Transcript
Live. From vanguard's. Snow covered half pipe. It's a good time for that, it's the ESG Industries. Only weakly work date a podcast, featuring BS man. Matt mcgarden me in today's earthy Saucy gelatin called March 8th 2023. Yeah, 450,000. International women's day, headlines. Florida. Fun facts in a word from our sponsor. Matt. Our show today is being sponsored by ESG, your ESG Data Solutions provider. Wow, really we have a sponsor. That's amazing. Skank. Thank you actually. Did you honest? These are not really International women's day, headlines. Their headlines about women that I'm talking about on International women's day. So I'm going to be how come it's like every day is international Men's Day. I'm just happy that it fell on our kind of our ESG data work day-to-day because it just sort of makes sense the one day. Yeah, that's true. The one day Vivek does not listen to our show. Is he, what does he think about International women's day? Do you think I think he throws up in his mouth a little bit? You don't think he's like out there being like, what about International meritocracy day. Well, you know, I there is a, there's a, there's a section later. There's an article about what what is this article? Five things women leaders want gone from business on International women's day. And there's one that sort of roughly addresses Vivic and his bizarre meritocracy. Really, I'm excited. Now, let's just do this thing. You just got me excited for women. Before I get started, I want to honor the most powerful corporate female dictator in the United States. Oh, That is the founder CEO chair. Barista crossing guard, librarian of United Therapeutics Martine rothblatt. Yeah. With 71% influence, according to our data. She? she really kicks United Therapeutics but, you know, I It would be for I'd love to. Yeah but I would be remiss if I didn't say. That. Shut up. Yeah, Vivek would be really disappointed with this because Martine is a trans woman, correct. Okay. But yeah. A woman, it's a woman. Yeah, but I'm just saying later, I'm going to talk about Ron. DeSantis. Oh, don't take away my fun. Matt, I'd have all the US companies we cover. Which is roughly. How many do you have a top of your head? All of them, all of the companies. We covered 89 us 9,000. Oh us. 20700 us. There are only only 20 for female dictators in the US and I includes a Jessica Alba. I think they're doing the 24, not just Jessica Alba. I think they're like, former. What was she actress? She was an actress, right, and only 16 of these women without any kind of family Dynasty nonsense. 16, only 16 women in the United States are dictators of companies like people like Mark Zuckerberg friends only 162 of another shows. Yeah, let's get to the let's get to the headline. Ready. Yeah, these are all either mildly depressing or full fully on depressing on depressing. All right, let's go. The push for corporate board. Diversity has slowed with women in minorities getting a smaller share of new seats. 40% of new seats went to women down from 45%. 34 percent went to racial or ethnic minorities down from 41%. I guess they're getting bored of all this George. Floyd died. A bunch of years ago. No one cares now. And, and part of this is, here's the reason is that the share of seats going to first time directors fell to 32%, Ah, that's down from Fort just 43% just a year before. So, that's a big difference right there. You can't recycle all the reason the numbers go down is there's just not enough people who are available to recycle, yet. You just gotta wait for them to become available. Next headline, women named executive officers earn less than men when it comes to pay S&P 500 women in the Suite C. Suite earned just 82 cents for every dollar earned by men. Another way of looking at this, another way of quantifying this is that over 10 years, the cumulative difference in Pay Here will amount to $152 billion dollars. Yeah, but they don't Merit that money. Women still earn about 20% less than men overall. This is the gender pay Gap. here, look, they're doing better in the S&P 500 because it's only 18 cents. That's true in the US actually. In the US is the same 82%, so that's 18 cents and the US, same Canada 12 cents per dollar. That's something A Europe fell to 13%. How about this Kenya 27% in Japan. Women in Japan earned. Just 65% of what men earned in 2022. What 65% even worse than Kenya. Not the Kenya should be worse or better but even worse than Kenya. I mean well this is 73%. Yes actually reflects like the data that we built right? Because what we built was influence in power. And what we find is that on average, there is a 16% power gap between the percentage of women on the board and the percentage of power that they have. As in, they have 16% less power on average. So if you even look at this number, From a power standpoint, they're getting 82 cents on the dollar, but they actually are getting less influence than that. So they're getting overpaid. That's that's if you think of it that way. Oh, this is the most impressive episode we've ever had. I know, I'm just, I'm just covering all the ESG relevant ESG data here. How about this? Danish companies, saw the highest increase in women on boards from 35% of board seats held. To 42% Danish women, kicking band. What do you think about that? Denmark is one of the places where the pay the power Gap is the largest Is that right? That's true. Yeah. So it's all fake just like that show. I love called borgon which features a female prime minister. It's all just window dressing. Yeah. I don't know what that show is. It sounds fake. So, Gender pay Gap could cost the world economy 7 trillion dollars according to a report from Moody's. Okay? I'm gonna say that that doesn't sound like a merit based research piece. About this one. This is interesting. One, Speaking of Vivic. This is from right wing. Prime minister of Italy. She giorgia Maloney. Right. She's a right wing. Prime minister from Italy. She wants to see a woman. At the helm of at least one of Italy's State controlled companies. She says, quote, the real challenge is to have the first female CEO to State control companies. One of my goals, two things. Matt, how would Vivic feel about that? And secondly, why is it such a challenge? Like she's the Prime Minister what state control? I mean, like why can't she just down here? She just be able to rubber stamp it but no, that's a challenge. Um, yeah. She also she's also isn't she like deep into like Harry Potter or the Lord of The Lord of the Rings or something? Sure. So yes you say I'm always saying that because it does seem to be like some sort of recurring pattern like Peter Thiel. It and the palantir that like, Lord of the Rings is like a secret far, right? Love, is that right? Is that true palantir is a thing out of the Lord of the Rings. Peter teal is in a vowed, like, his, the name of his some other company that he started was about the Lord of the Rings. He's like, it was called it's called Hobbit Incorporated. Yeah, I believe that's correct. Yeah. How about this headline, Matt? Gender equality won't be achieved for another 300 years at the current pace of progress, according to the UN Secretary General 300 years. But but the good news is it makes 2050 seemed cooler again, right? Because think of all the things we're gonna achieve by 2015 but 300 years, that's 23, 23, oh let's kind of cool, 20, that's a great year. It's the only celebrate Yeah, but again, Vivek would roll his eyes. Women make progress in corporate boards but c-suite gains are scanned. This is the one that always we were talking about our data before and this is the one that still makes me just nuts. So, In 2021, women made up 15% of all S&P 500 named executive officers, their share of these positions grew, just 6% of points over 10 years. Wow. I mean, you know, and a number we always talk about two, female CEOs, still hovers at around 6%. Barely two percentage points higher than 10 years ago. Despite great gains in board seats that where in the Russell 3000, they're up from 16% in 2017 to 28%, currently that the executive role nothing's happening and it's maddening to me, let me ask you a clarifying question, how much influence does the board have on pushing management to actually like increase their talent pool ostensibly? I look at the role as being sort of a 50/50 proposition. I, you know, I write the management represents 50% of control. The board represent the other 50%, they so I, so what? So, I don't know, I don't know, I don't know the answer. So if you've added a whole bunch of women to the board but not giving them any power, no, no, actually. Yeah, then you would not expect the trickle down. To happen, right? Like you wouldn't exist, right? Because because the management will just they'll chuckle because they passed the women gently on the head and say, that's cute that you think that you're talented and you Merit positions anywhere. But I mean your jokes and your humor are gross. But they, yeah, they represent an unfortunate reality. This is like the crowd, doesn't think it's the glacial progress here is, is disgusting. I mean there should be a lot more anger, focus on this this alone. I think, I feel I look at the big story 2023. I feel like should be that the, the power Gap it should be, can we stop counting the number of women and understand the power that they wield? And then we'd be outraged. Here we go. Matt. Well, my last article for international women's day, this is a good one. I like this one. You're gonna like this one, five things, women leaders want gone from business on International women's day. Ooh, okay. I like these. This is interesting list. This is from Fortune. Fortune Magazine. Why do I call it magazine anymore? Yes, I'm old. The first one is called the missing stare. Oh, I've never actually heard of this term. I like that term. It says every worker knows too, well, the missing stare. That's St. A i r in their team. It's that offending person who newcomers are warned about in hushed words during their first week. Okay, I don't like the term as much anymore. Do you think you've ever been the missing stare? I mean, I hope I have no, I know, I know I haven't, um, like I was annoying. They the hushed conversation about me on teams was like, Matt will talk a lot and never shut Eva. He just, he won't shut up. But but like, it was never anything that like the women leaders were were like quietly talking about how I was mansplaining because I don't mansplain. I just talked. So there's a quote, I think that's myself as I get this quote, in this section where she said. Well, one participant in this report says, I want to see the opposite of diversity and inclusion. This is where we talk about Vivica, right? Yeah, she says, I want to see the opposite of diversity inclusion because every company in industry is making the same mistake, it's not about bringing diversity and inclusion in. It's about kicking the sexist. Massaging us racists, ableist, ages, homophobes, and transphobes out. Wow, I like this. Right. This is a whole new way of quantifying this problem. That means though, shut up Vivic. We've been doing it backwards. We need to measure. I was like I don't know how to measure that. How do I measure that? Oh you know you know it you just know when you meet and you're like that guy but like Yeah, I mean basically you've just described the like white men mostly unfortunately. The second thing, women leaders want gun is fake flexibility. They're talking about remote working for day. Work Works, Etc. They're just they want actual flexibility. Okay. Yeah. I used to tell the women I worked with. Don't tell the companies that you are going to work a four-day week. Just work a four-day week. Yeah. And don't answer emails. Say you're busy one day. Yeah. Because the problem there for two here is that that despite Companies, embracing a four-day work we culture. There's workers are still expected to do the same amount. Yeah, you do the same amount of work and they punish you when you actually work for days. So just and hear busy for the fourth day who they're punishing the most are women because women have a amount of Duties outside of the office. Whereas men just sit around on the couch. Yeah, well speak for yourself or drink at golf courses. I suppose. I wish I golfed. The number three thing, they want to get rid of is gaslighting. And specifically they're talking about gaslighting which typically comes in the form of ndas, right? Performative, exit, interviews and bias performance reviews. I mean, the other gaslighting. I had somebody tell me that they would get trained as part of, like, gender or diversity training leadership training every single year. And at some point, someone said, when are we trained, right? Like you've given us the same kind of training every single year to make us ready to be a leader. And you never make us a leader that that's yeah. The article mentions that I mentioned. All the bullshit webinars. All the yeah, exactly. All the all the nonsense like leadership course in which the diverse people all sit around with each other and talk about how they can be ready to be leaders. Another example of the gaslighting is expecting, female workers to solve women's issues, like, the gender pay gap or inequality in the c-suite, where to your point? Matt, statistically, women don't hold the positions of power. So they're, they're asked to solve something that they can't possibly have any power to solve? It's the worst. This is the worst article I've ever read. Well, I'm sorry, but, you know, let's let's honor something. Other than this makes me sad. Keep going. I want to feel number four thing. They want to get rid of want, gone. Oh, menstrual and fertility taboo. Stigma follows women throughout their career. Never gonna happen from menstruation to menopause to even pregnancy. Yeah, not gonna not gonna happen as they actively restrict Women's Health Access. It's just we're not. Here's one way, here's one easy way statutory leave after a miscarriage. But every time this is one, easy listening in easy, you know, that right now. So let's let's we can play Act five. Men in the c-suite sitting around, when the woman, who's usually the chief of marketing or human resources comes in, then she has to say, I just had a miscarriage. I'm going to take leave and they all sit around while she's gone being like, I don't get leave for a miscar. I don't, this is stupid like this. Just well excuse, not to work. Don't forget, number one in this list. Matt, we're gonna be getting rid of. We're going to be kicking out the sexist, massage in his race. Is a blow that is right. Oh, alright, so we're gonna do that first before you get to this. Yeah, that's number one, the list and finally, Ah, this is the interesting one. This is this one pertains to us. The fifth thing that women leaders want gone from business on International women's day, gendered, prefixes and associations, there was one resounding bugbear among the hundreds of CEOs, that reached out to Fortune. And that's the unnecessary use of the word, female. Personally, I'd rather not be referred to, as a female founder or a female CEO. But Matt, I will say this because, you know, we use these terms regularly. Sure, the article also gave a pass to free flow and business pants, because we're we're talking about in terms of data. Well, we're okay. Look, okay with all. So we are equal opportunity. We say, male founder and male CEO all the time. Well, you know, I don't know that we do enough of that. Actually, I do that all the time. Like I've I've already down all the time. Like this is the male. Sure. And this is gonna make sure we Hammer that we do. We do ignore in orderly. Make fun of white male. Yeah. Executives. But still I want to we need to we're on same ground. Let's just say fish. No no the Articles specifically said that. Oh good. Because again we're not we're not we're referring to female CEOs in the in the scope of presenting data like 7% are male or male CEOs or whatnot. You know 80% of female we just say International women's day sucks. It does suck. All right, here's my segue to you, Matt. Bank of America. CEO says we are capitalists. Oh wow. Anti ESG critics gain steam. CEO. Brian Moynihan, said this to shareholders this week. I've sometimes been surprised to be asked. Are you a capitalist? Oh, he said he answered. Yes. That's that's my hand off for your walk data were updated. Oh Brian I'm glad you clarified. That speaking of capitalists and speaking of women in diversity, oh no, I'm gonna fuse the two in the least capitalist diversity segments, ever, in honor of international women's day and the current anti-wolf legislative session unfolding in none. Other than Florida. I have the ultimate Ron DeSantis Florida diversity as well and full of women update for you. Okay, you ready? Yeah, I mean kind of not but yeah, I'll gonna listen. All right, well, I feel free to weigh in on any of this is desantis's. Legislative, here's my general way in. Before you get to the list is that I when they make the call that New England is succeeding, succeeding from the US. I'm okay with it. Yeah, I think most of us are at this point. I'm waiting, I'm waiting to England. What do I call? By the way, who runs the New England, how do I call? It's not Bernie Sanders. No, no no, I don't know, Massachusetts, so maybe it's like it's Big Papi. Maybe he probably runs. Oh, what would have been? Pedro, Big Papi was like 10 years ago, so, congratulations old. All right, here's his legislative wish list, concealed carry without a permit or training. Sure he's all about training, no training, no permit. Oh yeah. Okay. Defunding education through school vouchers. So he's proposing to okay increased School vouchers and make them applicable to homeschool Charter Schools, every religious school. So effectively he's going to take all those people and funnel them out of public schools where they get what if it was a free flow. Bland branded like ESG school. Yeah, he wasn't so Prager University actually fits this. So you can take the school voucher and spend it on Prager University, which I don't, if you don't know what that is, Dennis Prager? Yeah, it is the anti of anti-woke. Vivint did a like a video for Prager about, like, what capitalism. So you effectively indoctrinate your children in anti-woke theory and just like, hate rhetoric. I like, there's nothing else on there. It's just, yeah, it's just a textbook full of Dilbert cartoon. It's basically what it is. He wants to allow the death penalty without unanimous juries so it could be like five to four decision like like I guess so yeah. I mean, I guess just kill him. It's killed enough. We're closed. He wants to lower legal standards for suing the media that that's troubling. I mean that that's a, that's a slippery that's clearly. He's already there already proposed today. They announced restrict further restricting abortion access. Well luckily we put men in charge of legislating women's body. Yeah, that's the good news. That's the good news. The pushing it down from 15 weeks to six weeks. Oh, so like you basically don't get a positive test until relying. Matt, to all this is that this is so awful that he can't possibly win a national election. If you get the nomination, he doesn't win the truthful, man. He's got awful person. It's better, right? Yeah, here are my personal favorite sounds worse than Trump. You'll hear my personal, I haven't even gotten to the diversity ones. These are my personal favorites. These are the ones that are cogent to this show and there's multiple of them. So, um, Banning gender studies entirely from public universities, right that right? That makes sense. No gender studies. I guess they're just can't study men either. Yeah. How about we just get rid of, you know, universities I got. So, we're closed. That's something that universities can only teach nonthyroidal. prohibiting public universities from spending, any money of any kind on anything that quote espouses diversity, equity and inclusion, So, there goes are, we can no longer apply for a grant from a Florida. Oh, forget a grant. Yeah, there's no way that they can, they give us a grant, but like, if you were like a black acapella group, you're out. Yeah. Like that, that's diversity, right? Like so the university can't do that banning all, diversity, and Equity programs at Public University that includes hiring programs, right? Like they are not allowed to do that. I mean, once again, the good news here is, I had discovered that anti-woke means misogynistic racist piece of shit. It's at least I have learned this. Oh, and homophobic. Yeah, pick and phobia. Um, yeah, extending, don't say gay from. It was kindergarten to third grade. They won and now extended to 8th grade. So, oh, that makes sense because you don't want to talk about that with kids and puberty. Yeah, I mean, they're waiting for now. They want you to hit puberty and not ever still. Yeah. Yeah, still be horribly hateful and then and this is unironic. They are making at the same time, making discriminatory statements about race sex, gender identity, or sexual orientation. A category of free speech, a protected, category of free speech. While Banning the use of pronouns that don't correspond to quote immutable. Biological traits. Wow. so yeah, so playing the you can say Someone is effectively, you can say something about like being, you know, gay or you could say like I get, I get it. Yeah, so Florida, you have the freedom to not just sum up. This last one side, has one side, has Freedom. You have finally have the freedom to not study the dam and words. That's how that's basically how it, how Florida is rolling right now. Alright. Well, much more than just that though, right? Like the damn any words, anything any group that has been systemically fucked over? Oh, well already, you can't study. That sounds like CRT to be so we can't study that portion of our history, right? You're just talking about race-based. Matt really? Any any group? Oh now you're welcome, you're out, you're fine. Good ask me something else that you wanted to study because the answer is Yeah. All right. So what I did was I generated a list of 100 largest Florida, headquartered companies. Finally, I'm understanding. Why why we're covering this who now cannot say any pronouns but are fully allowed to say the n-word and staff training that is perfectly. So according to msci data of the 100 largest Florida companies, 94% of them do diversity in some way. They, they have training programs, they made statements about the university, but they're not more ones. Yeah, executive oversight of diversity, all three, 94% of the 100 largest 56% have a public diversity policy for the workforce. So they published A diversity policy in their hiring and stuff, and 19% have public diversity training, and Leadership that they've disclosed, okay? Most slow to me. That what it means is most Florida companies are woke or partially woke. This is a big problem for Ron DeSantis according to their definition of the reporting to Florida's not according to our definition. Well yeah. Because here are the companies that are the wokest, and okay, and how do you define the wocus? They met all that criteria, all three of those, three of those things and I the I'm going down by market cap. So these are the sure these are the two largest focused in Florida. They include next era energy a utility usually that usually is associated with very time every time. How about CSX the railroad company? Yeah. It's basically like a Che Guevara. I mean, it's basically yeah, it's basically a bunch of black lesbians hanging out being like, how can we run this road? Looks, I think is the founder of CSX, how about this one, L3 Harris, the arrows space, Aero space company, That's where Tony Morrison was a CEO. I believe, I believe that's true. And then finally MLK had an internship here at carrier, the trucking and transportation. Oh God. Yeah, it was to be fair. There was a short summer intern. It was it was, it was like a paid internship. Yeah, in 1962. Sure. It was. Um, so here's a little flavor of who we can expect. Ron DeSantis to attack is the woke. His companies in Florida that he wishes to drive out. I used our data and on female influence, and it turns out the companies where female board, influences, 5% or less, and they, there are many of them 275 female board influence is five percent less. Yeah. Oh yeah. That means that the women on the board according to our data. Control 5% of the influence on that. I was she's usually these are usually companies with one to two women on the board who are don't have any controls, their token at best. Exactly. Right? 27% of those companies, have diversity policies or training, right? Which is seems like a high number to me, actually. suppose considering Companies where women owned five to 25% of the influence on the board. 2/3 of those companies have diversity. Policies are pretty big jump there. It's a huge jump. Basically you, add that you give one woman a little bit of power and look what happens. So, okay, so it sounds like, if you're, if you're like Vivic or like, Ron DeSantis and you're afraid of all things like that, involve women or diversity. Generally. You just don't hire women. Yeah. And that'll keep that'll keep them from creating women, ish program that the, the women adjacent programs and thus, the meritocracy come true because you're just surrounded by a bunch of dudes. And here's how it gets worse. As soon as you give women more than 25% of the power on the board, right? Three quarters, 75% of those companies. Have diversity, policies are training. It just goes straight up the more women. You add, the more you see, diversity, policies and training which means if Florida, here's the answer to all of your problems because I know like you, you asking for our consultation here. The answer to all your problems of the diversity and equity and inclusion. Is don't have women with any power. That's how you do it before we get out of here. Paul Hodgson from s gauge. Our sponsored here to deliver a report on cybersecurity cybersecurity. I did a real thing. Yeah. Like that's not a real thing. He's making that I think it's I mean the only thing that exists anymore is diversity equity and inclusion. Right. What is that like it was that when you put your passcode into your iPhone, is there a bodyguard near you shielding? People from know that's when I get a notification from LastPass that like with master password company that that was breached. And last pass, I wish we could ask Paul what is last past still exist as a company? I don't know. But here's Paul. Hello. This is Paul Hudson from skh with the skates statistic of the week. And today, I'm going to focus on directors, with the cybersecurity skill or background, cybersecurity is becoming ever more important for boards to have oversight of these days just with the new SEC rules coming up, that will increase the amount of disclosure that boards have to make surrounding cybersecurity breaches. And also increase the amount of disclosure that they have to make about their own expertise in the area including having to appoint a director with cybersecurity expertise. So skh put together looking at just under half of the S&P 500 and about a fifth of the Russell 3,000 and they have come up with the total number of directors with cybersecurity skills. They used a bunch of keywords to figure out which directors those were and amongst the 671 companies. They surveyed in the rest of the Russell 3000. There were 1,831 directors was cybersecurity skills and in the S P 500 there were almost 800 And what they also did was as well, as looking at the and trying to identify those directors with cybersecurity experience. They also looked at their background and to see where they came from as it were. And one of the surprising things that, well, it seems surprising to me anyway, that so few of them had a Chief Information officer or a chief technology officer background lesson, 10% in both the S&P 500 and the Brussel 3000, had that background and only Third in the Russell 3000 and about two-fifths in the S&P 500, have a technology background, which again seems a little odd to me. One would have thought that there would be more of them. There, very few had a risk management background, which one was fought would have been appropriately as well. In fact, the largest proportion have a human resources or a human capital background, which I'm finding a little difficult to figure out why you would have that background and have cyber security. Expertise, will think, maybe technology would be, or risk, would be the most appropriate, and then there's a lot also, you know, tooths basically in both indices have a corporate governance background So I I did a little calculation to see how many directors per board or what percentage of all directors. There were that had cybersecurity experience just in the S&P 500. So just A kind of rough estimate. Say there's typically 10 directors per board. So with the total number of directors that we've identified with cybersecurity experience, that would mean that 35% of all directors have Cybersecurity experience, in aggregate across the boards, which would mean that about three and a half directors. Per board would have cybersecurity experience or some with some with three and so on and so forth. So those are the findings from our short survey of directors with cybersecurity experience and this is Paul Hodgson signing off Escape statistically the week. That was Paul Hodgson. Well, let's go, let's do this thing. They're national women's day. Sorry, started to pursue, but, you know, facts are depressing. I don't see, you should hate everything. So that was Paul Hodgson. This is international women's day. We know now more about Cyprus security, meritocracy, Florida and women then any other? No other shows doing this much on that. This show was business pants, you are listener. You should go actually rate US and write a review about this. One of our views said that we were leftist socialist gaslighters, I mean, it could be true. I loved it. If I'm gonna be a gaslighter, I guess that is the one I would choose. I would love it. If all the anti-wolf came to this show, gave us five stars and wrote about how we were socialists tree-hugging gaslighter, yeah, right, yeah, right at some reviews because that's that works for us. Otherwise come back tomorrow. When we're gonna do more stuff, whatever that stuff is until then goodbye.