#ChangePays in energy
As a woman and executive, I am proud to share with you our #ChangePays in energy report, whose original research finds the energy sector worldwide has indeed made progress in the area of gender diversity.
Why is this important? At S&P Global, through our #ChangePays campaign, we are discovering the many ways diversity “pays.” So far, our research has explored the benefits of increased female participation for the capital markets specifically, and the world economy in general. We hope to learn more through our newly created Women’s Research Council, which aims to harness data and expertise across the divisions of our company.
Importantly, the findings add to the conversation about gender diversity in business. If there is a bottom line, it’s positive: women’s participation in boards and senior executive roles in the energy industry is accelerating.
The number of women in senior management and boards in companies of the S&P Global BMI Energy and Utilities indices more than doubled over the past two decades, approaching 15%, the average figure for most other industries.
That figure hides wide disparities, with New Zealand at close to 30% and South Korea and Japan near to 2%-3%. Progress is also slower in the C-suite, with utilities in particular continuing to do a better job than other energy firms.
In commodities, a survey by S&P Global Platts shows that 60% of industry executives are optimistic that they can change. And what about the renewables sector, which some say represents the future of energy? Surveys generally find that, while renewables companies have a larger proportion of women, there is still work to be done, again at the C-suite level.
You’ll also hear directly from senior woman industry executives and regulators, through 12 exclusive interviews. I was inspired by Patti Poppe, CEO of CMS Energy. She sees progress at CMS, where 45% of board members are women, as are about 30% of its officers. To get there, “there was definitely intentionality,” she says, such as having diverse selecting panels so as to minimize bias, but also “to some degree we happened to find extraordinary women.”
I hope this report will provide you with the data, analytics and insight needed to set intentions, take action and to make change pay.
Global Head of Research, S&P Global Ratings Chair, S&P Global Women’s Research Council