Conquering the highest mountain
What the heck is going on? Edition 61
Happy Sunday!
Next week’s going to be brilliant! I’m hosting YPO Converge in London, and there are so many people I’m excited to be speaking with. We’ll be talking about the state of the world, Russia, the global economy, our work-life, the insanity in the markets! There’s even a whole chat lined up from a fashion icon about confidence and dressing in a post-zoom world.
Now while this is a powerhouse line up of speakers, I’m not usually one to get star struck, or intimidated - be it a head of state, a celebrity or a CEO seated across from me. But for the first time, I’m nervous.
Every journalist has a handful of “dream interviews” they want to do during their lifetime. Next week I get to interview a woman who has been my icon, many moons before I ever decided to be a journalist. I’m finally getting the opportunity to sit across from Dame Jane Goodall DBE — primatologist, anthropologist and a woman for whom I have a gazillion questions!
But this is your chance too! If you want to ask Jane anything at all email your questions/leave a comment by Monday 16th May 17:00 (U.K. time) - I’ll share all the insights I get in next week’s Chief Brief! Wish me luck!
If you’re going to be at YPO Converge, please do stop by and say hello - it will be nice to see a friendly face!
Have you met?
The Queen of Mt. Everest
The sun’s been shining all weekend and I’m so very ready for some uplifting, inspirational news, aren’t you? This week that’s brought to us, courtesy Lhakpa Sherpa! Scratching your head wondering who she is? Well, she’s the kind of woman The Chief Brief is all about. A woman scaling literal mountains, but one the world simply doesn’t know about. So, let’s change that!
This week, having summited Mt. Everest for the 10th time, Lhakpa beat her own record. Her 9th record breaking summit was in 2018! - That’s more than any other woman on the planet.
Lhakpa isn’t a celebrity climber, she doesn’t have sponsors lining up to fund her - she works at Whole Foods in Hartford, Connecticut in the United States for her “real job”. She washes dishes six days a week to pay for her two daughters schooling and has no trainers, no nutritionists, and no endorsement deals. Born in a cave in Nepal, the 48 year old is a single and illiterate mother, who escaped an abusive ex-husband, but kept on climbing.
She says what drives her is the hope she can inspire her two daughters, immigrants, mothers and survivors across the world. As we celebrate her conquering Mt. Everest yet again, please think about using your influence, sharing her story, and making Lhakpa visible so she can live her dream of conquering the toughest mountain on the planet - K2!
If your generosity extends to endorsements, or outright funding, check out Lhakpa’s Go-Fund me page!
Business of business
What the heck is going on - with Aviva shareholders?
You’d think that when you reach the level of being the CEO of one of the world’s largest insurance companies, you’d have left blatant, in your face misogyny and sexism in the dust. You’d also guess that you wouldn’t have to face it while you led your company’s Annual General Meeting (AGM). Well, you’d guess wrong!
Here’s a taste of some shareholder comments Amanda was subjected to when she finished her AGM speech:
One unnamed investor, commenting on the speech which cited the company’s divestments, suggested that she as a female CEO isn’t “the man for the job” while at the same time whining that her speech did not match the insurer’s share price performance in the past decade.
Another shareholder asked whether Amanda (the first woman to lead Aviva) should be wearing trousers!?
Another investor (as reported by The Telegraph) said: “[Women] are so good at basic housekeeping activities, I’m sure this will be reflected in the direction of the board in future.” That misogynistic compliment was supposedly applauding the fact that 4 of Aviva’s 10 board members, (including Amanda) are female.
The chairman of the board George Culmer was not having any of it.
At the AGM, The Telegraph reported him saying “I’m not going to say ‘thank you’ to everyone for your comments, because I think there were some comments in that [Q&A] session that were simply inappropriate and I do not expect and would not want to hear at any future AGM. I’m flabbergasted, to be honest.”
Amanda (probably in shock) waited till after the AGM to respond to her time warped shareholders. In a LinkedIn post she hit back, and she back hard!
“Wow - just landed in Toronto and truly overwhelmed by the number of messages, emails, texts and LinkedIn posts that greeted me when the phone fired up again. Your support and kindness are hugely appreciated.
In all honesty, after 30+ years in Financial Services I am pretty used to sexist and derogatory comments like those in the AGM yesterday.
Sadly, just like many other women in business, I've picked up my fair share of misogynistic scars whilst travelling on my journey through various companies and boardrooms until arriving at Aviva. We all have our own stories...
I guess that after you have heard the same prejudicial rhetoric for so long though, it makes you a little immune to it all.
I would like to tell you that things have got better in recent years but it’s fair to say that it has actually increased - the more senior the role I have taken, the more overt the unacceptable behaviour. The surprising thing is that this type of stuff used to be said in private, perhaps from the safety of four walls inside an office - the fact that people are now making these comments in a public AGM is a new development for me personally.
I can only hope that initiatives seeking gender equality like #womeninfinance and others can slowly eradicate this type of occurrence for the next generation - but in truth that seems a long way off; even with the help of some fantastically supportive men who speak out on the issue. So we have little choice other than to redouble our efforts together…
Hopefully I can now look forward to a nicer welcome from Aviva Canada this week as it’s always lovely to be here - great business, great people - simply known as the best of the best.
Thanks again everybody for your kind words,
Amanda”
So - Let’s listen to Amanda and do this together ladies, with our allies! It’s the only way to make a real change and not turn back the wheel of time!
Dallas Fed’s first female boss
Lorie Logan is making history at the Dallas Federal Reserve. She’s been appointed as its First Female President and CEO as of August 22nd. She will be leading the Dallas Fed’s 1,200 employees while also representing the U.S. states of Texas and parts of Louisiana and New Mexico, helping to shape Fed policy during this current inflation crisis.
Lorie is currently the executive vice president of the Federal Reserve Bank of New York, and the manager of the Systems Open Market Account for the Federal Open Market Committee (FOMC), where she oversees the system’s $9 trillion securities portfolio and leads the implementation of monetary policy as directed by the FOMC.
Africa’s biggest lender has a new boss
Nonkululeko Nyembezi has become the first black woman to chair Standard Bank Group, the African continent’s biggest lender by assets. She takes on her job from June 1st and her appointment at the top of the food chain at the South African lender is being touted as a critical one. Analysts say it is a positive step of a transformation that’s needed in the African banking sector.
South Africa has lagged in diversifying its boards and top management. In April the country’s third biggest bank Absa Group was criticised by its most influential and biggest investor, Public Investment Corp for appointing a white man as CEO.
“It is hugely significant to us that the Standard Bank will shortly have its first female chairman, and that this chairman is a black African woman.” Sim Tshabalala, CEO, Standard Bank
Nonkululeko has previous served as chairman of the JSE Ltd., South Africa’s main stock exchange, and was previously the CEO of steel firm ArcelorMittal South Africa Ltd.
End of free returns
Zara’s sent out a loud and clear signal - No more free returns. As retailers buckle under from rising costs in the supply chain, the fashion giant has implemented a fee (£1.95/€1.95) for online customers to return clothes, with the cost subtracted from their total refund. If you return in-store, then it’s free.
In recent years retailers followed Amazon in driving down shipping costs for online consumers. The flip side of that race has been the cost of returns for retailers has soared in recent years. Online shoppers order multiple items, often the same garment in various sizes, returning the majority of their original purchase. Return rates have been so high they often eat into a brand’s profits. Data from Nshift, a returns management company, estimates it costs 20 pounds for a retailer to process an online return.
Zara’s move seems to have divided customers, with some happy that fast fashion will take a cue from the market leader and address a culture of influencer led copious waste and address the industry’s carbon footprint. Others are appalled that the market leader is going to charge customers who prefer online shopping. The question is, will the market leader’s move herald one across the industry, and will it change consumer behaviour?
Business of governing
What the heck is going on - in Sri Lanka?
Sri Lanka’s now what people in the policy world would call a ‘basket case’ or an even more simplistic description at this point would be ‘banana republic’. The country currently faces the biggest economic crisis it's seen since independence from the UK in 1948.
Its problems? Largely the result of foreign currency reserves completely running out. As a consequence of not being able to buy a thing on the international market, Sri Lankans are struggling to buy basics like food, medicine and fuel because of shortages. The entire country is at a standstill and teetering on the brink of chaos and anarchy.
The economic collapse was predictable, yet no one thought to question the country’s governance or constant recycling of powered families who have seemingly mismanaged and drained Sri Lanka of its resources and its sovereign wealth — namely the current President Gotabaya Rajapaksa, and his brother Mahinda Rajapaksa, the true power behind the throne. Mahinda was the country's president between 2005 and 2015 and stepped down as Prime Minister a few days ago. Nepotism runs pretty deep in Sri Lanka.
Despite a new Prime Minister (he’s part of the old boys club too - PM 5 times!) being brought in to calm the waters, things are about to get far worse according to those watching the country closely. 4 new ministers were sworn in to address the crisis this weekend. Surprise! There is not a woman in sight!
Could a woman in government have helped predict, prevent or even mitigate some of the human fallout of the country’s mismanagement? We’ll never know! Sri Lanka’s lack of female representation in positions of political power in recent years has been glaring. This, in a country which gave the world its first female head of government, Sirimavo Bandaranaike (though I have to say she was the scion of the other big Sri Lankan political family, and mentor to Mahinda Rajapaksa).
A 17-member Cabinet (since shaken up and stirred like a martini) was appointed by President Gotabaya just before the country’s foreign reserves ran out. There was not a single female minister even then. The Ministry of Women and Child Affairs - defunct and then dismantled. And despite several female MPs from the ruling (and in crisis) party in Parliament, they have not been given an opportunity to hold a ministerial post in the chaotic days since Sri Lanka’s money ran out.
You’d think at least in times of crisis, they’d bring in a woman?
Caught my eye
Death of journalism
Journalism when done right is about facts, about stories of people about the truth. When it is silenced, you know facts are being obscured, people’s stories suppressed and lies taking centre stage.
That’s what Shireen Abu Akleh’s death this week has reminded so many around the world. The Palestinian Al Jazeera journalist was killed by Israeli forces on Wednesday, while covering an Israeli raid in the city of Jenin. She was wearing her flack jacked emblazoned with the word “PRESS” when she was shot in the head. The 51 year old native of Jerusalem, and a citizen of the U.S. was a veteran tv correspondent who became a household name across the Arab world for her coverage of the Israeli-Palestinian conflict.
At her funeral in Jerusalem on Friday, Israeli police fired tear gas and attempted to arrest mourners while her body was carried through the streets - with the bulletproof press vest symbolically placed on top of her coffin. At one point Israeli police even attacked the pallbearers, causing the coffin to slip and nearly crash to the ground.
Israel’s decision to internally investigate her killing has been roundly criticised. Shortly before Shireen’s funeral started, the IDF released preliminary findings from their investigation. The report claimed it wasn’t yet possible to determine who fired the bullet that killed her, but they conceded it could have been an IDF soldier.
The White House said images showing Israeli police officers charging at mourners carrying Shireen’s coffin were disturbing. The EU said it was “appalled by the violence in the St Joseph hospital compound and the level of unnecessary force exercised by Israeli police throughout the funeral procession”.
And in a rare unanimous statement, the UN security council has called for “an immediate, thorough, transparent and impartial investigation into her killing”.
Ukraine’s put itself on the map
In the most political of Eurovision song contests yet - Ukraine won the final of the 66th edition hosted by Italy on Saturday evening. One country was notably absent: Russia was excluded from the competition following its invasion of Ukraine.
Lhakpa Sherpa wasn’t alone in her record-breaking climb to the top of Mt Everest. The only Ukrainian climber this season was 33 year old Antonina Samoilova who reached the top with her country's flag.
"I climb Everest to support all the people of Ukraine, to support every warrior, every volunteer and all the people who were affected by this cruel war and to give strength to fight until we win."
