A word from our Chair on International Women's Day 2023

Embracing Equity

Ensuring equality of opportunity to make Energean stronger

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Undoubtedly, gender equality and equity still have a long way to go. Despite research showing that companies with above-average diversity in their leadership teams have 6% higher profit margins[i], only 47 women with executive directorship roles are still at FTSE 250 companies today[ii]. Organisations such as The 30% Club, founded in 2010, advocate for its members to commit to at least 30% female representation on their boards and executive leadership teams because this is the critical mass at which minority voices become heard[iii]. Its ultimate goal is parity. As Ann Cairns, 30% Club Global Chair, says:

“Time and again, research shows that the more diverse a company, the better its performance. It's that simple.”

With this in mind, Energean’s intellectual foundation behind our diversity, equality, and inclusion policy is ideological and practical. The philosophy reflects the simultaneous societal and commercial benefits which arise from championing equal opportunities and a diverse workforce. It is about doing the right thing and achieving the best output. Diversity within the team has been proven to drive innovation and efficacy, avoiding limitations of “groupthink” often caused by a homogeneous workforce.

Energean: Embracing Equity

In recent years, the discourse surrounding gender equality has become more nuanced, reflecting the need to consider equity: The European Institute for Gender Equality defines this as ‘the provision of fairness and justice in the distribution of benefits and responsibilities between women and men.’[iv] There has been an understanding that “equality” needs re-consideration to recognise and rectify the imbalances between the sexes.

This is where “equity” comes in. If you want “equality of opportunity” and “equality of outcome,” we must recognise the inherent intersectionality locally and globally.

This is not just about “fairness”; it’s about establishing a level of flexibility as an organisation to provide a supportive professional environment that will, in turn, create the best outcomes for all.  

I’m very proud that Energean has championed the role of women in a traditionally male-dominated industry. At both Board & Senior Management, we have over 30% female representation. At all levels and functions, we are proud that female colleagues are making vital contributions at vital times. For instance, offshore work has traditionally been male-dominated; however, at our company's defining “first gas” moment, a number of female colleagues were at the controls, both offshore and remotely.

Our new Policy – commitment to best practice governance and to continuing our development

While DEI was always in our blood, matters such as this must be properly codified and continue to evolve as an example of our commitment to best practice corporate governance.

While the policy is not uniquely about gender – DEI is a broader societal consideration – on International Women’s Day, we must remind ourselves of the benefits of a diverse and equal workforce and society. It’s also important to embed this culture in our community through formal processes and policies. This is how positive change is cemented.

As I said last year, it's only through understanding the economic and societal benefits that can be achieved due to the equal treatment of men and women that we will see actual progress in society at large and within our community here at Energean.

 

[i] https://www.world-petroleum.org/diversity

[ii] https://www.peoplemanagement.co.uk/article/1804815/47-women-hold-executive-directorships-ftse-250-companies-appalling-lack-progress-study-shows

[iv] https://eige.europa.eu/thesaurus/terms/1175