Company Examples of Gender Leadership

Pax World CEO Joe Keefe was among the first CEOs in the world to endorse the Women’s Empowerment Principles, a joint initiative of the United Nations Global Compact and UN Women.  We are pleased to hold the following companies in our fund portfolios that have endorsed the Women’s Empowerment Principles.

• Microsoft Corporation (1.3%*)
• KAO Corporation (1.6%**) 
• OMV AG (1.2%**)
• Levi-Strauss & Co. (1.1%***)

The following endorsers of the Women’s Empowerment Principles are held in the Global Women’s Equality Fund:

• Resona Holdings, Inc.  (1.0%*) (1.6%**)
• The Coca-Cola Company  (1.1%*)
• PepsiCo, Inc. (1.2%*) (1.7%****)
• Microsoft Corporation (1.3%*)
• Shiseido Company Ltd. (1.2)

Additional Company Examples of Gender Leadership in the Global Women’s Equality Fund.

National Australia Bank Ltd.

National Australia Bank (NAB)(2.0%*) reports that, as of January 2012, there were two women among its 12 senior executives, and two women on the company’s 13-member board of directors. The company provides excellent disclosure of workforce demographic data; between 2007 and 2011, the company has seen a gradual increase in the percentage of women managers (from 38% to 43%) and senior managers (from 27% to 29%).

In addition, NAB reports on the ratio of women’s compensation to men’s compensation by job category and country, which is rare, regardless of sector. The company has almost achieved parity for its female employees in Australia where approximately 60% of the company’s employees are located.

The company has specific diversity programs in place to address gender balance in the workplace, and to develop future female leaders. In the UK group, a series of workshops, Dignity at Work, highlight the bank’s stance on bullying and harassment in the workplace. Work/life benefits at NAB include paid child care leave of up to 12 weeks, unpaid child care leave, child care centers for children of employees and flexible working arrangements.

According to NAB’s most recent sustainability report, the company has set targets to enable gender balance throughout all levels and creates a pipeline of women to progress into senior roles. In Australia, the proportion of women in the company’s graduate program and core talent development programs increased over the past year. In addition, beginning in January 2012, NAB required that all preferred external recruitment suppliers in Australia to demonstrate that they comply with its Diversity and Inclusion Service Provider Principles, have a written diversity policy for their business and provide appropriate diversity training for their people.

PepsiCo, Inc.

PepsiCo (1.2%*) reports that, as of January 2012, there were four women serving on its 13-member board of directors, and seven of its top 25 senior executives were women. The CEO and Chair of PepsiCo, Indra K. Nooyi, is a woman.

PepsiCo has a Talent Sustainability program that aims, in part, to increase female and minority representation in management. To support these efforts, the company has a Global Diversity and Inclusion Governance Council led by its Chair/CEO and Chief Diversity Officer in addition to External Diversity Advisory Boards comprised of educators, politicians, practitioners and customers who advise senior management on issues relating to diversity and inclusion. PepsiCo has established Diversity and Inclusion Councils globally that develop and execute local diversity and inclusion strategies and have a particular focus on women. In the United States, PepsiCo has several Diversity and Inclusion Networks, including one for women. In 2008, the company established a Female Talent Development Program in the Middle East and Africa to focus on increasing the recruitment of women. In 2010, PepsiCo became a signatory to the Women’s Empowerment Principles.

In its annual sustainability report, PepsiCo publishes workforce demographic data by gender, region and position. As of December 2010, women accounted for 32% of the company’s overall workforce, 31% of executives and 15% of senior executives. Through its supplier diversity program, the company spent approximately $1.4 billion with minority and women-owned businesses in 2010 in the US, an increase of four percent over 2009.

PepsiCo offers a variety of work/life benefits to employees including adoption assistance, on-site child care, flex time, telecommuting, job sharing, part time work and compressed work weeks.

Statoil ASA

Statoil (3.2%*) reports that, as of January 2012, four women served on its 10-member board of directors and two of its 10 senior executives were women. Statoil provides comprehensive disclosure of its gender empowerment programs and performance. In 2010, women comprised 37% of its overall workforce, and 30% of managerial positions (up from 29% in 2009 and 27% in 2008). In addition, women represented 40% of new hires in 2010. On a company wide basis, Statoil reports on the percentage of women by division and work category, and it also discloses salary ratios of men to women, which were 97% or greater across all three work categories measured.

One of the company’s key priorities in 2009 was to strengthen diversity in the leadership pipeline. The total proportion of female managers under the age of 45 was 34% in 2010, and Statoil aims to increase its number of female managers by giving equal representation to men and women in leadership development programs. Statoil also reports that it devotes close attention to male-dominated positions and discipline areas and also discloses turnover rates by gender and age.

The company’s work/life benefits include flexible arrangements for maternity and paternity leave and flexible work schedules.

Standard Chartered

Standard Chartered (1.7%*) reports that, as of January 2012, there were two women serving on the company’s 17-member board of directors, and one woman among its top 10 senior managers.

Standard Chartered has numerous hiring and mentoring programs in place to achieve greater gender diversity, with a particular focus on middle management, and also organizes a variety of activities to recognize the achievements of women and assist women entrepreneurs. According to the company’s 2010 Sustainability Report, women comprise 21% of senior management (compared with 16% in 2006) and 45% of the company’s global workforce.

Women’s networks are in place across a number of Standard Chartered’s markets, including the UK, Singapore and Kenya. Parents and caregivers networks have also been established, supporting careers and new mothers and fathers by providing buddies, an online discussion forum and numerous other resources. In 2010, the company held Women in Leadership programs for 100 women at the middle management level in eight markets such as Hong Kong, Singapore and South Korea.  The sessions covered key topics such as effective networking, creating strategic visibility, maximizing strengths and shaping career goals.

In February 2011, Standard Chartered launched a program to empower 6,900 adolescent Jordanian girls with financial education by 2013. The Jordanian program is part of the company’s larger goal to provide 100,000 women across Asia, Africa and the Middle East with important life skills.

In October 2009, Standard Chartered Bank in Sri Lanka launched an all-women’s branch in Kirulapone aimed at providing greater financial independence to its female customers. The branch has an all-female staff, including women security guards and janitorial staff, and also holds regular workshops for women on financial planning and investing. According to a report in Right Vision News, Standard Chartered’s Sri Lankan workforce is 42% female, and 31% of senior roles are held by women. In conjunction with International Women’s Day in March 2010, Standard Chartered launched the Women in Business Resource Centre - an online tool designed to help women entrepreneurs start and grow their own businesses.

*Women’s Global Equality Fund holding as of 3/31/12. Holdings are subject to change.

**Pax World International Fund holding as of 3/31/12. Holdings are subject to change.

*** Pax World High Yield Bond Fund holding as of 3/31/12. Holdings are subject to change.

**** Pax World Growth Fund holdings as of 3/31/12. Holdings are subject to change.