Lost the plot
& oh, sustainability is a distraction, Edition 49
Happy Sunday,
It feels like the age-old story of men trying to pick a woman to lead when the situation looks shaky, isn’t one we are going to leave behind very soon. Neither is the beat down of a female CEO and predicting her combustive failure, where a man making the same decision is called brave and visionary.
That’s the impression I’ve been left with at least, when it comes to Italy’s Presidential nominations or YouTube’s plan to embrace web3 tech (including NFTs). I can’t help but think the world keeps spinning in the same circle, despite all the chatter about role models and empowerment.
A lady, not for the win
In Italy the secretive ballot for electing a President dragged on all week. The mess continued into an 8th round of voting on Saturday that resulted in Italy not getting its first female president in 2022. Even Mario Draghi threw his hat into the presidential circus ring to calm the waters. But no one was ready for the prime minister to rock the ship. To restore stability, finally an aging 80 year old President Sergio Mattarella (who desperately wanted to step down from the role), has been forced to stay on for a second term.
The political wrangling over the past few weeks and especially the last few days for the country’s next head of state was messy and ugly. To give an appearance of sense and sensibility for a bunch of infighting men was to say they’d put a woman in charge — Even if they didn’t meet the criteria and were an obvious ploy at the gender card to place a preferred candidate in the role. After all, who was going to argue against having Italy’s first female President? Tuns out everyone! It also explains an ancient man ready to ride off into the sunset, sticking around for another 7 years.
Italian Presidential candidates tend to be ones chosen by consensus across parties. Critically they are impartial, considering their powerful role. They appoint prime ministers and resolve political crises. Both imperative in a country of centre right and centre left, where prime ministers rarely last more than a year or a few months. And the job of the president is especially critical now as prime minister Mario Draghi tries to keep the Italian coalition boat on an even keel.
So what happened? Right wing party leaders first nominated the conservative President of the Italian senate. Her name? Elisabetta Casellati. They then ordered their lawmakers to vote for her, forgetting that when it’s a secret ballot, your people don’t have to do as they’re told. She embarrassingly (but predictably) didn’t get the votes. That meant men pushing for her (like Matteo Salvini) ended up with egg on their face. So, how do you recover from that embarrassment? You bite the bullet and propose a supposed “consensus” candidate. Cue the nomination of Elisabetta Belloni, a career diplomat who heads the Italian secret service. But does a spy chief make for an impartial president? Nope said former prime minister Matteo Renzi. He openly stated his party would never support the appointment. Also thrown into the mix, just for fun — Justice Minister Marta Cartabia. On this Sunday we know none of these ladies were palatable to the 1,009 Grand Electors.
The questions in my head are endless! Were these men just interested in a publicity game and having a powered pawn? Were they even sure their nominees would even be a pawn? Or did the final result indicate they actually think there is no qualified, impartial and universally respected woman in all of Italy for the job? Or that their tokenism doesn’t stretch to looking hard enough for the right woman to run the shop? I guess we’ll never know.
YouTube’s NFT bet
Considering the world’s and specifically tech bros’ current obsession with NFTs (WTH is a non-fungible token you ask?) YouTube CEO Susan Wojcicki somehow managed to get quite a few of those bros really (really) angry on social media this week.
Whatever did she do? Oh, just got on the NFT bandwagon (you’d have thought the tech bros would be all in?). This week in an open letter, Susan addressed YouTube’s 2022 priorities and suggested the video-sharing platform was willing to embrace web3 technologies, including NFTs.
Now, I’m no fangirl of NFTs. I have my own doubts about its longevity and its sustainability creds. But the tweet storm that raged around the letter, did catch me by surprise. The “death of YouTube”, “an attack on” the platform’s “creator community” and let’s not forget the chatter of sheer disbelief at her “illogical move.”
Trust social media to flag a purported error of a female CEO based on absolutely nothing. Susan didn’t actually share any concrete plans in her letter, nor a timeline for when YouTube would potentially even test NFTs. All she talked about were the innovations taking place in the web3 world as a “source of inspiration to continue innovating on YouTube.” In the letter she focuses on YouTube shorts as a growth driver, with one para on NFTs! Here it is:
“The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans. We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube.”
Why should Susan not experiment with new tech, as she looks for growth drivers? Everyone else seems to be. Also tellingly, with the company focussing on shorts for growth there’s been an internal rejig. Three of her top executives are exiting. Guess where they’re going? YouTube’s head of gaming is headed straight to a web3 company. The company’s senior director of creator partnerships is headed to an NFT company and who knows where the third, global head of product partnerships Heather Rivera will land?
Now, on to the newsmakers!!
This is where you’ll find the women changing the world, and they aren’t the same names we see everywhere! I hope you’ll subscribe and join the community — We love shouting from the rooftops about the women who are the change everyone talks about!
The business of business
Banking on teens
Jane Harvey and Nichola Collinson founded Savii, the first female founded neobank in the GCC (Gulf Cooperation Council) in 2021. It has now raised a pre-seed round to kick off its services in Bahrain, targeting unbanked GenZ kids between the ages of 11-18. Backing them are a group of angel investors from Bahrain and the UAE. The funding round size is not known, as the neobank goes to market. (What is a neobank you ask?)
What struck me about Savii’s strategy is they put a Youth Advisory Board in place, to help shape its products. The first product out is a loyalty app where teens can earn cash by recommending the neobank to their peers. The next product update will be a prepaid debit card and a digital wallet. Working with the tagline “designed by teens, for teens,” the core principle of Savii they say, is to service GenZ consumers, while giving them fundamental financial literacy and independence.
Unilever must axe its ‘purpose’
The Unilever decision to axe 1500 jobs this week and listen to an activist investor who thinks 'sustainability is a distraction' may perhaps explain high profile moves at the company recently (Leena Nair to Chanel for example).
Terry Smith the founder of Fundsmith, with a massive retail investor following and a top-10 shareholder in Unilever used his annual letter to investors this week to say Unilever has ‘lost the plot’ by fixating on sustainability. According to Terry, the company’s public display of climate and social credentials come at a cost to the business. Next thing you know, a massive reorganisation at the company has been announced, highlighting that this pressure on management to walk back sustainability, isn’t new.
Senior management would've heard the investor drum beats to walk back into the past, long before it trickled out and perhaps decided...There is only so much you can do to take a horse to water. You can't make it drink.
I sincerely hope everyone impacted will land somewhere their talent and passion for the planet and humanity (that's what ESG is all about) will be appreciated. It seems some investors are hell bent on continuing a 20th century culture of profits over everything, which consumers frankly no longer care for.
The business of governing
Appearances matter
President-elect Xiomara Castro took her oath of office this week officially becoming Honduras’ first woman president. She did it with U.S. Vice President Kamala Harris in attendance, along with Taiwanese Vice President William Lai.
President Castro is in a difficult spot as she takes office facing a sharply divided Congress, embroiled in a dispute with dissidents in her own party. Rival candidates have declared themselves head of Congress, undermining her ability to pass legislation. So, VP Harris’ presence at her swearing in was a big boost for the new president in getting back control over congress and back her promises to address the country’s economic troubles.
VP Harris and other U.S. officials have indicated they are willing to give her the necessary support. But in return they want her help to curb illegal immigration from Central America and shore up international support for Taiwan as part of U.S. efforts to stem China's influence around the world.
Honduras is one of the few countries maintaining diplomatic ties with Taipei instead of Beijing. The United States, on the other hand has no formal diplomatic ties with Taiwan and under its "one China" policy, acknowledges Beijing's position that Taiwan is part of its territory though it does not endorse the stance. Both the U.S. and Taiwan’s concerns are understandable, considering President Xiomara threatened to switch allegiances to Beijing from Taipei during her campaign.
Denmark’s ready to smile again
Denmark’s joined the rank and file of countries lifting COVID-19 restrictions. Prime Minister Mette Frederiksen says the world’s third happiest country is ready to smile again! Announcing the lifting of restrictions this week the PM said:
“Tonight, we can shrug our shoulders and find the smile again. We have incredibly good news, we can now remove the last coronavirus restrictions in Denmark,” — Prime Minister Mette Frederiksen
The announcement comes as a new subvariant of Omicron, BA.2, is gaining a foothold in the country and across Europe driving infections up. On Friday Denmark’s Ministry of Health also decided that several travel restrictions including pre-entry testing requirements, expansion of the number of vaccines accepted for entry into the country, restrictions on cruise tourism will be also removed.
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Caught my eye
Good to know
Disappearing to safety
An activist ally of Kremlin critic Alexei Navalny has joined many of his aides in disappearing for her own safety. Violetta Grudina joins the Navalny supporters’ rank and file in hiding telling Reuters she fled Russia to avoid arrest. Violetta was barred from standing for election last year in the Arctic port city of Murmansk. She did not say where she had gone, when she had left or how. But she does claim that after being barred from the election race, she was subject to an intimidation campaign that included her office being shot at. She also claimed to Reuters that she was put in a hospital for COVID-19 treatment she did not want or need. The Kremlin has denied all her allegations.
“There wasn't much choice. I'm on a wanted list in Russia and prison lies in store for me.” — Violetta Grudina in a short message sent on the Telegram app.
Things that make you go, ugh!
The Italian labour ministry has opened an investigation after a Naples-based security company put out an ad for a female receptionist. Except this ad had everyone from government councillors to regular people up in arms. So how did a security firm make a job advert controversial?
It was their criteria —for applicants to include a photograph of themselves in a swimsuit, along with their resume and other documents. Oh, and also that only women apply, be under 30 years old, fluent in English, have their own car and “a sunny character with an attractive appearance.”
What was the offered amazing pay for getting picked? A measly €500 a month!
Defending
India’s first woman Rafale fighter jet pilot Shivangi Singh became only the second female fighter jet pilot in history to be part of the Indian Air Force (IAF) tableau in the country’s massive Republic Day parade this week.
Shivangi joined the Indian Air Force (IAF) in 2017 and was commissioned in the IAF’s second batch of women fighter pilots. She had been flying MiG-21 Bison aircraft before flying the Rafale and is part of the IAF’s Golden Arrows squadron.
Sports
It’s been quite the week down under
Tennis ace
Tennis No. 1 Ashleigh Barty defeated Danielle Collins in the Australian Open women's final in Melbourne, 6-3, 7-6 (7-2). That massive win makes her the first Australian to win the women's singles title since 1978. The 25 year old played like she hasn’t before and didn't surrender a single set. This win makes it the third Grand Slam title of her career. She’s previously dominated the 2021 Wimbledon championship and the 2019 French Open.
Football (soccer for you Americans!)
She became the all-time Australian goal scorer in international football last week! 28 year old Sam Kerr has been rewarded for that and a whole host of other firsts, by becoming one of 30 sportsmen and women to receive Australia’s highest award - a Medal of the Order for her services to football. Sam was also the FA Women's Super League golden boot in Chelsea's title-winning 2020-21 season before captaining Australia to a historic fourth-place finish at last year's Olympics.
“I feel like for so long people haven't been recognised, especially in female sport, so it's nice to kind of break down those barriers and hopefully there's many more females to be recognised for the work that they do.” — Sam Kerr, Australian Women’s National Team Forward
More football
Salima Mukansanga is a female Rwandan referee who has made history at the ongoing Africa Cup of Nations (Afcon) in Cameroon. She’s become the first woman to officiate a match in the tournament’s 65-year history. It’s a huge deal in a continent where women’s role in men’s football hasn’t been accepted with open arms. Salima has also officiated at the Olympics, Women’s World Cup, Africa Women Cup of Nations, and the CAF Women’s Champions League.
“We’re here not because we had favour to be here. It’s because we deserve to be here.” — Salima Mukansanga, Referee
On the move
In Canada 🇨🇦
Tracy Robinson is the new CEO of the Canadian National Railway, one of North America’s largest railroads. She becomes one of the most prominent female executives in corporate Canada, and the first woman to run the Montreal-based company. Tracy spent 27 years at rival Canadian Pacific Railway (CP) and has been in charge of the Canadian natural gas pipelines at Calgary’s TC Energy Corp. since 2014.
In the U.S. 🇺🇸
Shehnaaz Suliman has been appointed CEO of ReCode Therapeutics, a company developing mRNA-based medications for pulmonary diseases. She previously worked at Gilead Sciences, Genentech, Theravance, and most recently, Alector, LLC, where she served as president and chief operating officer. Shehnaaz began her career as a physician treating HIV patients in South Africa.
In Brazil 🇧🇷
Paula Surerus has been made managing partner for the 2022-2023 term at full-service legal firm Veirano Advogados. She is the first woman to be appointed in a leading role in the firm’s 50 year history. Paula specialises in M&A, corporate law, infrastructure-related transactions, contracts and regulatory matters. She previously worked for firms like Hughes Hubbard & Reed and XBA (Xavier Bragança Adogados), before joining Veirano Advogados in 2013.
In South Africa 🇿🇦
Cheryl-Jane Kujenga is taking on the dual roles of CFO and interim CEO role at JSE listed pharma company Ascendis Health. The Zimbabwe born accountant was previously interim CEO of Adcorp, having also been its CFO and worked at EY prior to that role.
In Ireland 🇮🇪
Imelda Hurley the current CEO of Coillte, has been appointed Executive Director on the company’s board with her term running for the remainder of her tenure as CEO, up to November 2026. Coillte is a commercial forestry business in Ireland, owned by the state, and manages approximately 7% of the country’s land.
In the U.K. 🇬🇧
Justine Anderson has been appointed Blackrock’s new Chief Operating Officer in EMEA. She previously led Portfolio Engineering for its ETF and Index business in APAC and EMEA and was also Global Head of Transition Management at the world's largest asset manager.
Sue Lloyd has been appointed Vice-Chair of the International Sustainability Standards Board (ISSB) by the Trustees of the IFRS Foundation. She starts on 1 March 2022. Sue currently serves as Vice-Chair of the International Accounting Standards Board (IASB) and will step down from that role to take on her new position.
In Singapore 🇸🇬
Stella Choe has been made the new head of Citi's Global Subsidiaries Group (GSG) for Asia Pacific. Stella will join the GSG global executive committee and relocate to Singapore. She was most recently Citi’s head of corporate banking for Australia and New Zealand. Prior to joining Citi, Stella spent six years at HSBC Hong Kong working in regional acquisition finance and funds coverage.
In Australia 🇦🇺
Sarah Derry has been appointed CEO at Accor Pacific, from next month. Sarah is currently Senior Vice President Talent and Culture and joined Accor in 2017 after having owned and operated her own business for over 10 years.
Inspiration for the week
“Every time I am fearful I think to myself, the reason they do this is to discourage me from doing what I do. Hence, if I discontinue my work I will have succumbed to my fears.” — Shirin Ebadi, Nobel Peace Prize 2003