Women in Finance Charter: An Oily Success Story
Well, here we are in the land of oil and finance, where the only thing thicker than crude oil seems to be the underrepresentation of women in the industry. But wait—enter Nicolai Tangen, CEO of the Oil Fund, ready to slap a new coat of polish on the fund’s approach to equality. Talk about putting the “fun” in ‘fund’!
The Oil Fund’s Target and Progress
In a recent status report on the Women in Finance Charter, Tangen proudly boasted of raising the percentage of women in the Oil Fund from a mediocre 25% to a commendable 35% over just four years. He claims the ultimate goal is 40%. That’s right, folks! It’s like they’re playing gender bingo—just crossing off numbers until they get a full house.
An Interesting Perspective on Gender Balance
Tangen insists that this isn’t just about stuffing the boardroom with women but rather about building a better organization. He says, “If there are too many women, it will just be a cook, but there will also be too many men!” Now, if only he could balance out his metaphors—as it stands, his ‘too many cooks’ situation sounds more like a sitcom plot than a strategic vision.
But let’s focus on the positives. The Oil Fund has ditched the old checklist of job requirements that often made women feel like candidates for a job they could never get. Tangen described this outdated checklist as “nonsense.” Well, it’s just refreshing to hear a CEO with a sense of humor—because guessing which boxes you need to tick could drive anyone mad!
Training Young Female Leaders
Yet, Tangen’s bold vision resonates further with a recent graduate program comprised of 10 women and just 3 men. He dismisses any grumbling from men who feel ‘passed over’ as unfounded, insisting, “No men have been passed over. So no one has any reason to.” Sweetheart, that’s a classic ‘you only think you’re in trouble’ line!
The Underlying Problem of Drop-Out Rates
Meanwhile, on the other side of the coin, Alexandra Morris of Skagen shares a dose of reality, highlighting a slower progression elsewhere in the financial sector. Despite the Oil Fund’s strides, only 27% of top managers in Norway are women—a statistic she believes hasn’t budged much since 2015. “To retain women, we need to create environments where they feel secure in their ambitions.” Sounds like a great plan, but let’s hope their workplace doesn’t resemble a cattle pen. Who wants to feel like they have to moo to get heard?
A Future with Balance
Morris finishes with a thought that should ring in the ears of many: “Knowledge and intelligence are evenly distributed between men and women.” Yes, the more options you offer in a dating app, the more you risk swiping left on true potential. Let’s just hope they’re not too busy trying to bluff their way into positions!
It’s heartening to see initiatives like the Women in Finance Charter paving the way for a balanced future. As Tangen and Morris drive the conversation toward gender equality in finance, I can’t help but wonder when we might see the first woman at the helm of the Oil Fund. Could it be soon? One can only hope—after all, why wouldn’t it happen? Maybe that’s the plot twist we’ve all been waiting for!
In Conclusion
In a world where finance meets oil, it’s time for all members of the team, regardless of gender, to pull together for a better environment. Let’s raise a toast to transparency, opportunity, and, of course, a balance that doesn’t just tip the scales but instead creates harmony in the chaotic world of finance. Here’s to cooking up a storm—with the right number of chefs!
– One of the things we are most proud of in the Oil Fund is what we have achieved in the last four years, says Oil Fund CEO Nicolai Tangen in connection with the presentation of this year’s status report from the Women in Finance Charter.
He points out that for many years before he arrived, the fund had a target of 50 per cent women, without getting higher than 25 per cent. Now it is 35 per cent, while the long-term target is 40 per cent.
– It is an absolutely fantastic story, and there is not a single man in the Oil Fund who feels passed over or treated unfavorably, he says confidently.
According to Tangen, the proportion of women must be increased “slowly and surely”.
– It must be fair. When you promote, it must be based on qualifications, that you are actually the best. If the promotion is not fair, then you undermine the woman and treat people unfairly, he explains to E24.
– The Tull Ball is gone
Among the steps the Oil Fund has taken is the removal of the checklist of requirements in job advertisements. The reason for that is that women often feel that they tick no boxes, while men feel they tick all of them.
– All that nonsense is gone, says Tangen, and adds that they now focus more on emotions and the importance of doing something for the country in the job advertisements.
He also refers to a change in who can speak on behalf of the fund. Four years ago there were only four people. So far this year, 175 people have done so.
– To gain trust, you have to drive out people who know what they are talking about. We have people who are among the world’s best in many fields. In many cases, it’s young women, and it’s crazy fun.
Too much cook
Tangen has experienced that female portfolio managers manage capital in a different way to men.
– There is a bit more focus on some of the corporate culture issues in the companies we have invested in, which are extremely important in determining the long-term success of a company. I think they are more long-term on average, he says.
– But you must not only have women, you must have both. If there are too many women, it will just be a cook, but there will also be too many men, he adds.
– The goal in itself is not to get more women, it is to get a better organisation. It is very important. We have so many talented women in the organisation, and we have become much better at keeping them than before, he continues.
This summer, the fund was also able to state that the coveted graduate program this year consists of 10 women and only 3 men. A number of male readers reacted to that.
– What do you say to those who felt passed over?
– No men have been passed over. So no one has any reason to. It is really fair employment, emphasizes Tangen.
Alexandra Morris, investment director in Skagen, and Turid Solvang, head of FutureBoards, took the initiative for the Norwegian branch of the Women in Finance Charter.
Photo: Camilla Knudsen
Problem in the industry
In the status report from the Women in Finance Charter (KIFC), it appears that only 27 per cent of top managers in the financial industry in Norway are women. If you look at all management positions in Norwegian finance, the proportion is 35 per cent. There is a marginal improvement since 2015.
Alexandra Morris, who is one of the initiators of KIFC in Norway and investment director at Skagen Fondene, thinks the development is going too slowly.
– But I think there is greater progress than what appears in the numbers. The reason for that is that we still have too high a drop-out rate. Although it is gratifying to see that the Oil Fund is more successful in retaining women, it is a problem elsewhere in the industry, she tells E24.
This is the Women in Finance Charter (KIFC)
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Turid Solvang, General Manager at FutureBoards and Alexandra Morris, Investment Director at SKAGEN The funds took the initiative to develop the Women in Finance Charter in Norway in 2021, following the model of the Women in Finance Charter, which was initiated by the British Ministry of Finance (HM Treasury) in 2016 .
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The purpose is to contribute to increasing the proportion of women in leading positions in the financial industry in Norway.
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KIFC works to ensure that companies commit to four principles: have one member in the management team with dedicated responsibility for following up work on gender balance and inclusion, have an ambition that progress towards the goals should be reflected in the remuneration of the management team, set internal goals for gender balance at management levels and in specialist functions, annually publish the status and progress towards the goals on its own website.
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Kvinner i Finans Charter is owned by the industry itself, through the industry associations Finans Norge, Norsk Venturekapitalforening, Verdipapirforetakenes Forbund and Verdipapirfondenes Forening, as well as the initiators Alexandra Morris and Turid Elisabeth Solvang.
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Kvinner i Finans Charter carries out an annual review of the development among the businesses measured against the Charter’s obligations. Here you will find this year’s status report.
Morris says that the industry has focused a lot on recruitment, but that the focus must now be shifted to retaining the women. To achieve that, Morris is concerned with the importance of openness about expectations and security around the possibilities of flexibility in the career path.
– In other words, have good clarification of expectations for both women and men, she says.
Can’t just bluff
– Women are not very good at saying out loud that they have ambitions. But they have. We see that from research and our own investigations. So there we have to help them a little by creating security.
– Some men feel passed over when the proportion of women is to be increased to create equality. Does it cause problems?
– If there had been a hold on it, then of course it would have caused problems, but I don’t believe that until I see evidence of it, she replies.
– But knowledge and intelligence are evenly distributed between men and women. And when the selection suddenly becomes twice as large, it is clear that some boys feel threatened and that they may have to prove themselves to a much greater extent than just bluffing and speaking jargon.
Morris praises Nicolai Tangen and the Oil Fund’s work to increase the proportion of women and that they publicly support KIFC.
– When do you think we will get the first female head of the Oil Fund?
– The next oil fund manager could be a woman. Why wouldn’t that happen? asks Morris, who initially hopes Nicolai Tangen will take another round.
