Today, 8 March 2024, the world marks the International Women’s Day. This time around, the official theme for the day is: “Invest in women: Accelerate progress.”
The organisers of the day, the United Nations, have highlighted five key areas that the world urgently needs to act on, so we can make sure that women are not left behind. The areas are:
- Investing in women: a human rights issue
- Ending poverty
- Implementing gender-responsive financing
- Shifting to a green economy and care society
- Supporting feminist change-makers
According to the United Nations one of the key challenges in achieving gender equality by 2030 is an alarming lack of financing, with a staggering USD 360 billion annual deficit in spending on gender-equality measures.
Here are a few views on the issue and the meaning of the day from a diverse group of women around Storebrand Asset Management.
Natalie Westermark, Marketing Manager, Storebrand Asset Management Sweden
Recognizing International Women's Day is extremely important and its importance spans across multiple dimensions: it entails acknowledging the invaluable contributions of women who preceded us and took the fight for us, confronting the persistent challenges that still exist and noting the diverse realities based on geographical and cultural contexts. The rights and opportunities we take for granted here are inaccessible to women elsewhere.
We must not take anything for granted; the landscape of society and women's rights is in a perpetual state of change and threat. Merely observing the shifting tides and prevailing attitudes I perceive it as my duty to carry forward what countless women have tirelessly done before me. Their endeavors have afforded me the opportunities I enjoy today.
Mia Nyberg, CEO Storebrand Fonder Sweden
Despite women making up the majority of university graduates in Sweden, they hold just over 36.6 % of board positions in Swedish publicly traded companies as of 2024, with a notably smaller percentage as CEOs. This gap highlights a structural failure in attracting and recruiting women to these roles. The corporate culture needs to shift towards inclusivity and diversity, proactively transition from the predominantly male norm. We still have a job to do. A day like this we highlight the issue, but we have 364 other days too when the job needs to be done.
Alexandra Morris, Investment Director Skagen
Investing in women is good business. Research shows mixed teams perform better by providing more innovation, higher return on equity and better stock price performance. Women and men in senior roles should encourage younger women to step out of their comfort zone, take on a new responsibility, raise their voice and to realise their value. This has nothing to do with discrimination, it is still sadly a fact that women think less of themselves than men.
Anna Jönsson, CEO Storebrand Asset Management Sweden
Equality is very important to put light on in many aspects. We increasingly get questions on team composition from clients, with the expectation that both genders are represented in order to make good investment decisions. This is however not generally the case as in the Nordics only 14% of all portfolio managers are female. In fact, we have some institutions and key decision makers that only invest in strategies with women in the portfolio management team and/or leadership group. So, in these cases it really means business.
On a more personal note, I see it as my obligation to pave way and be a role model for coming generations, not the least my own daughter and the women who did it for me.
Lauren Juliff, Climate and Sustainability Product Lead, Storebrand Asset Management UK
When I joined the finance industry over 20 years ago there were very few female role models. It was clear to me that I had to work extra hard. I was even told I shouldn’t do external meetings / pitches with other women at the same organisation as we wouldn’t be taken as seriously. I’m pleased to say that I pushed back against that advice (!) and that things have come a long way since then. There are however still far too few women in senior positions. Progress is way too slow.
Having worked for both British and Norwegian asset management companies, it's clear to me that parental leave policies are crucial for creating an equal organisation, and for society. The UK could learn a lot from the Nordic approach, where policy enables parents to share the load as fathers take extended paternity leave. It's refreshing to work for a Nordic firm, where family life and balance are considered important. It levels the environment, not only for parents but for everyone.
Heidi Årby, Office Manager, Storebrand Asset Management
To me 8 March means having focus on diversity, not only for women but for all. And also, being grateful for what has been achieved over the years and to continue to work for equal rights and possibilities. I am also thankful to watch up close and on a day-to-day basis the passion that my female colleagues bring to our workforce combining their knowledge and engagement on behalf of clients, with the drive to serve the greater good.
Johanna Gestlöf, Head of sustainability, SPP, part of Storebrand Group
When I previously worked as a strategy consultant, almost all senior figures were men, and there was a significant lack of female role models demonstrating that it was possible to pursue a career while also having a family, as men could. Nowadays, working in sustainability, there is instead a significant overrepresentation of women. Despite the progress we have made, it is still easy to find oneself in homogeneous groups.
There is a need for more diverse perspectives in all professions, and for role models who are both women and men. It is also time to address the gender pay gap, pension disparities, and differences in sick leave rates between genders, and for more women and girls to feel that they are valued and capable!
