© Andrewgenn By Alexander Whiteman 22/01/2018 Ethical and moral standards notwithstanding, companies boasting mixed boards can boast higher profits.Sadly, according to a study conducted by HR Consulting, the global shipping sector seems to have failed to recognise the benefit women bring to executive positions.A poll of 40 companies within the sector revealed less than 1% had female representatives in executive positions.Compensation and benefits consultant Sarah Hutley said African and UK-based companies fared the worse in these statistics, while the US led the way. Speaking at last week’s Womens’ International Shipping and Trading Association (WISTA) event, entitled The Gender Pay Gap, Ms Hutley noted: “In the US, some 20% of directors are female, while women also make up around 14% of US-based executive boards.”“Conversely, the US lagged behind when it came to the number of women in the overall workforce – with Eastern Europe leading the way in terms of total workforce.”Ms Hutley said that in the UK while 39% of the shipping sector workforce is comprised of women, the proportion diminishes with each step up the ladder of seniority.She said this was also the case globally – with women holding 34% of a total 22,000 global maritime workers – with only 14% in technical roles and fewer than 1% on executive teams.Studies by both KPMG and the Peterson Institute indicate having fewer women on company boards affects profitability, with mixed boards recording 6-19% higher profits.And a study conducted by Spinnaker Global – HR Consulting’s parent company – put the figure even higher.A sample of 231 companies between 2007 and 2009 suggested EBIT for mixed boards was some 56% up on those with no women at board level.Furthermore, a separate study by KPMG on the role of diversity in the gambling sector suggested mobilising women could add an extra $12trn in economic activity by 2025.And despite efforts in the UK to reverse the problem with the Equality Act Regulations 2016, the plight of women in the shipping workforce seems to be worsening.The act requires companies with 250 or more employees to disclose details of the gender pay gap by April – Ms Hutley noted that with the deadline looming, some 70% are still to do this.A study conducted by HR found the mean gap in the hourly rate between men and women to be around 39%, while the median gap was 37% in 2016.Last year, the gap widened, with women being paid some 46.4% less than their male counterparts at a mean level, while the median gap was around 45.7%.“Had there been an extreme between the mean and median results it would suggest that the higher earners were skewing the results,” said Ms Hutley.“But with the mean and median difference so close, it would suggest the extremes had little effect on the overall results.”Ms Hutley said this pay distribution illustrates the levels and types of roles women in the workforce tend to undertake, and is responsible for the large pay gap that is reported.And while women were found to be nearly just as likely to receive a bonus as men in the industry, the value of this bonus was typically around 68% lower.Managing director of HR Consulting Karen Waltham said reducing the pay gap and getting more women into executive positions was “not a female issue, but a business issue”.
Liverpool goalkeeper Jose Reina insists his situation is clear and “in principle” he plans to remain at the club. However, the Spain international, who has been linked with a return to former club Barcelona, admits the lure of a bigger club would give him the chance to improve. Speculation over the 30-year-old’s future has been circulating for most of the season and when current Barca keeper Victor Valdes announced he would not be signing a new contract when his current deal expires next year, it intensified. But Valdes, linked with big-spending French side Monaco, has stated he intends to see out his remaining 12 months at the Nou Camp and that puts any potential move for Reina in doubt. “My situation is clear. I have a three-year contract with Liverpool, although in football you can never tell,” he told Spanish radio station Onda Cero. Press Association “I’m very happy and satisfied at Liverpool, I feel valued and respected. “Logically, if there was a chance to improve and go to a bigger club it would be a good opportunity, although there are few clubs bigger than Liverpool.” In an interview with Spanish newspaper El Confidencial Reina added: “In principle my plan is to continue with Liverpool. “I have three years left on my contract and I want to fulfil that and even go further.” Asked whether he thought his time in the Premier League had come to an end Reina, currently on international duty at the Confederations Cup in Brazil, replied: “I don’t think so. Nor do I think that is a possibility. The best option for my family is for me to stick with Liverpool.” Liverpool have already begun looking for a replacement for Reina, one of the highest earners on their wage bill, and have identified Sunderland’s Belgium international Simon Mignolet as the primary candidate. Negotiations have taken place with the Black Cats, although a fee has yet to be agreed, but it remains to be seen whether the Reds will sign Mignolet – manager Brendan Rodgers has priorities in other areas – irrespective of whether a deal has been done or not with Barcelona for Reina. read more