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Top 10 female drivers of financial change
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By goldengirlfinance.ca
The past several years have not been kind to the financial industry. Investment banks have imploded, retail banks have closed and even entire countries have been (or are) poised on the brink of economic collapse. It would not be fair of course, to blame men for all these financial catastrophes…however, we can't help but notice that the financial industry has been rather male-dominated for…well, ever.
Studies have proven that a little more double-X at the boardroom table gives a company a different, more balanced, perspective. We're not saying women could have prevented all this financial chaos, we're just saying we happen to know a number of brilliant female financial minds who are making a huge difference in the world of global finance…read on!
1) Christine Lagarde — Managing Director, International Monetary Fund
Known as the "Coco Chanel of world finance", the former French Minister of Economic Affairs is head of the International Monetary Fund (IMF). Ms. Lagarde is responsible for overseeing lending to the world's economies and her mandate is fraught with the daily perils of navigating the European debt crisis. Her influence goes far beyond her stylishness; Ms. Lagarde is known for her calm, strategic thinking and clear vision. She is a critic of 'macho corporate culture' and warned US Treasury officials to intervene before the collapse of the financial sector of 2008.
2) Sri Mulyani Indrawati — Managing Director, World Bank
Ms. Indrawati was the Finance Minister of Indonesia before taking on the leadership of the World Bank in 2010. The World Bank provides financial assistance to developing and reconstructing economies. In her previous role, Ms. Indrawati successfully guided one of Southeast Asia's largest economies through the global economic crisis of 2007-2009. Now at the World Bank, she focuses on the World Bank's efforts in reducing poverty and supporting ailing economies for over half the planet.
3) Saadia Zahidi — Senior Director, Head of Constituents, World Economic Forum
At the World Economic Forum, Saadia Zahidi is responsible for engaging religious leaders, not-for-profit organizations, labour leaders and women and minority groups. Her research on gender issues has exposed the inequalities that still exist in many countries and demonstrates the growing influence of the "power of the purse" on global economies. Ms. Zahidi benchmarks countries according to their gender gaps on issues such as health, education, economic participation and political empowerment.
4) Renée Haugerud — Founder & Chief Investment Officer, Galtere Ltd.
She may have begun her life as a farmer's daughter from Minnesota, but today New York based Ms. Haugerud runs one of the most successful hedge funds in America - and one of the very few run by a woman. Ms. Haugerud appreciates that her success in a male-dominated sector is rare. She has funded a groundbreaking program at the University of Tennessee that teaches trading and finance from a 'female perspective'. The goal is to empower generations of young women to become every bit as successful as men in the finance industry.
5) Chetna Gala Sinha — Founder & Chairperson, Mann Deshi Mahila Group
Ms. Sinha is the founder of the first micro-enterprise bank in India offering loans, insurance and pensions to rural women. The bank has expanded to include a business school to train women in entrepreneurship and a non-governmental organization (NGO) that strives to change policies and systems that block women's rights to control their finances. Ms. Sinha is a passionate advocate for empowering women, especially those who have little or no resources due to their social caste or economic situations.
6) Ngozi Okonjo-Iweala — Minister of Finance, Nigeria
Ms. Okonjo-Iweala is an economic reformer and was the first female Finance Minister in Nigeria, from 2003-2006. At a time when Nigeria was ranked "the most corrupt place on Earth" and internationally notorious for its "419 scams", Ms. Okonjo-Iweala devoted herself to attacking corruption and making her country more desirable for foreign investment and job creation. She then worked as a director at the World Bank where her scope expanded to all of Africa, until being re-appointed as Minister of Finance in Nigeria last summer.
7) Halla Tomasdottir and Kristin Petursdottir — Founders, Audur Capital
The two Icelandic businesswomen who founded Audur Capital in Reykjavik are committed to increasing diversity and incorporating feminine values into finance. This means infusing the financial sector with candor, integrity, responsible behaviour and an emphasis on the long term. Audur Capital focuses on the economic potential of women and provides investment related services for companies aiming to capitalize on the growing financial power of women.
8) Lubna Olayan — CEO, Olayan Financing Company, Saudi Arabia
Of individuals inspiring progress in the Middle East, Ms. Olayan would certainly be one. Her investment firm that she has headed for more than 25 years is one of the largest in Saudi Arabia. She also sits on the board of Saudi Hollandi Bank, the first woman to join a publicly listed company in the country. Ms. Olayan uses her influence to advocate for more progressive business practices in the Middle East. She participates in the World Economic Forum and serves on the Arab Business Council and Women Leadership Initiative.
9) Chanda Kochhar — Chief Executive Officer, ICICI Bank, India
With nearly $100 billion in assets, ICICI is India's second largest bank and Ms. Kochhar has been its CEO since 2009. She began as a trainee in 1984 after graduating from business school and climbed the ladder to the C-suite. She consistently ranks as one of the world's most powerful women and is a role model as someone who made her own opportunities through hard work, intelligence and merit, while balancing her responsibilities as a wife and mother and retaining her femininity and cultural values.
10) Courtenay Wolfe - President and Chief Executive Officer, Salida Capital
A Canadian woman making a big impact in the world of finance, Ms. Wolfe is the President and SEO of Salida Capital, one of Canada's leading natural resource investment management firms with approx. $500 million in assets under management. Prior to this, she was instrumental in building Tricycle Asset Management's business from under $100 million to more than $1 billion in assets in less than 3 years. Courtenay is the founder of the Salida Capital Foundation - a philanthropic initiative focused on women's rights and empowerment and children's causes, among others; in 2010, she established a partnership with the William J. Clinton Foundation for sustainable agriculture and development in Africa. More proof of her power and prowess? She was named one of 2011's Top 50 Leading Women in Hedge Funds.
Female resources
The decisions of how and where to deploy the resources of the world are always made by those who hold the purse strings. As women gain access to more resources, more income and more wealth, real change is occurring. Statistics show that more young women than men are graduating from university. Higher education will lead to better jobs, more pay and greater wealth…ultimately providing more power. It's up to us, ladies, to remember that with power comes responsibility. We have the opportunity to make the world a better place by instilling values of kindness, equality and compassion. Let's show 'em how it's done!
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