Mark Zuckerberg thinks the corporate world needs more “masculine energy”. Precisely what he means by this is unclear. Perhaps slashing DE&I budgets and abandoning any credible fact-checking efforts on his platforms are steps towards realising the masculinity in business that he so desires. In any case, his statements seem absurd considering the recent announcement that EY and PwC are both expected to miss 2025 targets for female partner representation in the UK. A new piece of research further suggests that many businesses have got quite enough masculine energy as it is.
The 2024 Female FTSE Board Report sheds light on the misogyny faced by some female finance leaders in the boardroom. Researchers at EY and the Cranfield School of Management interviewed 18 female CFOs at large private and public companies, including 10 FTSE firms and one public sector organisation, to better understand their experiences in company leadership. The results reveal a deeply rooted macho culture in many executive suites, which has, at times, left women feeling excluded and/or disrespected.
One woman had to be smuggled through the back door of a men-only club because that’s where a business meeting was being held
One CFO was so often subjected to grilling by an all-male executive committee that she was pushed to the brink of quitting. “I was thinking, ‘I don’t need to do this job, I don’t need this every day of my life,’” she told the report’s authors. Another was asked by a non-executive director (NED): “Does your husband know you’re here? How does he feel about you taking on such a big role?”
Dr Michelle Tessaro, a visiting professor at Cranfield School of Management, helped lead the research. As a former CFO, she’s experienced first-hand the kinds of belittling behaviours that some women in senior positions still face. Sometimes the sexism is overt, but often it is more subtle: being spoken over, or having ideas stolen or judgements questioned. “I’ve spoken to finance execs who’ve had to attend meetings in traditionally male-dominated spaces, such as sports bars and golf clubs,” Tessaro says. “One woman had to be smuggled through the back door of a men-only club.”
Little attention is devoted to making executive cultures more inclusive. Progress on boardroom diversity too is stalling. Although female representation in NED roles has grown, women are still struggling to reach the very top positions, according to Cranfield’s data. In fact, the number of women holding executive positions across the FTSE 250 fell from 47 in 2022 to 42 in 2024 – a decline of 11%.
Digging deeper, the report highlights a missed opportunity to increase the number of women in the top finance seat over the past two years. There were 28 outgoing CFOs across the FTSE 250 last year. Women were selected to fill only three of these vacated posts. What’s more, 29 FTSE 100 CFOs have left their roles since 2022, but just eight of those positions were filled by women.
“What this means is that women work their way to the top only to find themselves in environments where they are unsupported and alienated,” Tessaro says.
Call it out
Many female leaders find themselves in the uncomfortable position of having to call out inappropriate boardroom behaviour themselves. “They feel obligated to speak out as the most senior women in the business,” Tessaro says.
While it’s important that bad behaviour does not go unchallenged, expressing one’s boundaries or speaking on others’ behalf can be difficult. Doing so does not always have to be obvious or confrontational, says Florence Weber-Zuanigh, founder of Diversity in the Boardroom, an organisation advocating for equity-driven leadership.
“When witnessing inappropriate behaviour in a boardroom, or anywhere for that matter, we tend to think about what would be the best thing to say and do,” she says. “But, ultimately, not letting it pass by is what really matters. It doesn’t have to be a complicated speech, it can be as simple as asking someone to repeat what they’ve just said to make them think twice.”
Don’t assume that everyone can just tough it out – it’s a business meeting, not a test of physical endurance
There’s more than one way to have these conversations. Some who have witnessed inappropriate behaviour might feel comfortable talking to the offender in person, while others may prefer to communicate their objections via email. But, no matter how it’s done, persistence is key. According to Weber-Zuanigh: “If going through a long tirade means you will do it only once, but sending an email after the fact means you won’t hesitate to do it each time, then you know what’s the best option in the long run.”
But the onus should not be on the women in the room to raise these issues. If boards truly want to make the cultural shift that is so urgently needed, men must be allies. This means speaking up when something is amiss, participating in initiatives to improve gender diversity and working to raise awareness of these issues at every level of the organisation.
The chair has an important role to play in supporting colleagues under pressure. It is their responsibility to steer discussions back to substantive issues and create an environment where everyone feels comfortable. So says Jenny Segal, a finance professional and author of On Motivation: Board Effectiveness & Culture.
Segal explains: “Women generally prefer it warmer, for instance: notice whether they are shivering or wearing their coats and consider turning the temperature up slightly or taking your jacket off. Board meetings are often very long – are there enough comfort breaks scheduled for women dealing with menopausal symptoms, periods or pregnancy? Don’t assume that everyone can just tough it out – it’s a business meeting, not a test of physical endurance.”
CFOs have a crucial role to play
However, according to Tessaro, simply calling out bad behaviour as and when it happens is not enough. “The bigger issue is that the system needs to be fixed,” she says. Misogyny is often deeply embedded and, for some, stereotypes influence fundamental beliefs about women. And, if culture is to blame for the sexism on display in many corporate boardrooms, solving the problem will not be quick or easy.
In Tessaro’s view, finance leaders have an increasingly important part to play in dismantling the culture and rebuilding a more inclusive environment. “They have a bigger voice than ever in the boardroom and shouldn’t underestimate their authority to influence behaviour.”
Finance chiefs can use their credibility and networks to address these issues constructively, by initiating coaching sessions to tackle boardroom power imbalances, for instance, or embedding cultural metrics into financial reporting to demonstrate the impact of inclusive practices. This is particularly effective in high-stakes moments such as M&A, when advocating for cultural due diligence may help to ensure that the right behaviours are non-negotiable and that leadership accountability is baked into post-merger or transformation metrics.
Weber-Zuanigh encourages CFOs to help the board understand how alternative approaches might yield better results and share any lessons learnt about diversity of thought. “Did you recently listen to a podcast that made you understand a perspective or experience very different from your own? Have you read a book from an author you wouldn’t have gravitated towards naturally? Let people know you’re doing the work and encourage them to join in and share,” she advises.
What doesn’t work?
Diversity quotas can produce results, but they sometimes feel lazy and forced; they smack of tokenism and could alienate both men and women, Segal says, adding: “Quotas can compound imposter syndrome, with both the candidate and her colleagues thinking she was only picked for her gender.”
There is also the risk of unintended consequences. “We want more women on boards, but we also want our directors to be experienced,” Segal explains. “This means the same handful of female directors get recycled, making it very hard for the next generation to break through.”
At the end of the day, boards cannot expect their organisations to champion inclusivity when the most senior leaders do not observe such lofty standards. With noises from across the pond suggesting the pendulum is swinging the wrong way on DE&I, it is more important than ever that corporations recognise the inherent value of a diverse, inclusive culture.
Mark Zuckerberg thinks the corporate world needs more “masculine energy”. Precisely what he means by this is unclear. Perhaps slashing DE&I budgets and abandoning any credible fact-checking efforts on his platforms are steps towards realising the masculinity in business that he so desires. In any case, his statements seem absurd considering the recent announcement that EY and PwC are both expected to miss 2025 targets for female partner representation in the UK. A new piece of research further suggests that many businesses have got quite enough masculine energy as it is.
The 2024 Female FTSE Board Report sheds light on the misogyny faced by some female finance leaders in the boardroom. Researchers at EY and the Cranfield School of Management interviewed 18 female CFOs at large private and public companies, including 10 FTSE firms and one public sector organisation, to better understand their experiences in company leadership. The results reveal a deeply rooted macho culture in many executive suites, which has, at times, left women feeling excluded and/or disrespected.
One woman had to be smuggled through the back door of a men-only club because that's where a business meeting was being held
