It makes business sense and it’s socially just, why the City can’t get it together on gender balance in the boardroom??

On Wednesday 22 September, in the heart of the City at the London Stock Exchange, the Young Fabian Womens’ and Future of Finance Networks hosted an expert panel debate entitled “Balance in the boardroom: How to get more women leaders in the City?”.

Special video highlights of the debate… link here

Women only represent 5% of executive directors from the 600 companies quoted on the London Stock Exchange, according to recent research by recruitment firm Egon Zehnder. With the passage of landmark legislation in the US aiming to increase female membership on corporate boards and the establishment of the Lord Davies inquiry into female representation in Britain’s boardrooms, the Young Fabians Future of Finance Network brought together an expert panel for lively interactive debate.

Chaired by Rachel Reeves MP, former Bank of England Economist and member of the Business, Innovation and Skills Committee, panellists Clare Dobie, Immediate Past President of the Women’s City Network and witness for the Treasury Committee’s ‘Women in the City’ inquiry; Trupti Patel, Associate at Social Finance; Andrew Roscoe, London Director of Egon Zehnder International; and Cathrine Seierstad, Researcher at the Centre for Research in Equality and Diversity in Queen Mary University, all set out their views on the issues before engaging in discussion with the audience.

All the panellists agreed that female participation at the top of the financial services sector in the UK was too low, both in comparison to other sectors in the UK and in comparison to the rest of Europe. All the panellists also agreed that there were important benefits for business and the economy from having more female talent on corporate boards. Andrew Roscoe pointed to research carried out by his search firm, Egon Zehnder International, which indicated that corporate boards that are more diverse make better decisions.

So, if female talent offered so many advantages to business, why are these companies in the financial services sector missing out on the competitive advantage of having women on the board?

The panel agreed that a principal problem is that a lot of recruitment is driven by the fact that people “recruit in their own image” and British business and the financial services sector is dominated by men – and men of a particular social ilk at that.

The issues are certainly complex and intertwined. Trupti pointed to characteristics of the corporate workplace that didn’t reward typical female skills types of working. Andrew highlighted his firm’s research that showed that networking and proclaiming one’s own success were strongly associated with success, however in female focus groups these qualities were not seen as desirable. Trupti thought that women generally needed support to improve the way they sell themselves internally and earn recognition for their work, and that career networks often helped women acquire these skills and gain the necessary confidence.

Parental leave was also an important part of the picture. Businesses see maternity leave as a financial risk. The Icelandic model, where parental leave is divided between men and women and the business risk is equal, was seen as an example for the UK.

On aspiration, the panel felt that the City should do more to raise awareness of job opportunities in the city and seeking to influence the careers advice or family advice that is so influential to people’s career decisions. There should also be better case studies of positive examples of women at the top of business.

Cathrine discussed the Norwegian experience of legislation requiring corporate boards to meet minimum gender quotas of 40%. The justification for positive discrimination was based on the need for a wider distribution of power, but also on an economic argument, that companies need to use the entire wealth of talent available in society to be competitive and that diversity has a positive impact of the board and the bottom line of company performance.

The panel agreed that there has to be a change in the culture at the very top for there to be real substantive change in the long-term over the sector and in society. Panellists and attendees alike agreed that encouraging such social and cultural change – which makes economic sense as well as being socially just – was precisely what the Fabian Society was for.

This event was kindly sponsored by the London Stock Exchange and Egon Zehnder International.

The Young Fabian Future of Finance Network was launched by Lord Drayson in March 2010 with the aim of better connecting socially-minded individuals from finance and the City of London with progressive politics. The Network provides an empowering opportunity for progressives, of all shades, from the front edge of industry and research to contribute their expertise to the progressive effort to respond to global policy challenges. Network membership is not limited to Young Fabian members, but open to all individuals who identify as socially-minded progressives.

For the full event report, please visit the Young Fabian Future of Finance Network Site: http://youngfabians-networks-fof.ning.com

Share your views on the leadership debate with us

Tonight the Young Fabians will be hosting a joint Leadership Debate event in central London with LGBT Labour, LabourList and London Young Labour. We’ll be at Bar Soho on Old Compton Street if you can make it along.

If you can’t make it along to the event, then I’ll be live-tweeting from the event. Follow me on Twitter by adding @alexanderbaker to your feed.

And you can join in the debate by sharing your views on the Left Foot Forward/LabourList/New Statesman/Liberal Conspiracy live chat which will begin at 8pm tonight. We’re hosting the chat on this blog, below.

And feel free to share your thoughts by adding comments to this post.

Young Fabians Networks go live…

On Thursday last week, we launched our Fabians ‘Technology and Society’ and ‘Future of Finance’ Networks at a reception in the heart of the City of London.

We were delighted that so many young financiers, scientists and academics – many of whom had not been involved in the work of the Young Fabians before – packed the room to hear our guest speakers spell out their visions for the potential role the Networks could play.

Lord Drayson, Minister for Science and Innovation, spoke about the power of politics and the opportunity for young people with expertise and enthusiasm to make a difference in politics. On science, technology and finance, Lord Drayson talked about the pride he had in the UK’s leadership role and called on young people in those sectors to put their expertise forward to help government continue to support jobs and investment for the future.

Rachel Rachel Reeves, PPC for Leeds West and former Bank of England Economist, called on the Networks to bring fresh energy to debates around financial transaction taxes, to principled banking and to end Casino banking. Huw Evans, ABI Director of Communications, talked about the value of a more sophisticated understanding of financial services on the left and set out the role of insurance in the UK economy. He saw the Networks helping in the effort to respond positively and effectively to public concerns about the financial industry, with ideas and actions.

Our aim in hosting the Networks is to provide a forum for socially minded professionals to meet and discuss ideas and to bring sector expertise to progressive debates. Our speakers underlined that there was great value in hosting the Network and that now was the time when ideas and insights would have real influence.

But the hard work starts now. People have noticed the Networks exist and expectations are high. Now we need to see what they can deliver. If you’re interested in joining either the Future of Finance or the Technology and Society Network – it’s simple – just visit the website and join up. You don’t have to be a Young Fabian member to take part in the Networks.  If you want to take a more active role, come to the steering group meetings and put your ideas for the Network into action.

To see a taster of the discussion the Networks are hosting, see Chris Calland’s response to the Chancellor’s debate on the Future of Finance Network or see what Chris Jones had to say about the launch event.

Thanks for all the hard work that went into the launch event and I look forward to seeing what you all have to say on the Networks.

Nick Maxwell

Fabianism in bed with offshore financial centres?

Has the Young Fabians lost its marbles? Their new ‘Networks’ projects launch event is sponsored by none other than Jersey Finance, a representative body for financial services in the island of Jersey. An outrage? An abandonment of the socialist fraternity on the very day that the Treasury is briefing that the Chancellor will use the Budget to double the maximum penalty for offshore tax evaders?

Far from it. On Thursday, in the heart of the City of London, the Young Fabians are launching two new innovative projects – the ‘Future of Finance’ and the ‘Technology and Society’ Networks. These networks, collectively, aim to bring young people and young leaders from the worlds of finance, technology, science and engineering together with progressive politics in order to help bring insight, imagination and energy to the broader progressive fight and to respond to our shared economic, social and environmental challenges.

These networks, in the true spirit of Fabianism, are open access and inclusive. They are founded on the belief that there are swathes of socially minded people working at the front edge of finance, research, academia, science and technology who have so much to offer the progressive movement, but perhaps have struggled to find a home in the Left. The networks aim to provide a forum that allows people to combine professional expertise with a social conscience, and – in the process – help the progressive movement become more sophisticated, more aware and more responsive to the realities of the marketplace and the broader environment.

Our inclusivity is our strength. Greater nuanced understanding of a complicated world and dialogue with all actors maybe held in horror and disgust by the revolutionaries, but they are the hallmarks of Fabian gradualism and the foundation of effective real reform towards social and progressive ends.

That’s why we’re delighted that Jersey Finance, alongside the TUC and Prospect Magazine, are supporting the launch of the Young Fabian Networks and that’s we are so keen to embrace those who support our ends, regardless of their place of work. Both Young Fabians members and progressives who aren’t members are very welcome at the launch event and in the Networks themselves. If you’re interested, please click through and RSVP.

From ‘Twitter Bombard Tuesdays’ to Fabianism for a Fiver this February

Adrian Prandle, Young Fabian Vice Chair, offers some observations on the web as special edition of Anticipations, the Young Fabian magazine, looking at how the internet is changing politics, is offered free online for the first time.

SPONTANEITY AND CREATIVITY – The improv-stand-up Ross Noble, with his comedic-anarchic wonts, last month unfortunately called a day on his ‘Twitter Bombard Tuesdays’. This weekly event had briefly mobilised Noble’s micro-blogging followers to target confectionery companies, Dragon Duncan Bannatyne, and our very own Kerry McCarthy MP, with 140 character business pitches and bizarre questions. It was funny, but beyond Noble – the real spontaneity and creativity was coming from his fans; he was facilitating an opportunity for them to mirror his own unique style. Not too dissimilar from a certain US President who empowered his supporters to tell their personal stories and organise their neighbourhoods in a campaign that literally followed its leader …

WHO’S WATCHING? – Young Fabian member and current President of the NUS, Wes Streeting, writes in an article which argues that online campaigns can make a difference offline, on page 17 of Anticipations, that ‘thousands of people joining a cause on Facebook is nothing new today’ – and he’s right. But I know from a recent meeting during my day job that even much-maligned and oft-criticised quangos are watching out, and working out how they must react to online political or citizen activity such as the Facebook A Level Biology paper protest. Gradually, everyone is starting to notice what’s going on online.

REMEMBERING THE REAL WORLD – I write myself in Anticipations(page 26) on the importance of linking new media and established forms of communication and argue for the continuing relevance of the age-old people-centred campaigning methods we are accustomed to. The web fails politics when it is insular and a stage for the faux wars of the blogosphere. And is at its best when it retains a sense of humanity. MyDavidCameron.com works because it’s simple and because it connects with people. Sure, there’s some duff examples but the best, the funniest, the most poignant mock-ups of the airbrushed poster are all capable of resonating with people’s lives and experiences.

So, what does this mean? Well ultimately, it’s a movement away from the crafting of carefully, constructed messages specifically targeted and towards doing something different, doing something quickly and then creating enough involvement and momentum for it to snowball and make people sit up and take notice. Those that manage to merge the former with the latter, stamping their own personality in the process, during this election will likely find success be it in hits on a website or votes in a ballot box.

Young Fabian magazine, Anticipations, is available online in its entirety for the first time ever. We are offering Fabian members over the age of 31 the chance to sample an edition which includes Sarah Brown, Ben Bradshaw, Kerry McCarthy and Alex Smith. And we are encouraging our supporters under the age of 31 who enjoy the magazine to join the Young Fabians for just £5 to receive every edition of Anticipations, as well as our pamphlets, and to take part in our full range of activities.

Does Gender Equality on the blogosphere really matter?

In the latest issue of Anticipations, Jessica Asato, Acting Director of Progress, talks about the under representation of women on the blogosphere.
Reading her article, I can identify with many of the reasons and characteristics she describes to explain this lack of female presence. I was one the women who joined the blog Labourwomen enthusiastically a year ago but gave up blogging after the first attempts (although, to be fair, I blogged at least thrice). Despite better intentions, my contributions to the YF blog so far have been scarce, almost non existing- to be honest, I had to be invited to even write this piece. I am one of the women Jess mentions who claim to be simply to busy to blog on a regular basis- most of the time, I’d rather spent my free time working out in the gym or having a meal with my housemates than write a blog. So my first thought when reading Jessica’s article was: “So what?” Women have every right to be on the internet, a lot of us (like the wonderful Christine Quigley, Chair of London Young Labour) even have their own web presence. Women have the necessary technical knowledge, we all use a computer, some of us even tweet-so if so many of us choose not to participate in the virtual world of mass communication because it is simply not our cup of tea-does it really matter?

The problem is: it does, and Jessica rightly makes this point at the end of her article. Communication today can only become relevant to a wider audience if it’s online. The cornerstones of an informed society -campaigns, discussions, sharing of information- are all being developed and shaped on the web.

When women wanted the right to vote and participate in democracy, they had to take to the streets and put up an immense fight to make their voices heard. If women today want to participate in democracy 2.0, all we have to do is go online. The rise of social media seems unstoppable, and the way we communicate has already changed forever. We need to realize that our messages will only get through if we engage with this new media. So come on girls, for the sake of all women over the world- let’s hit those keyboards, more than just once.

Can internet networks change politics?

The eagle eyed among you will notice that I have carefully doctored the question that’s on everyone’s mind – or at least those minds that have been exposed to the latest edition of the marvelous Young Fabians member mag, Anticipations – ‘Can the internet change politics?’. Selfishly shifting the goalposts to suit my own area of responsibility, I want to dig a little deeper about the potential for the power of networks…

Can they change politics? “Yes, but”. Yes, the power of online networks can be enormous… But, only if members of the network foster their own dynamism in their own online space.

As strategic planning would have it, the Young Fabian team have skillfully dovetailed the publication of the Antics ‘new media’ special with the launch of our very own new media offering – two dedicated Young Fabian online networks, hosted on Ning.net.

‘The Future of Finance’ network (http://youngfabians-networks-fof.ning.com), for progressives interested in the role of finance and society; and ‘The Technology and Society’ network (http://youngfabians-networks-tsociety.ning.com), to help bridge the gap between technology, science, engineering and progressive politics.

We will be formally launching the two Networks before the election. Our intention is for both networks to provide a vibrant forum for people to write, blog, discuss, create and lead innovative progressive projects on the issues that they find interesting.

Networks are open to Fabians and non-Fabians and aim to enable as much sharing of insights and collaboration as possible; focused on one particular issue or sector. New media is about empowerment and that is exactly what the Networks seek to do in a constructive and influential manner. Both finance and technology are topics where the Left has historically been weak and where the networks could contribute a huge amount to progressive thinking.

Providing an opportunity for empowerment for Young Fabian members and progressives is only half the story. Creating a dynamic and compelling online environment will require something extra… you. So, if you like the sound of what you’re reading, follow the links to find out more and get involved – join the networks and contribute something. I look forward to seeing what you have to say.

Nick Maxwell
Networks and Schools Officer.

Notes on a coup

So that’s that then. At the end of a week in which the country suffered insufferable Arctic temperatures, snow storms, blizzards, ice, more ice and plagues of locusts (well, not quite!), we’re back where we started. It’s like the last seven days never happened.

I’m talking, of course, about the failed attempt to overthrow the Prime Minister, by common consent one of the most comical coups in political history, with various theories being pronounced as to why Hoon-Hewitt didn’t succeed, largely drawing the same conclusions.

Sunder Katwala, writing on the Fabian Society blog, outlines three such reasons: this was a purely Blairite putsch, with no cross-party consensus and no Left-Right alliance; no Cabinet Minister joined Hewitt and Hoon, there was no John Redwood or even a James Purnell to back them up; and the timing was poor, coming in the week the election campaign effectively begun and only four months out from polling day itself.

Paul Richards, on LabourList, writes that the lack of an obvious successor was another key reason the coup didn’t succeed, the prospect of David Miliband, Harriet Harman, Ed Balls or Jon Cruddas in Number Ten sufficient “to scare enough people into acquiescence with the current leadership”, adding that there was no appetite for a contest within the Parliamentary Labour Party.

Left Foot Forward’s Will Straw, meanwhile, dubs the pair of plotters “Labour’s Dumb and Dumber”, pointing out that a change of leader would make little difference to the Government’s prospects, with 82 per cent of voters no more likely to vote Labour than before.

What struck me most forcefully was the sheer weight of condemnation from Labour supporters on Facebook, Twitter and on the blogs, and the speed with which they responded. Viewing this, or even hearing about it second hand, any MPs tempted to join in with Hoon-Hewitt may have thought twice before rebelling and retreaded back into the fold.

For a flavour of the Westminster mood that wintry Wednesday afternoon, have a look at Political Scrapbook’s collection of emails from MPs to the plot ringleaders, and you’ll see what I mean. Within hours, Ministers, back benchers and ordinary members had rallied to the PM’s side. Game over for Hoon and Hewitt. Game on for Gordon Brown.

2010 may not yet be the first internet election, but the week’s events have proved that this interweb-thingy can be a most powerful and effective tool. Just ask Geoff and Patricia.

Offline and online, blog launch a success

On the evening of the state opening of parliament, the Young Fabians saw the long-awaited official opening of this blog. The launch last night went successfully with YF members and others engaging both online and offline. John Wood from the TUC‘s Touchstone blog, Progress‘ Jessica Asato, and LabourList Editor, Alex Smith, joined our panel discussion in the House of Commons, whilst there was tweeting-a-plenty using #yfblog.

From the Webbs to the Web set out to look at the potential in the web for sharing ideas and developing policy in the twenty-first century. We heard about the good – Alex Smith: ”It’s no longer the case that the right are streets ahead online; in fact the reverse is now true.” – and the bad – Jessica Asato told us that a clear majority of posts as well as 90% of the left wing blog rolls are made up by men. 

It was agreed that events like the one taking place remained important and that online politics can’t exist alone - and in a sign of old and new together, tweeting even stopped for a brief period of Chatham House rules discussion. (This wasn’t the only example of the power of new media combining with old media today.)

There was consensus that wiki-policy-making – blank page policy built up in the same way the wikipedia website is - should be given a go. It was suggested that both men and women need to change the space in an antagonistic and personal blogosphere if they truly believe in equality and social justice. And we heard the proposal, nay request, from Jessica Asato for an online policy aggregator to be put together, allowing anyone to search by word or phrase and be a mouseclick away from every think tank’s ideas.

Some good comments came from the floor, including a discussion of what makes a good blog post. The words short, dirty, measured and thoughtful came up. I suspect this one achieves very few, if any, of those four …

An old-fashioned meeting, some very modern tweeting, and a new blog for YF members. The guest posts on the blog will continue for the remainder of the week including blogging Labour MP, Tom Harris. We hope you’re enjoying it and will soon take part – watch this space for details of how the next stage of YF policy development will move online. All-in-all, progress.

Next up, avatars of the YF Executive … (that’s a joke by the way for anyone still considering standing for co-option this weekend)

GUEST POST – Kerry McCarthy MP

We are inviting a series of guest posts to mark the official launch of the Young Fabian blog. YF members who would like to contribute should get in touch with Vice Chair, Adrian Prandle, aprandle@youngfabians.org.uk.

First up is Labour’s New Media Campaigns Spokesperson, Kerry McCarthy MP on how  the web can play a part in making ideas have impact.

Making the world a better place!

When the Young Fabians contacted me to ask me to write this piece, I was asked to comment on whether collaborative policy-making is possible online… Well yes, it is, but just because a new medium exists that doesn’t necessarily mean it’s any better than the old ways of doing things.

We’ve all been to meetings where, fascinating though the discussion is (sometimes!), in the end they’re little more than talking shops. This is also true of online debates, perhaps even more so if you don’t have anyone to look at the clock and say “Right, we’ve got ten minutes left, we need to reach some conclusions!” I’ve seen plenty of interesting and thought-provoking comment pieces online, but how many of them ever get translated into action?

If you’re looking to influence actual decisions, you still have to get to the decision makers and into the arena where decisions are made, which in Labour’s case means our senior politicians, the National Policy Forum and Labour Party Conference (via the influential, such as the big beasts in the union movement).

The most basic use of new media is for transmitting information: telling people what our policies and our principles are; what we support and what we oppose; what we’ve done and what we plan to do. It’s also about engagement, having a conversation with people, hammering out ideas and thoughts, not just transmitting but receiving too. And it’s about campaigning, promoting a cause; making sure something actually happens as a result of all this talking.

Although Twitter is derided by many as being trivial and insubstantial – how can you possible say anything important in 140 characters? – I actually think it’s the best tool for engaging with people that I’ve found. It’s a great source of news and information, as people tweet links to articles or blog posts, and it sparks lively debates. It’s a great tool for challenging your opponents when they say something stupid, and for rebutting their arguments. A perfect campaign could involve using all forms of social media, for example, wiki-sites, blogs or online forums to develop ideas; Facebook and Twitter to rally support and publicise the campaign; and podcasts, YouTube and virals to keep interest going.

So let’s say, for example, that you wanted to come up with some ideas that would give young people a reason to vote Labour. First thing I would say is this… focus! Focus on what’s achievable, i.e. what you can “sell” to the Party and what the Party can deliver. (I know Fabians are the intellectuals of This Great Movement of Ours, but there’s a time for talking and a time for action, and six months before an election definitely falls into the latter category! You can’t “sell” a thesis online. You can “sell” a great idea.)

If your intention is to take ideas forward, you need a mechanism to come up with a consensus and to set priorities, whether that is a form of online consultation / polling, or a meeting. Keep it simple; you’re not being asked to write the whole manifesto.

A great example of a successful online (or partly online) campaign recently was the Scout movement’s ‘Stop the Rain Tax’ campaign, which involved Scouts lobbying Members of Parliament at the Party Conferences and through Twitter. There was a clear ‘ask’ to their campaign; they knew what they wanted from politicians. Although it may be tempting to stray far and wide in your online discussions for the pure intellectual enjoyment of it, think how much more satisfying it would be to know you’ve actually changed Government policy and – hopefully! – made the world a better place as a result.

So settle on your ‘ask’ and then get it out there in the social media world. There’s no reason why you can’t have a blog and a Facebook page and an online petition and supporters tweeting too. If it’s a good cause and you’ve managed to rally support behind it, and been innovative in your campaigning, the mainstream media will eventually pick up on it. Which means even the most Luddite politicians can be reached.

Final point. I’m obviously a convert to the idea that social media can be incredibly useful to politicians and political parties, but above all, I use it because I enjoy it. So make sure you have fun with it too!