Cynicism & Values
Write your own rules
Welcome to The Chief Brief. Every Sunday, I spotlight global, diverse, and innovative female leaders, and the news influencing them to change the world. The CB curates news from around the world, breaks down the story, and helps you connect with the women making news! It is my first step in a passion project to build a globally connected community of women leaders.
Happy Sunday!
Let’s talk about
Cynicism and values
If you were someone sitting on the fence about whether being part of the EU was good or bad, going by this week’s news you’d probably be a) confused about whether Brussels has any teeth whatsoever b) becoming a little cynical about the whole shared values of Europe thing. Euro-sceptics have probably spent the week rubbing their hands in glee.
Does Brussels have any influence?
Let me start with the fishing wars in the waters of Jersey. The escalation showed just how ugly, and out of Brussels’ control the Brexit divorce actually is. It started with fisherman’s daughter and French Minister of the Seas Annick Girardin threatening to cut off power to the self-governing dependency of the U.K. She, and French fisherman argued the Brexit deal was being flouted after a change that restricted fishing for the French. There were threats of French boats blockading the harbour and a small skirmish at sea.
The U.K. responded by sending two Naval boats to patrol the waters, the French responded with two of their own Naval boats. This was quickly degenerating into mine is bigger than yours, with a whiff of the English French Wars of a few hundred years ago. De-escalation of course happened, but it was bi-lateral. There was deafening silence from Brussels. The whole messy saga inevitably feeding Euro-sceptic cynicism about how little influence Brussels had over its powerful members.
What about ‘shared values’?
Then came the mind blowing decision by Europe’s heads of state to remove the phrase ‘gender equality’ from the EU’s plan for social recovery, post pandemic. Considering women, and gendered minorities have been the hardest hit by Covid (and the EU’s own Gender Equality Strategy for 2020-2025), the acquiescence to Hungarian PM Viktor Orban, and Polish PM Mateusz Morawiecki seemed jarringly at odds with the more liberal values the EU purportedly stands for.
The plan’s earlier draft said the bloc would “promote gender equality.” The later version (seen by Reuters) sees the phrase disappear, replaced instead with “We will step up efforts to fight discrimination and work actively to close gender gaps … and to promote equality.”
Hungary and Poland opposed using the phrase, with Orban saying it he was against speaking of “gender”, which he considered an “ideologically motivated expression.” Morawiecki also spoke only of the need to “eliminate the gap between men and women” in the workplace, rather than of wider social equality for groups with various sexual orientation. These are two countries where the rights of women, and the LGBTI community have been systematically dismantled.
In what appears to be a move to diplomatically keep the Union together at all costs, by sacrificing some citizens at the altar of solidarity, raises the question - what are the EU’s shared values?
Do people still want in?
The short answer? Yes. Euro-sceptics are going to need a lot more ammunition to convince members that the bloc is not a powerful one.
For example, as the Scottish National Party returns to power, a push for an independence referendum in Scotland is taking centre-stage. Brexit lay the groundwork for Nicola Sturgeon’s argument that Westminster walked Scottish citizens out of a European Union they never voted to leave. Her return to power will only cement her party’s view that Scots will back a repeat referendum, they once voted against. If they win this time and Scotland secedes, they have a promise from the EU they won’t be stuck at the back of the membership waiting line. That’s a promise we’ll have to wait to see if it is kept.
If you enjoy reading the brief, please spread the word!
Policy matters
Fiscal Vs. monetary policy faux pax
Janet Yellen’s waded into her old stomping grounds this week, and her take on monetary policy ruffled feathers. The former U.S. Federal Reserve Chair is now U.S. Treasury Secretary after all! Indicating what an independent Fed ‘should’ do, didn’t go down well in policy or market circles. What did she say? Janet thinks the U.S. government’s massive spending has the potential to overheat the economy. If (it’s a big if) then to counteract the same the Federal Reserve may have to raise interest rates. In more traditional form, this week she also said the U.S. is going to reach full employment next year, despite a poor jobs report (skills mismatch Vs. jobs available are some reasons experts are pointing to). Read more here.
Your voice, your vote!
Mamata beats Modi
A battle for power that raged despite Covid, ended with the resounding defeat of India’s Prime Minister Narendra Modi’s BJP Party and an easy win for his nemesis, regional party TMC’s boss Mamata Banerjee. The BJP’s strategy of holding mass rallies, despite a global record in Covid cases and deaths backfired, leaving the BJP trailing. Read more here.
Madrid’s moved right
3.5 million Madrileños turned up to the polls despite the latest Covid wave of infections and death. It’s been described as one of the most toxic election fights ever, in Spain’s richest region. This week the right-wing, Popular Party led by anti-lockdown Isabel Díaz Ayuso, doubled their representation in the region. And they’ve got company. Together with Spain’s new radical right wing party VOX, Madrid’s right wing now has a pretty comfortable majority in the region. Read detailed analysis here.
U.K. Labour fires its top woman
Angela Rayner is to be sacked as Labour party chair and campaign co-ordinator. Reports suggest Labour party leader Sir Keir Starmer blames poor campaigning after the party’s dismal showing in elections in England and Scotland. They lost seats though they did win a few significant mayoral races. Angela stays on as Deputy leader of the party and will be given another role. But the blame game, and her removal as party chair is likely to make the party’s left leaning members angry. Read more here.
Scotland’s sticking with Sturgeon
The Scottish National Party (SNP) is forming its government in the Scottish Parliament but lost its majority by one seat. The SNP will form the next Scottish government with the help of the Green Party, which also supports Scottish independence. Read more here.
Diversity wins
Joanne Anderson made history this week. The Labour candidate became the UK’s first directly elected black female mayor. This despite her party taking a drubbing in polls across England (they did rather well in Wales though). Read more here.
Kaukab Stewart, of the SNP has become the first woman of colour elected to the Scottish Parliament, and the first Muslim woman in its 22 year history. The 53 year old teacher has run for election five times and been a campaigner for more than 20 years. Read more here.
Natasha Asghar, of the Conservative party has become the first woman of colour elected to the Welsh Parliament. But the Parliament itself has seen its gender ratio tumble. From gender equality in 2003, to only 26 women out of 60 members in 2021. Read more here.
Business not as usual
Logistically a good time
E-commerce is booming and Deutsche Post DHL CFO Melanie Kreis was able to announce a tripling in the German logistics company’s operating earnings in the first quarter. It raised its operating profits forecast for 2021, and around $1 billion jump in profit expectations for 2021and 2023. All backed by the expectation of the world’s biggest logistics company that global trade is going to rebound. Read more here.
Goldman’s done with WFH
If you’re a Goldman employee your WFH days are done! In an internal memo, U.S. employees have been mandatorily asked to head back into the office by mid-June, in the U.K. by mid-July. There’s an exception for those in regions like Brazil and India hit hard by Covid. The move isn’t surprising considering Goldman boss David Solomon’s vocal opinions about WFH, who at the same time was taking holidays in the Bahamas and Barbuda at the height of the crisis. Read more here.
The Honest Company’s gone public
The Honest Company officially became a public company this week, with a valuation of almost $2 billion. Founder Jessica Alba’s focus on building an ethical, transparent and diverse consumer goods company that cares about the planet, she says is based on the core purpose of no one having to choose between what works and what’s good for them. The market though thinks the stock is overpriced, with larger incumbents dominating the industry. Read more here.
She needs a real ARK
Remember the note I’d written a few weeks ago about investors worrying about Cathie Wood, and her ARK Innovation fund. The one that bested all other U.S. equity funds in 2020? Well, investors may’ve been on the money. The $23.1 billion exchange traded fund posted less than 1% gain last month. YTD its down 9%. The S&P 500 is up 10.9% over the same time period. What’s to blame? ARK’s bet on Tesla & Tech (it’s been painful to watch). Read more here.
GSK’s Emma may have to go
Looks like the vultures are circling. Last week I wrote about Emma Walmsley’s plan to split Glaxo into two. Now company watchers are asking, is she the one to lead the split entity? Considering the big drop in the company’s stock price since she took over, and the pressure of activist investors keep an eye out. The pharma industry maybe getting set to lose one of its highest profile CEOs. Read more here.
Tech stuff
Out of nowhere
Software start-up Vanta has seemingly come out of nowhere, raised a $50 million Sequoia Series A, and a $500 million valuation. After raising $3 million in seed funding, founder Christina Cacioppo went dark. But for a reason. Staying low profile, she thinks helped Vanta to remain underestimated, giving her and the team time to build a company that will last. Read more here.
Write your own rules
Facebook’s 20 member Oversight Board (purportedly independent in nature but funded by Facebook) in its ruling this week, decided Facebook was right to suspend Donald Trump’s accounts in the wake of the Jan. 6 insurrection at the U.S. Capitol. They cited the threat of imminent harm, and his praise of violent rioters. This the Board agreed was in violation of Facebook’s policies.
But the Board did push back on Facebook the indefinite time frame of Trump’s ban, saying it was inappropriate. The Board refused to take on what it saw as Facebook’s obligation to create its own policies. They’ve given Facebook six months to review the penalty.
“It was a bit lazy of Facebook to send over to us a penalty suggestion that didn’t exist in their own rulebook, so to speak. We are not here to lift responsibility off of Facebook.” - Oversight Board’s Co-Chair former Danish Prime Minister Helle Thorning-Schmidt. Read more here.
Have you met
Belén Garijo, Germany’s glass ceiling shatter-er.
Belén Garijo started her new gig as CEO of Germany's pharmaceuticals giant Merck this month. She is the second woman to head a DAX listed company, but the first one to do so single handedly (Jennifer Morgan, was Co-CEO of SAP, along with Christian Klein and only for around 6 months). In a country perceived to make it really hard for women to reach the top, Belén will know she is going to be under pressure to ensure Merck’s success. But she will also be well aware that her every decision will influence German perspectives about women and their ability to be CEOs. Read more about Belén.
Since we’re talking Merck - this week, the company raised its 2021 earnings forecast on strong first-quarter results, as efforts by the pharma industry to ready treatments and vaccines against the coronavirus bolsters demand for its products. The company, which also makes pharmaceuticals and specialty chemicals, said that it now expects 2021 adjusted earnings before interest, tax, depreciation and amortisation of 5.4- billion euros, and revenues of 18.5-19.5 billion.
On the move
In the U.S.
Sherry House, formerly the treasurer & head of investor relations at Alphabet’s self-driving unit Waymo, has shifted gears. She has been appointed CFO of luxury electric vehicle maker Lucid Motors.
In Pakistan
Dr. Shamshad Akhtar has been appointed Chairperson of the Board of the Pakistan Stock Exchange. She will be the first ever woman chair of the exchange. Dr. Akhtar is a leading economist in Pakistan and the former governor of the country’s central bank, the State Bank of Pakistan.
In Canada
Anna Galoni has been appointed CEO of 110 year old bearing and seal specialist, Thordon Bearings. She continues her role as Chair of Thordon Bearings. Anna will be the fourth generation family member to head the company.
In the U.K.
Catherine Burnet is KPMG UK’s new head of audit leading a team of 6,000 auditors., She takes over from Jon Holt, who recently became chief executive at the Big Four firm. Catherine’s been with the firm for more than 25 years and has held the positions of regional chair for Scotland, and Edinburgh office senior partner.
Caught my eye
Pandemic Divorce
I think everyone on the planet was a little sad when Melinda and Bill Gates announced they were getting a divorce after 27 years of marriage. It hit home with their statement, "we no longer believe we can grow together as a couple." It is the end of a chapter of the world’s seemingly most solid couple, that had for all intents and purposes found a way to balance work, family, success and enormous wealth. But, behind every facade is a real story, and this is one we may never learn. But in the meantime, as the world’s most expensive divorce kicks off, we do know they’ll continue their work at the Bill and Melinda Gates Foundation. Read more here.
Wedding bells for Jacinda
Jacinda Arden’s had a busy few years. Elected PM of New Zealand in 2017, terror attack management, Covid management that set world standards, another election win in 2020, and giving birth to a baby in between all that. The 40 year old is finally finding some ‘me’ time and is getting married to partner of nine years, and fiance of two years Clarke Gayford this summer. The wedding date is still hush hush. Read more here.
Death of a BFF
Remember Bo? The gorgeous black Portuguese water dog that completed the Obama family picture at the White House? Bo died on Saturday. Michele Obama wrote of Bo’s death from cancer as losing their ‘best friend’ and requesting pet owners around the world to give their furry friends a hug, and a belly rub on the Obama family’s behalf. We can all empathise. Read more here.
This calls for space wine
Would you want to drink wine aged in space? What does that even taste like? Do 440 days, or what is equal to 300 trips to the moon add or subtract from a Bordeaux wine’s complex ageing process? Its a bottle of Pétrus 2000 after all! Now you can find out! The legendary Pétrus sent for storage at the International Space Station is up for sale for $1 million at Christie’s through a private sale. Proceeds will go toward future space research. Read more here.
Bring on Japan’s Pom Pom
Cheerleaders! It was the domain of Pom Pom carrying dance athletes in high school and college. No more! “Japan Pom Pom” team members are aged 60-89. The squad’s 89 year old founder Fumie Takino says don’t you dare call them grannies. Read more here.
Book clubs wait on Megan’s new book
Penguin Random is publishing Megan Markle’s first children’s book next month called, ‘The Bench.’ Inspired by husband Harry and son Archie’s relationship, the book explores the relationship between fathers and sons, as seen through a mother’s eye. But the announcement as expected, drew controversy. From tabloids highlighting the use of the Duchess’ official royal title as author of a commercial venture, to charges of plagiarising author Corrinne Averiss’ book 'The Boy On the Bench.’ That allegation has been dismissed by Corrinne. Read more here.
The artsy stuff
Yayoi has arrived!
The polka dots are everywhere! I so wish I could fly to see them! Yayoi Kusama’s signature motif has officially launched in the New York Bontanical Gardens. If you’re there, don’t miss it! Read more here.
Tip of the week
I’ll be Chairing The Transport Transition Summit on May 11th and 12th.
I hope you’ll join me!
The two day Summit is part of a series in the roadmap to COP26 later this year. If you’re interested in the latest in net zero target and industry transition, I would highly recommend joining in. We know freight traffic is booming, private car use is up, and in many parts of the vaccinated world life is slowly returning to normal. But that normal needs to change.
I’ll be talking to EV-Box’s CEO who is taking his tech public, Virgin Hyperloop CEO’s vision for the future, Renault’s tech driven trucks to government policy makers who are juggling pandemic politics with climate change decisions. These, and many more the transport industry’s icons, innovators and change makers will join me to discuss how to set real goals, the latest tech, and investing in the right technologies.
You can register at the Transport Transition Summit
Get involved
CEE HER
When my friend Alexandra Martin, began the CEE HER initiative at GLOBSEC, the preeminent think tank in Central and Eastern Europe, I’m guessing she didn’t realise the power of the legacy she was creating.
The CEE Her Initiative aims to amplify expert female voices in the extended CEE region, spanning from the Visegrad Four countries to the Baltic states and the Balkans. The initiative offers the CEE Her Database of women experts, aimed at increasing gender equality at the strategic decision-making level, supporting gender-balanced participation at conferences, and building a female talent pipeline in the areas of foreign policy, defence, economics, media, digital transformation, business, sustainability and many others.
To learn more and register as an expert in the Database, click here.