Founded in the United Kingdom in 2010 with the aim of increasing female representation on company boards, and subsequently at senior management level, the 30% Club is officially launching its newest chapter, the 30% Club Japan. Members of the 30% Club consist of senior leaders(*1) who view gender diversity as a critical business issue and commit to playing an active role in promoting diversity initiatives. The 30% Club has made a significant contribution to increasing female representation on company boards in 13 countries/regions. (*2) In UK, the percentage of female FTSE-100 directors increased from 12.6% in 2010 to 31% in 2019. The 30% Club Japan is launching with the support of 30 members and is forming an “Investor Group” which is one of the cornerstone initiatives of the 30% Club campaign.
The 30% Club Japan believes that diversity in senior leadership, especially in important decision- making bodies such as boards and Executive Committees(*3), is imperative to business because it improves corporate governance and risk management, as well as leading to the development of effective business strategies and to a strong brand, through the avoidance of groupthink(*4). Diversity at senior levels also promotes debate that reflects the interests of varied, and important stakeholders, and it fosters an inclusive organizational culture which allows for the best use of the widest available talent pool – it also promotes innovation which is potentially a source of core competitiveness for Japanese companies. These attributes are corroborated by the results of numerous research papers(*5), which clearly show a positive correlation between diversity at the top and indicators such as profit rate and mid- to long-term share performance. Given this, the 30% Club Japan sees diversity in senior leadership as a critical driver for improving the global competitiveness of Japanese companies, and as a key element in helping to build a sustainable Japanese society.
The 30% Club Japan aims to achieve 10% representation of women on the boards of TOPIX100 companies by 2020, and 30% representation by 2030. The Club will take the following three approaches to increase female representation in senior leadership positions.
- Commitment and leadership from the top
Commitment of senior leadership with the influence and resource to bring about change, is essential for successful transformation. Membership of the 30% Club Japan is only open to CEOs, Chairs or equivalents of companies and organizations. Members are required to set clear numerical targets and timelines for percentages of women in senior leadership positions, and to actively promote diversity initiatives within their respective companies.
- A concerted approach
The 30% Club Japan is a platform for cooperation among institutional investors, the government, media organizations, professional firms (consulting firms, law firms, etc.), executive search firms, universities, and other stakeholders that play important roles in the promotion of diversity. The Club aims to accelerate corporate progress on diversity through a comprehensive, joined-up approach.
- Proven-to-work initiatives
The 30% Club has many well-established initiatives that are proven to work in other countries. The 30% Club Japan will adopt and tailor these to account for Japan’s specific context in order to bring positive, timely change. The Club’s main areas of focus include the “Boardroom Initiative”, which seeks to increase board diversity directly, and the “Pipeline Initiative”, which is aimed at broadening the pipeline for the next generation of female leaders in order to support long-term, sustainable change. One of these initiatives is the “Investor Group” which has been very successful in other 30% Club chapters, and will also be launched in Japan in conjunction with the launch of the 30% Club Japan.
Launch of Investor Group
The “Investor Group” will coordinate the investment community’s approach to diversity, with a particular focus on explaining the investment case for more diverse boards and senior management teams. Asset owners and asset managers are responsible for the stewardship of the investments they make on behalf of their clients. As indicated by its Statement of Intent (available here), the Investor Group’s objectives are to provide direction on gender diversity to investors, companies and the wider marketplace, and to suggest ways in which investors can use their ownership rights and undertake stewardship that encourages progress on gender diversity.
Investor Group Chair: Douglas Hymas (The Bank of New York Mellon, Country Executive)
About the name:
30% is the figure widely agreed to mark the stage at which contributions of a minority group cease being representative of that particular group and start to be judged on their own merit – in other words, critical mass is achieved. Having 30% female representation on the board and in other decision-making bodies increases the chance of a company benefitting from the diversity within its business.
Outline of the 30% Club Japan
- Name: 30% Club Japan
- URL: https://30percentclub.org/about/chapters/japan
**Please see the home page for details
- Founding Supporters(*6):
Advisory Board Members:
- Heidrick and Struggles, Managing Partner, Japan, Aya Iinuma
- Shiseido Company, Limited, President & Group CEO, Masahiko Uotani
- Deloitte Tohmatsu Group, Chair, Yoriko Goto
- The Bank of New York Mellon, Country Executive, Douglas Hymas
- Showa Women’s University, Chancellor, Chairperson of the board, Mariko Bando
Japan Campaign Manager:
Deloitte Tohmatsu Consulting LLC, Senior Manager, Michiko Tadamatsu
- Members: 30 (as at 23 April 2019)
TOPIX 100 (in no particular order): Ajinomoto Co., Inc., President & Chief Executive Officer, Takaaki Nishii / Astellas Pharma Inc., Representative Director, Chairman of the Board, Yoshihiko Hatanaka / MS&AD Insurance Group Holdings, Inc., Representative Director, President & CEO, Yasuyoshi Karasawa / Shiseido Company, Limited, President & Group CEO, Masahiko Uotani / Sompo Holdings, Inc., Group CEO Representative Director, President and Executive Officer, Kengo Sakurada / Daiwa Securities Group Inc., Chairman of the Board Takashi Hibino / Daiwa Securities Group Inc., President & CEO, Seiji Nakata / Tokio Marine Holdings, Inc., President and Group CEO,Tsuyoshi Nagano/Hitachi, Ltd.,Representative Executive Officer, President & CEO and Director, Toshiaki Higashihara / Resona Holdings, Inc., President, Kazuhiro Higashi
TOPIX Mid 400 (in no particular order): Dentsu Inc., Representative Director, Nobuyuki Tohya / Hitachi High-Technologies Corporation, President and Chief Executive Officer, Masahiro Miyazaki / MARUI GROUP CO.,LTD., CEO, Hiroshi Aoi
Other Members (in no particular order): Deloitte Tohmatsu Group, Chair, Yoriko Goto / Deloitte Tohmatsu Group, CEO, Takashi Nagata / MSCI G.K., Managing Director, Kazuya Nagasawa / Citigroup, Citi Country Officer & Japan CEO, Lee R. Waite / Standard Chartered Bank, Chief Executive Officer, Japan, Yasunori Takeuchi / State Street Global Advisors (Japan) Co., Ltd., President and Representative Director, Takashi Takamura / Deutsche Bank Group Japan, Chief Country Officer, Tamio Honma / The Bank of New York Mellon, Country Executive, Douglas Hymas / The Bank of New York Mellon Securities Company Japan Ltd., Representative Director, President, Izumi Chihara / Williams Lea Japan, Ltd., Representative Director, Japan / Managing Director, North Asia, Akihiko Kubo / Heidrick and Struggles, Managing Partner, Japan, Aya Iinuma / IHG ANA Hotels Group Japan, CEO, Hans Heijligers / Showa Women’s University, Chancellor, Chairperson of the board, Mariko Bando / Tsuda University, President, Yuko Takahashi / The University of Tokyo, President, Makoto Gonokami / Niigata University, University President, Sugata Takahashi / The British Chamber of Commerce in Japan, Executive Director, Lori Henderson, MBE
Government Advocates (in no particular order): Cabinet Office, Director General for Gender Equality Bureau, Toshie Ikenaga / Ministry of Economy, Trade and Industry, Deputy Director General for Economic and Social Policy, Yasuhito Nii
Membership of the 30% Club Japan is open to CEOs, Chairs, and other equivalent executives of large public companies with at least 301 employees. Membership is also open to the leaders of important 30% Club Japan stakeholders such as financial institutions (particularly institutional investors), the government, professional services firms (consulting firms, law firms, etc.), PR companies, executive search firms, and universities, regardless of whether or not they are listed, and regardless of the aforementioned size criteria. Please refer to the website for details.
Inquiries about 30% Club Japan:
Please address inquiries to Campaign Manager Michiko Tadamatsu email@example.com
(*1) CEO, Chairperson, or other equivalent position
(*2) United Kingdom, United States, Australia, Canada, Ireland, Italy, Turkey, GCC (Gulf Cooperation Council), Hong Kong, Malaysia, Japan, Southern Africa, East Africa, Brazil
(*3) Executive decision-making bodies; generally decision-making bodies composed of CXOs
(*4) The phenomenon of insufficient discussion leading to mistaken decisions
(*5) Surveys referenced:
- Delivering Through Diversity (McKinsey, January 2018)
- The Tipping Point: Women on Boards and Financial Performance (MSCI, December 2016)
- The CS Gender 3000: The Reward for Change(Credit Suisse, September 2016)
- Is Gender Diversity Profitable? Evidence from a Global Survey(Petersen Institute, February 2016)
- Women On Boards: Global Trends in Gender Diversity on Corporate Boards(MSCI, November 2015)
- The Power of Parity: How Advancing Women’s Equality Can Add $12 Trillion to Global Growth(McKinsey, September 2015)
- The Value of Diversity(Grant Thornton, September 2015)
- The CS Gender 3000: Women in Senior Management(Credit Suisse, September 2014)
- Gender Diversity and Corporate Performance(Credit Suisse, August 2012)
(*6) Chair and Vice Chair will be selected from Advisory Board Members
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