it is to be a profitable company.
We all worry about the bottom line and I think boards should take on board the evidence that shows what diversity around the boardroom can mean; better decision making, better outcomes, more satisfied workforces and how to be a role model for others.
I think it’s so obvious I shouldn’t have to spell it out.
Shane White is content manager, institutional at ANZ
This article is an edited version of a discussion held at an ANZ-sponsored AustCham event in Hong Kong. You can read the full discussion HERE. To see a full version of the Hon Julie Bishop’s speech from the event, click HERE.
Shane White is content manager, institutional at ANZ
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