Women in Business (TMBW)

WOMEN IN BUSINESS 7 March 2019

Women in Business Matters LOUIS NAUDI Hon. Professor, Fellow, Chartered Institute of Marketing.

A committee member of Women Directors Malta and representative on the Consultative Council for Women’s Rights.

oard directors oversee the affairs of and maximise a company's business, by collectively directing its affairs and simultaneously meeting the interests of shareholders and stakeholders. These includes business and financial issues such as determining the business strategies and plans that underpin the corporate strategy; ensuring the company’s structure and capability are appropriate for implementing chosen strategies; and issues relating to corporate governance, corporate social responsibility and corporate ethics.

The question we need to ask therefore is “If a key role of a Board of Directors is to increase business performance, leading to maximising shareholder value, why then are capable women not appointed to more boards in Malta despite the clear evidence?”

Using well quoted data, Malta is more significantly underrepresented in both corporate boards and management positions compared to the EU average. The female share equals 3.0% in Maltese boards (EU-27 average 14.0%) and 20.0% in management positions (EU-27 average 33.0%).

number of women – since 2005 – sitting on the boards of the 2,360 companies constituting the MSCI AC World index. The outcome shows that, “over a six-year period, companies with at least one female board member outperformed those with no women on the board in terms of share price performance.”

Recent research by Kris Byron and Corinne Post 2016, examined conflicting research about whether the presence of women on company boards improves financial performance.

They conducted a meta-analysis of the research in which they combined 140 studies spanning 35 countries and 90,000 firms, the results of which were published in the Academy of Management Journal.

The key findings Firms with women on their boards were more profitable. They uncovered two reasons why “Boards with female directors tend to make stronger efforts to monitor the firms.

They spent more time in board meetings and were more likely to make efforts to monitor the CEO and the firm in general.” They also concluded that” boards with more female directors are more likely to be concerned with and involved in influencing the firm’s The Business Case is Clear: strategy.”

Since 2004, an extensive but inconsistent They suggested that “efforts to ensure body of research has demonstrated that director accountability and to open diverse teams sustain higher and more educational and employment opportunities consistent performance over longer periods to women may provide the conditions that and organisations that aggressively promote will motivate firms to select female directors women to executive positions, have stronger for their performance-enhancing potential.” financial performance with one quarter to A further huge study found that companies one third higher profits than their industry with more women leaders were more average. profitable. New data from the Peterson Catalyst (The Bottom Line: corporate Institute for International Economics and performance and women’s representation on EY, 2016, strengthened that case. The boards) looked at three critical financial groups analysed results from 21,980 global, measures, comparing the performance of publicly traded companies in 91 countries companies across most industries with the from various industries and sectors and highest representation of women on their showed that having at least 30% of women in boards to those with the leadership positions, or the lowest representation.

“C-suite,” adds 6% to net • Return on Equity: On profit margin.” average, companies with “The evidence on women in the highest percentages of the C-suite is robust: no women board directors matter how we examine the outperformed those with data we get the same result: We have failed to women in the C-suite are the least by 53%.

• Return on Sales: On associated with higher make the average, companies with profitability.” The C-suite business case the highest percentages of results were clear: “more women board directors women translated to higher outperformed those with the least by 42% profits”…and that “having more women on • Return on Invested Capital: On boards is associated with having more average, companies with the highest women in leadership, otherwise known as percentages of women board directors the pipeline effect.” outperformed those with the least by 66% Should shareholders be concerned that Finally, Credit Suisse Research Institute in profits are not being maximised by its board a 2012 study (Gender diversity and corporate directors? The answer to that is yes. So why performance) compiled a database on the is there a clear contradiction between the

composition of boards in Malta and their ability to achieve the best results for shareholders and stakeholders?

Advocates for gender equality have argued largely on the basis that this is not just about fairness, less so about better business results. Professor Laura D’Andrea Tyson told a panel at the 2016 World Economic Forum, that the gender parity debate is wrongly focused on fairness. Women, she argued, improve innovation and complex decisionmaking. “We have failed to make the business case”.

Finally, McKinsey (2015) stated “Gender equality is not only an issue of fairness but also….a matter of attracting the best workers, at least half of whom are women. Diversity needs to be positioned as a business priority, a push that unites progressive, futureoriented leaders in a common cause: the performance and sustainability of their business.”

Dr Michelle Gialanze – President – Women Directors in Malta

Women Directors Malta(WDM) Since 2015, Women Directors Malta (WDM) has consistently argued that women from all backgrounds in Malta should have equal opportunity and access to board level vacancies, a level playing field, free from bias, based on commercial needs, skills and ability, not simply on gender.

WDM believes the debate about more women directors on boards should focus on the business arguments, not on gender.

Shareholders need to be educated on the correlation between gender composition and profitability.

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SPECIAL WOMEN’S DAY TOUR at Mdina’s Palazzo Falson until tomorrow 8th March Palazzo Falson Historic House Museum will be holding daily tours at noon until tomorrow 8th March in celebration of Women’s Day. The tour will examine the strong female presence in the former home of Capt.

Olof Frederick Gollcher, son of a prosperous shipping merchant of Swedish descent. The Gollcher family were involved in the local shipping industry, owning ships but also acting as agents for leading shipping lines calling at the Grand Harbour and they pioneered the first ferry service to Gozo.

Image courtesy of Palazzo Falson Historic House Museum.ainted by the Italian artist, Aldo Severi. The painting hangs in the Dining Room of Palazzo Falson. Elisa Gollcher, together with her son Olof had bought part of Palazzo Falson, in 1927. Olof had acquired the remaining portion of the palazzo in 1938, having already inherited his mother’s share when she died. P. They had one son, Olof Frederick GollcherElisa Gollcher (nee Balbi) born 23 July 1957, died 16 September 1935. She was married to Gustav Gollcher

ollcher’s mother, Elisa, was instrumental in purchasing the Palazzo in 1927. In many ways, if it weren’t for her the museum may have not existed.

After her death in 1935, her son, inherited the Palazzo and in 1938 he purchased an adjacent building to enlarge it.

As part of the tour you will also be introduced to Gollcher’s wife, Teresa, known to her close friends as Nella. She was a modern woman, who married late in her life aged 48. Nella enjoyed a career as a nurse with St. John’s Ambulance brigade in fact, the Palazzo was the venue for first aid courses which she organised for locals. The couple never had children and it was

Gollcher’s wish to bequest the palazzo and its collection to be opened for the enjoyment of the public.

The tour will reveal the identity of a number of the female sitters in Palazzo’s portraiture collection including one of a Tuscan noble woman, Leonora Cybo, who actually married twice in her life.

You will also learn about rarer objects from the collection

including coins, seals which include female portraits and accessories worn by women.

Following the tour, you can sip on a complimentary glass of prosecco while enjoying the panoramic views from the roof terrace.

The tour will last 1 hour.

Entrance is 10 euros for adults, 5 euros for senior citizens & students, children between the

ages of 6-12 enter for free (accompanied by an adult).

Kindly note that children under the age of 6 are not allowed entry into the museum.

Book your place by sending an email to bookings@palazzofalson.com or by calling 21454512.

Alternatively you can just drop in.

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Entrepreneurship & Networking The Malta Association of Women in Business (MAWB) has been bringing women together since 1991. The objective of the organization is to promote female entrepreneurship, provide a networking platform and provide self-development to its members. These members include; influential business entrepreneurs and business owners, professional women in management, along with start-ups and young business students.

AWB forms part of a number of local and international platforms, it is also involved with boards and councils which promote women entrepreneurship and women’s rights.

MAWB sits on the Enterprise Consultative Council under the Ministry for Economy, Investment and Small Business. This gives it the possibility to keep its members informed of the latest developments and opportunities as well as to lobby further development for female entrepreneurs.

Internationally MAWB is a board member of the Association of Organisations of Mediterranean Businesswomen (Afaemme), thus providing its members with enhanced networking possibilities.

MAWB is an active participant of the new local platform emPOWer which brings together 17 organisations with the support of H.E Marie-Louise Coleiro Preca. Currently

emPOWer is working to promote and increase the presence of women in Politics.

MAWB throughout the year provides members with a number of networking opportunities and also self-development sessions and conferences. This year MAWB is running a project which is funded by the Voluntary Organisations Project Scheme (VOPS) called SHE CAN. The SHE CAN project, was launched last year. It will run a programme to help women reach the start-up phase for their business. Interested participants may submit an application and shall be called upon for an interview. The deadline for the application is Friday 15th March. SHE CAN participants shall have access to training sessions by local and international trainers.

Mentoring shall be provided by certified mentees forming part of the Maltese Mentoring Society. Furthermore, guidance from leading auditors and business consultation firms shall be made readily available. The project will also grant

DEBORAH SCHEMBRI BA(Hons) Accty., Dip. Tax., FIA, CPA, APMI, MIM, MBA (Henley) has twenty years experience in the financial services, gaming and hospitality industries.

In her various C-level and board member roles she had formulated new strategic directions and implemented the necessary changes. She has been instrumental in setting up and growing various companies. She is a Certified Public Accountant, holds a Masters in Business Administration from Henley Management College and she holds an Advanced Diploma in Retirement Provision pursued with the UK Pensions Management Institute. She is the only Maltese resident holding such a qualification in pensions. She is a Fellow Member of the Malta Institute of Accountants and the Malta Institute of Taxation, and a Member of the Malta Institute of Management, Institute of Financial Services Practitioners and an Associate Member of the Pension Management Institute UK. Deborah won Malta’s Best Knowledge Entrepreneur of the Year Award 2015. She has also been nominated and then voted as one of the four finalists for the Commonwealth Women Entrepreneur of the Year 2015.

Deborah has also been awarded Runner Up of the Malta Business Woman of the Year Awards 2018.

hands on experience by offering the participants placements in voluntary organisations. A childcare service will be available to participants throughout training sessions and work placements.

For more information about the organization or any of our events and projects, you can contact us on 99447278 or email on info@mawb.eu, or FB www.facebook.com/MAWB1991/

Accepting change is vital to a company’s growth Benefits From Change in the Workplace aybe it goes without saying and maybe it doesn’t, but companies of all sizes and stripes need to change with the times or get left behind. In business, it’s easy to convince ourselves that what we’re chasing is stability and predictability, but the truth is a lot more exciting: Without disruptive changes, we can’t grow as people and our companies can’t realize their full potential.

Any business in today's fast-moving environment that is looking for the pace of change to slow is likely to be sorely disappointed. In fact, businesses should embrace change.

Change is important for any organization because, without change, businesses would likely lose their competitive edge and fail to meet the needs of what most hope to be a growing base of loyal customers.

Technology Without change, business leaders still would be dictating correspondence to secretaries, editing their words and sending them back to the drawing board, wasting time for all involved. Change that results from the adoption of new technology is common in most organizations and while it can be disruptive at first, ultimately the change tends to increase productivity and service Technology also has affected how we communicate. No longer do business people dial a rotary phone, get a busy signal, and try again and again and again until they get through. No longer do business people have to laboriously contact people, in person, to find out about other people who might be useful resources - they can search for experts online through search engines as well as through social media sites. Today's burgeoning communication technology represents changes that allow organizations to learn more, more quickly, than ever before.

Customer Needs Customers who were satisfied with conventional ovens many years ago are sometimes impatient with the microwave today. As the world evolves, customer needs change and grow, creating new demand for new types of products and services – and opening up new areas of opportunity for companies to meet those needs.

The Economy The economy can impact organizations in both positive and negative ways and both can be stressful. A strong economy and increasing demand for products and services will mean that companies must consider expansion that might involve the addition of staff and new facilities. These changes offer opportunities for staff, but also represent new challenges. A weak economy can create even more problems as companies find themselves needing to make difficult decisions that can impact employees' salaries and benefits and even threaten their jobs. The ability to manage both ends of the spectrum are critical for organizations that want to maintain a strong brand and strong relationships with customers as well as employees.

Growth Opportunities Change is important in organizations to allow employees to learn new skills, explore new opportunities and exercise their creativity in ways that ultimately benefit the organization through new ideas and increased commitment.

Preparing employees to deal with these changes involves an analysis of the tools and training required to help them learn new skills. Training can be provided through traditional classroom settings or, increasingly, through online learning opportunities. Importantly, organizations need to do a good job of evaluating employees' capabilities and then taking steps to fill the gaps between current skills and the skills required to respond to growth.

Challenging the Status Quo Simply asking the question "Why?" can lead to new ideas and new innovations that can directly impact the bottom line.

Organizations benefit from change that results in new ways of looking at customer needs, new ways of delivering customer service, new ways of strengthening customer interactions and new products that might attract new markets. New employees joining an organization are especially valuable because they can often point to areas of opportunity for improvement that those who have been long involved in the company might have overlooked. But even existing employees should be encouraged to question why things are done a certain way and look for new ways to get work done faster, better and with higher levels of quality and service.

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‘Women, we can do it’

The Malta Business Weekly catches up with GlobalCapital Health Insurance executive director ADRIANA ZARB ADAMI to discuss work challenges, gender bias and remaining passionate about the job over the years. ack then there weren’t many working mothers, how did society view this?

Back in the late 1970s, before I had children, it was only women who really needed to work who took on employment.

However, I had just come back from living in Oxford for nearly six years, where women were encouraged to work, so when I returned to Malta I was eager to start working again. This was frowned upon by

You’re only too busy for the things you don’t actually want to do

some, however, I was never a conformist and I genuinely enjoyed working and addressing the challenges the job involved.

There was only one summer when I didn’t work, and I can honestly say I drove my children mad constantly wanting to get out of the house; I needed a purpose.

How did you juggle between your job and raising two young children?

It wasn’t always easy, especially as my husband, Noel, used to work late hours and travel extensively. However, as with everything, you’re only “too busy” for the things you don’t actually want to do. The good thing about being in Malta is that family help was always at hand. My parents and my sister used to love looking after Kristian and Raina so it put my mind at rest. Initially, I only worked part-time until they were old enough to be independent.

What was your dream job when you were young?

I always wanted to work at an airport or as a flight attendant. At the time, I thought it was very glamorous with a dynamic

atmosphere that involved plenty of activity and meeting people from different walks of life.

You have been with the company for so many years that you’ve become known as Ms Bupa. What is it that keeps you passionate about the job over the years?

I’ve been with the company for 28 years and I’ve never been short of a challenge or two. I started working as a personal assistant to the managing director, slowly making my way up the corporate ladder until 2011 when I took control of Bupa in Malta, assuming full responsibility for the daily running of the company. Bupa has evolved over time, and so have I, but my mantra remains “the client is always king”.

Many clients have become personal friends over the years, and it is difficult not to invest emotions and become attached, especially since health is such a personal issue. Over the years, it has been interesting to see how medical interventions have evolved and it’s rewarding to be able to offer innovative treatments, which were previously unavailable. Being able to provide solutions to improve our clients’ health has been a key factor in my job satisfaction.

How do you handle gender bias on the job?

Although we still have a long way to go, I think progress has been made. I now sit on the Bupa Malta board and we’re working towards achieving gender balance. Our team benefits from the breadth and depth of perspective brought about by diversity.

Nowadays, gender bias tends to be inadvertent. I think education is key in addressing this situation to ensure we take advantage of everyone’s strengths. Although I’m not in favour of gender quotas because I believe appointments should be based on merit (competence, experience and qualifications), it is crucial that business entities work towards ensuring a better representation in the boardroom.

What would you say is your greatest professional accomplishment to date?

Being appointed executive director was definitely a high point in my Bupa career.

I’m also honoured to be active on a number of other boards and charity organisations.

What are the challenges you face as a woman in your position?

I feel that as a woman I need to work harder and be well prepared. Deep down, I still feel we constantly need to prove ourselves, but along the years, I have become more assertive and confident and I don’t hesitate to put my opinion across.

What is the best advice you have received that you wish to pass on?

Nowadays, there are more women getting involved in business. Given a project, we are quick to shoulder responsibility, take ownership and deliver. Moreover, we are multitaskers. Women, we can do it, so get out there and get more involved. As Facebook’s Sheryl Sandberg said: lean in!

Who is your role model?

I do admire Amal Clooney. She is a passionate and successful human rights’ lawyer, who has retained her femininity and is always so beautifully dressed and impeccably put together. Besides, she now has twins and seems to juggle her family life and career somewhat effortlessly.

What do you do for fun / relaxation?

Travelling, socialising and dancing have always been high on my agenda. I am happy to put in the hours at work, but equally I dedicate time to family and friends. At the moment, however, my favourite pastime is spending time with my 12-week-old granddaughter Safira, who lives in the UK. Luckily, she is often in Malta and I’m also travelling more to be with my daughter and her family. And, if my son, Kristian, who spends half his time in the UK, joins us all for the weekend I feel fulfilled and complete.

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Gender Equality on the front burner HELENA DALLI Minister for European Affairs and Equality.

On International Women’s day some of us pause and reflect on the situation of women in our society, regionally and globally. Progress has indeed been achieved, thanks to the hard work of women ourselves and the men who seriously believe that societies need the potential of all of us in order to thrive. But this is not enough. It would be ideal to have all citizens on board in this endeavour.

here are a plethora of issues which the government has addressed or is addressing, such as the maternity leave fund to end discrimation at the point of entry in employment; genderbalance in the judiciary has been reached but more needs to be done for this balance in other decisionmaking positions such as in parliamentary representation; the preparatory work on starting to rectify the gender pay gap which has widened due to the exponiental increase of women in the labour market; the provision of free childcare services to all parents who are studying; achieving a better work-life balance; ensuring that our benefits, pensions and taxation are fair to all. The list goes on as does our committment to this area of policy.

Without a doubt, an important improvement achieved here in Malta last year was the adoption of the Gender-Based Violence and Domestic Violence Act. This Act introduced standards that Maltese legislation sorely missed, and brought us in line with the provisions of the Istanbul Convention of the Council of Europe. This, while concurrently sustaining our efforts to entice and support more women into entering the labour market, achieving economic independence; one of the effects of this being that victims find it less difficult to terminate abusive relationships.

Amongst other things, the

Gender-Based Violence and Domestic Violence Act implements government’s vision of ensuring that violence is really tackled as society’s concern rather than the victims’ problem.

We introduced the concept of temporary protection orders for victims and ensured that the police can initiate investigations and prosecute aggressors ex-officio, irrespective of whether the victim submits a report. Additionally, should the victim at any stage of the proceedings decide against testifying or to drop the case, the police are vested with the power to continue to progress the case nonetheless.

Moreover, we provided training to more than 700 public officials on how to deal with gender-based violence effectively.

Given the reality that one in

three women are victims of gender-based violence, the adoption of the above-mentioned leglisation was a crucial step forward in our gender equality agenda. We now need to strengthen the structures that promote gender equality in our country and bolster our policy framework in this area.

It is because of this that my ministry is carefully listening to what gender equality NGOs and their representatives on the Women’s Rights Consultative Council have to say. Government is embracing their work as we plan to adopt our first Gender Equality Mainstreaming Strategy and Action Plan.

It is also because of this that earlier this year, my ministry set up a Gender Equality Mainstreaming Unit within the

Human Rights and Integration Directorate. We will mainstream gender across all of government and in society at large, and I believe that this setup can set the benchmark.

To get there, however, we need to adopt bold measures that empower women and create a level playing field in which gender equality can take root and flourish.

We also need to involve more men in our gender equality conversations, as they too have to contribute their fair share. Ours needs to be a societal process.

To this end, I am launching a public consultation on gender equality mainstreaming both in terms of policy and legislation.

This will be a time to reflect further on the gender equality situations in families, workplaces and other networks as we aim to make them better for all persons particularly women - where a gender deficit exists.

In order for it to be successful, this exercise must be societal and not merely governmental.

Government’s practical contribution in this regard is next week’s signing and ratification of the Optional Protocol to the Convention on the Elimination of Discrimination against Women.

This will guarantee that the Convention offers Maltese women and their representatives a proper channel to address women’s rights. Later this year, we will adopt the Strategy, taking into account the input received from all interested parties who will contribute to the process.

Happy Women’s Day.

AX Group recognizes talent

It’s about skills not about gender ANIKA GATT SERETNY PR Executive, AX Group

enise Micallef Xuereb started off in construction nearly a decade ago. As a young female in the construction industry and being the daughter she had a number of hurdles to overcome.

Till today she recounts how clients, contractors and architects would insist on speaking to her father, her manager or even her husband, which she didn’t even have at the time, to get some answers about a project. Today after leading AX Construction to a nearly 180 workforce, after completing landmark projects like the Super Structure of the Parliament or restoration work on kilometers of Valletta and Birgu bastions she can proudly say with perseverance, right attitude and skill set, she has the career she has always dreamed of. I think the secret of her success has been her can do approach. Today she leads the MDA’s construction committee.

The reality is that 10 years ago female leadership in Malta was not very common and in construction industry it was a rarity.

Similarly Claire Zammit Xuereb was experiencing the ‘ping pong’ game in which suppliers or clients wanted to speak to a male representative rather than her. Back then she was one of two women that were the only hotel General Managers on the island. She wouldn’t take no for an answer, determined to succeed she continued to develop the AX Hotels brand. This year she will be opening her 7th hotel on the island, the luxurious 5 Star boutique hotel in Valletta – Rosselli.

At AX it’s always about the right skills for the job. And female employment in management positions have not been a rare thing but a standard. In fact historically there have been other females in top management roles or leading business for the Group before family members were promoted to these roles.

Michelle Attard started working at AX over 1 year ago and it was the job type that particularly interested her – leading the whole Real Estate Department. AX Group has a number of properties that are either sold or leased and she is now in charge of every single one of them. The job is demanding but she wouldn’t have it any other way – she loves what she does and is dedicated to the tasks at hand.

For Charmaine Attard it was the challenging post of Director of Care which got her interested. AX Care today encompasses Simblija Care Home and Hilltop Gardens.

She is now leading the whole retirement village managing over 140 employees. And the village is going from strength to strength.

These are just a few women that are currently in top positions within AX Group. In fact when applying for a job here I was particularly drawn to the ‘female factor’. I am a

At AX it’s always about the right skills for the job. And female employment in management positions have not been a rare thing but a standard. In fact historically there have been other females in top management roles or leading business for the Group before family members were promoted to these roles.

strong believer in creating a work environment where women can thrive, with initiatives that support, advance, retain and reward them. I can see that AX shares that view and sees that it is not only the right thing to do but part of a smart and strategic business approach.

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Runner Up of Malta Business Woman of the Year The Foundation Awards Maryrose Francica

Angele Giuliano

for Women Entrepreneurs he Foundation for Women Entrepreneurs (Malta) established in 2001, is an independent non-profit organisation, which has been set up for the promotion of opportunities, awareness building, training and research in the field of Women Entrepreneurs and other gender issues. The president of the Foundation is Angele Giuliano and the Executive Coordinator is Maryrose Francica.

The Foundation for Women Entrepreneurs offer a range of services to foster the entrepreneurial spirit as the foundation believes and realizes that all women in Malta and abroad especially in the European and Mediterranean regions, have the right to be educated and receive equal opportunities in all aspects of their public and private life.

The Foundation offers different types of mentoring services designed to help different types of business owners. The mentoring programmes are designed to help individual entrepreneurs develop their knowledge, ability and confidence to build stronger, high growth, more sustainable businesses. We can offer our clients practical advice on business planning assistance, problem solving for business challenges and identify growth strategies for business opportunities.

The FWE can help them look at the “big picture”, and to take stock of where their business is at and may identify strengths, weaknesses, opportunities and threats that they have missed. We will help them refocus on their business goals and offer advice on strategies to better achieve them.

The Foundation is also part of AFAEMME (Association of Organisations of Mediterranean Businesswomen), MCWO (The Malta Confederation of Women Organisations), EWL (The European Women’s Lobby), MEDITER Network, an economic and social network between all countries around the Mediterranean basin and the EMPOWER Platform under the patronage of H.E. The President Marie Louise Coleiro Preca.

Prospective start-ups or established entrepreneurs who would like to take their business a step further are encouraged to contact Angele & Maryrose either via website https://women.org.mt/ or the F.W.E.’s Facebook page, www.facebook.com/fwemalta/

Names of the photos form left: Deborah Schembri Managing Director STM Malta, H.E Marie-Louise Coleiro Preca President of Malta, Andrew Beane CEO HSBC Bank Malta plc and Sonia Hernandez CEO Vodafone Malta.

This February at Verdala Palace, under the distinguished patronage of H.E Marie-Louise Coleiro Preca, President of Malta supported by HSBC, Deborah Schembri, Managing Director – STM Malta was awarded Runner Up of the Malta Business Woman of the Year Awards.

Deborah has been appointed Managing Director

of STM Malta in 2014 and excelled in growing and structuring the Company. With her passion and commitment Deborah placed STM Malta as the local leading provider in retirement provision.

Deborah said that “such recognitions help other young women persevere in their career progression”.

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On being a woman in politics Roberta Metsola is a member of the European Parliament and is contesting for the upcoming EP Elections

olitics for me is about change – about standing up for what you believe in and standing proud. My generation growing up in Malta and Gozo, spent countless hours listening to people like Eddie Fenech Adami talk about the importance of service and duty; about the need to protect the common good and how change must start from people making their voices heard.

So as much as it was a surprise to my family, politics for me has always been a means to affect positive change in my community and my country. I am one of those optimists who still believes that politics remains a force for good - and the moment I stop believing that is the moment I retire.

Just as women in so many careers face steeper climbs and higher hurdles, being a woman in frontline politics in Malta and Gozo has its challenges. In 2019, we still face a gender pay gap that is too wide. We still face having too few female role models, journalists, business leaders and politicians for young girls and boys to look up to.

In the European Parliament I deal with issues like terrorism, anti-money laundering, corruption, rule of law, defence, immigration, organised crime. Noone has yet suggested that I should earn less than my male counterpart.

We are still in a situation where women on average in Malta earn 11% less than a man for the same job and up to 24% in certain sectors. It is unfair, unacceptable and must be consigned to the pages of history books.

There is also an economic argument to be made here. Women are still the most underutilised part of the workforce we have in Malta - we need to do more, much more to encourage them to go out into the

Quotas simply paper over the cracks, give a false sense of security and do nothing to tackle the underlying problem with female representation in Malta and Gozo. Too often they paradoxically hold women back and simply creates new barriers for the next generation of women to overcome. Our representatives must be chosen on the basis of votes and merit, not gender.

We cannot and should not escape from that principle.

workplace, to stem the worrying figures of girls dropping out of secondary school and addressing the gender pay gay are a necessary first step. Otherwise we will keep trying to square the circle.

In my view the answer to having more women in politics in Malta is that we need political Parties to ensure that there are

more female candidates putting themselves forward - they need to do more to actively encourage women to put themselves forward. I am not a big fan of hard and fast quotas for example, I think that there is a danger of tokenism that means that the intention, while noble, risks backfiring and working against the very thing that they were intended for. I know this is not necessarily a very popular view, but I am very weary of having a ‘token woman’ scenario.

Quotas simply paper over the cracks, give a false sense of security and do nothing to tackle the underlying problem with female representation in Malta and Gozo. Too often they paradoxically hold women back and simply creates new barriers for the next generation of women to overcome.

Our representatives must be chosen on the basis of votes and merit, not gender. We cannot and should not escape from that principle.

That said we do need more role models, but perhaps the greatest thing needed to be done is having a shift in culture away from the predominant view that politics is an allboys club. As Maltese MEPs, we are trying our best to show what we can do and things are changing for the better.

But it is also true that we still see a sometimes unfair disparagement of female politicians about what we wear, where we take our children, how we do our hair and so much more. We need a shift in attitude to address and it is not good enough to say “oh well that is the way it is”. It should not be and we must all work together to fix that.

We will keep putting cracks in that glass ceiling – and one day soon one young girl reading this article will smash right through it. @RobertaMetsola

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Why women need to save more for retirement than men Some women may tend to be more conservative when it comes to investing their money, investing in what are considered to be less risky investments, but which would normally result in lower returns.

For the average young working woman, retirement planning is not usually at the top of the priority list. If you fit the description, it would be a good idea to re-prioritise, since research shows that women are more likely to encounter hurdles when saving for retirement.

he first reason for this is a positive one. On average, statistics show that women live longer than men. In Malta, women have an average life expectancy of 84.4 years, compared to men who have an average life expectancy of 80.6 years, according to the National Statistics Office. This means that women are likely to have a longer retirement period.

While there are obvious benefits to living longer, women need to ensure that they have enough savings to take them through these additional years.

Living longer does not mean that women have healthier lifestyles in their golden years. Generally, women will need to pay for healthcare for a longer period. They are also much more likely to need long-term care with all the additional expenses that come with it.

Secondly, while the gender pay gap is decreasing, recent studies show that women in Malta earn around 11% less than their male counterparts (Eurostat, 2016). This means that a woman that saves the same percentage of her income as a man will still be saving smaller amounts.

This of course results in smaller savings pots at retirement, which will produce a lower pension income to live on.

A woman will also usually spend more time out of the workforce than a man would normally do, since women are more likely to take time off or work part-time to care for children or elderly relatives. These breaks from employment will mean that many women spend fewer years in the workforce. As a result of having paid less in National Insurance, women are more likely to receive a smaller state pension and so need to make more private savings.

It is worth noting that in Malta, 70% of single parent households are headed by single mothers according to parliamentary data, which means that the burden of child-bearing costs nowadays tends to be borne mostly by females. This puts women at a disadvantage if they do not also see that they provide for their own retirement.

Traditionally, women have relied on their husband for income and savings, and so we may find that some negative stereotypes still exist about women’s knowledge and ability when it comes to managing money.

Some women may tend to be more conservative when it comes to investing their money, investing in what are considered to be less risky investments, but which would normally result in lower returns. All of this could lead to a deficit in a woman’s retirement income, which may not allow her to enjoy the lifestyle she is looking for. Education is undoubtedly a cornerstone which over the years has helped women to understand financial products and to feel more comfortable

managing their money and even taking on riskier and more rewarding investments, which could provide them with a more comfortable retirement.

The first pillar state pension provides a minimum level of support.

Changing demographics have been putting additional pressure on the sustainability of this system, making it is essential for everyone to save privately from a young age. This holds even truer to women, in light of the issues raised above. Recent changes in legislation also encourage private retirement savings by introducing a tax credit on contributions made towards qualifying retirement plans. Individuals may benefit even if they do not work or pay income tax if the spouse contributes on their behalf.

Here are some tips which could help you to start saving: • Start by at least saving small amounts. You will not feel such a great impact, and a little can go a long way! You can start a Personal Pension Plan and save from just €40 each month. You can also receive tax credits on the amounts you save, which can go up to €500 for 2019 savings!

• Start saving from a young age. In this way, you can take advantage of compounding, which means that your money can grow more over a longer period of time and you will have a better chance of accumulating the pension pot you need to achieve your retirement goals. Nonetheless, it’s never too late, so saving something is always better than saving nothing at all!

• Get good advice. There are various ways to help you learn about financial planning, such as books and financial institutions. Find a professional you trust and find out about your options. You may also want to discuss these options with relatives and friends before making a final decision.

• There are various products. There are certain investment options that provide a lump sum at maturity and others that pay a regular income amount. Find a product that compliments your needs and get as much information as possible about it.

Whatever amount you save, no matter how little it may seem, will contribute toward a more comfortable lifestyle once you retire! The earlier you start saving, the greater the effect it will have, and the more likely you are to retire in style.

For more information about how you can plan your retirement, you can find the MAPFRE MSV Life free online Retirement Planning Tool at www.msvlife.com/myfuture. You can also visit one of our Regional Offices in Floriana, Birkirkara or Luqa, or contact one of our intermediaries for more information or to set up an appointment.

Tax treatment depends on the individual circumstances. Tax legislation and the amount of rebate may change in future. MAPFRE MSV Life p.l.c.

(C-15722) is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, Cap 403 of the Laws of Malta.

11

WOMEN IN BUSINESS

Women’s Day

Spotlight on leading Hedge Fund Administrator, Paulianne Nwoko aulianne, tell us about your role?

I’m managing director at Apex Funds Services, and our Malta offices are based in Sliema. Apex Funds Services (Malta) is part of the Apex Group.

Apex offers a full service offering to the requirements of a Fund, from our core business which is fund administration to corporate services, and middle office support solutions. These core services are surrounded by products from information delivery to capital introductions support and delivered through a geographically diverse network of 33 offices located around the globe in 26 countries and domiciles.

The globally distributed service model has been purposefully developed for over a decade to meet the changing demands of successful managers on a local level. Consequently, Apex now manages the investments of some of the most substantial funds and institutional allocators in the world and administers around 600 billion in assets.

With over 130 staff, Apex Malta is the largest Fund Administrator in Malta. My responsibility is to ensure the smooth running of our operations in Malta, and to ensure we achieve our strategic goals.

As a woman, what challenges have you faced in this industry?

During my career to date, positively I have not faced any personal discrimination because of being a woman, however, of course, the gender imbalance is there, and I do feel I have had to work “that bit harder” to prove myself along the way.

The hardest challenges I have faced have been taking time out to have a family, going on maternity leave twice and returning. It was during this period I realised we were losing a wealth of incredibly talented women due to not being flexible enough to accommodate working mothers. Something I initiated was the development of return to work packages for new mothers including flexibility such as the ability to work from home in certain circumstances. We take every case by its merit, as the support a new mother has is not the same for everyone, so you can really adopt one blanket approach.

What do you believe are the most important features for anyone to possess to progress to your level and successfully lead?

I try my best to lead by example, and I would not expect my colleagues to do something I would not do myself. Having worked at every level of the company, over the last decade, I

Photo by Alenka Falzon

In an industry that celebrates the accolades of alpha males, it is often overlooked how many successful women are working in pivotal roles in hedge funds services.

But despite estimates that women manage only 3% of the $1.5 trillion (USD) invested in hedge funds, a growing number of entrepreneurial, innovative and accomplished women now work in a wide variety of roles within funds, service providers and investors. A recent survey of 50 Leading Women in Hedge Funds, sponsored by PWC, shows how women are making an increasing contribution to the industry’s development and success. The rationale for this survey is to document and recognise the valuable contribution of women.

One such local woman who is overseeing an extensive operation in a senior management position, for one of the world’s leading hedge funds services provider is PAULIANNE NWOKO. Paulianne didn’t fall into the position by chance, she’s steadily been climbing the career ladder for over ten years, and at 37 is one of the firm’s youngest managing directors globally.

Dayna Clarke caught up with Paulianne, to discuss her role and her views on women in business.

team is essential for growth, success is not built alone but with ensuring you have the right team around you. I have had work mentors along the years, previous managers who have supported and believed in me. My work environment is a supportive one, and this is something we echo through the various roles here, we pride on the fact that most of our managers have been with us for a number of years and have developed to their roles because they were given the tools to succeed. The implementation of clear protocols and procedures help in ensuring everything is running smoothly, so staff know who and where to go for support.

The hardest challenges I have faced have been taking time out to have a family, going on maternity leave twice and returning. It was during this period I realised we were losing a wealth of incredibly talented women due to not being flexible enough to accommodate working mothers. have a personal insight into what every role involves. I can relate as I know the roles well. Being accessible is integral, I have an open-door policy and my staff always know they can come to discuss with me openly.

Communication is very important, being able to communicate well with all stakeholders is key to progress.

Attitude is another vital aspect, one must have a positive approach to learning and growing, and take the criticism along the way, something which isn’t easy. Taking calculated risks and making decisions with the support of your

As a working mother in such a demanding role, how do you manage the work-life balance?

It takes years to perfect- and no

two families or situations are the same. In my case, it took time to work with my schedule and even a few job changes from my husband until we had got it sussed. I am a firm believer in routine. I ensure weekends are always kept free for my familythat is a rule. Unless there is an emergency, I do not reply to email during weekends! You have to set boundaries for yourself, or you could end up working 24/7 in my case, knowing when to stop and set those limits is a process. For me, there needs to be a clear line between work and family time, or I would gladly carry on with projects as I love my job!

I have two young boys, and we stick to a strict timetable, from when they go to bed, eat and the people who support me with their care. This ensures they are in a routine, and so am I. I am an early morning person so prefer to get to the office as early as 7.30am and ensure I have left by five every day. Those few hours before the kids go to bed is quality time where I have to be there for them.

12

WOMEN IN BUSINESS

Gender quotas in parliament a ‘necessary evil’ – Helena Dalli

Gender quotas in parliament are a “necessary evil” to ensure that women are properly and adequately represented in parliament, Equality Minister Helena Dalli said on Wednesday.

Albert Galea writes.

peaking at the National Commission for the Promotion of Equality’s International Women’s Day Conference 2019, Dalli said that while the idea of quotas has created a lot of discussion, there were studies that showed that if action is not taken in this general direction then it will be another century until women are properly represented in parliament.

Dalli also made reference to a protocol which was recently ratified in parliament which, while it is not legally binding, will provide a redress mechanism for cases of alleged discrimination after domestic remedies have been exhausted. The government was committing itself to be more accountable when it comes to human rights and discrimination, Dalli said.

The Equality minister also called for more transparency in how promotions are carried out and in salaries. She said that if we want to get to the bottom of the gender pay gap, then there has to be a mechanism through which an entity can compare salaries.

Also addressing the conference was the NCPE’s Commissioner, Renee Laiviera, who introduced the main subject of the conference - whether there were equal opportunities in career progression or not.

She explained that by Helena Dalli law, one cannot give less favourable treatment in; managing work – both men and women have to be given the same opportunities of work, promotions, distributing tasks, offer training opportunities, and arranging working conditions.

Laiviera skimmed over various statistics, such as the percentage of women and men in employment, the gender pay gap, the employment impact of Renee Laiviera parenthood, and the

In her address, Dalli said that everything had to be done to push women away from stereotypes, and show them that they are capable in any field they set out to follow. She drew an academic analogy; noting that before Physics was made an obligatory subject, very few girls used to choose it as it was not seen as being a subject befitting them as females; but since physics was made obligatory, girls have actually ended up performing better than boys on the whole.

number of women in managerial positions, which all held a similar pattern; the situation was slowly improving, but there is still a long way to go to at least reach the EU’s averages.

One such improvement was registered in the substantial spike in the employment rate of women, which has increased by a record 15.8% in the past five years.

Expanding on one of the main points of concern however, it was noted that only 29% of all managers in companies are in actual fact women, with Laiviera putting this down to various reasons such as inequalities in opportunities between men and women in career advancement.

A further concern was the gender pay gap and, more so, how this will eventually lead to a gender pensions gap; something which both Laiviera and Dalli referred to in their speeches.

Laiviera also stressed that the glass ceiling is preventing women from rising to the top jobs due to the prevailing traditional stereotypes and discrimination.

She defined the glass ceiling as being an “artificial impediment and invisible barrier that militates against women’s access to top decision-making and managerial positions in an organisation whether public or private and in whatever domain.”

Also addressing the conference were senior lecturer Dr. JosAnn Cutajar – who spoke on the meaning of the gender pay gap, its causes and how it varies between different sectors particularly in decision-making positions – and Professor Godfrey A. Pirotta – who analysed equal opportunities in the reconciliation of work and family life in relation to career advancement.