I couldn’t believe it when I woke up to reports of the goings-on at the Presidents Club charity dinner yesterday, and neither could my male and female colleagues. Men-only events. Boob jobs. Strip clubs. It felt like an unexpected return to the sleazy Seventies. What were the organisers thinking in this day and age?
Some will have thought it would be fun to thumb their noses at political correctness. Some guests will have laughed and dismissed it as harmless fun. Many will have justified the behaviour by reflecting on the fact that the event would be raising significant amounts of money for a variety of very good causes.
But somehow, there lies the problem. The end in no way justifies the means.
If the City of London is going to remain great and attract talent to continue to lead the world then it needs to embrace fully diversity, equality and respect.
We know, from multiple academic studies, that businesses with diverse workforces achieve superior returns. We know that we need more skilled and talented people to improve UK productivity and compete with the rest of the world. Bringing more women into the workforce and into the City will increase productivity and returns. But many organisations do not seem to get the point.
Women tell me that it is office culture that turns them off. They don’t always feel included and they continue to feel that the culture of business is very alpha male — based on demonstrating a win-lose mentality and fighting for your rights.
Many women — and indeed many men — hate that. They want to do a good job in a supportive environment. They certainly don’t want to be demeaned and harassed. They don’t want to feel uncomfortable for being who they are. Surely we all want that.
The closure of the Presidents Club tells me that many men and women agree.
I applaud Great Ormond Street Hospital for returning funds received from the club. It makes the ultimate point that integrity comes before income. And WPP is to be congratulated for withdrawing its sponsorship of the event. Perhaps other organisations and individuals will make a similar stand.
I hope this is a watershed moment where business and City people join together to make sure that diversity and equality is always at the heart of everything that we do. That way we will build a stronger foundation for the great City of London and achieve world-beating economic results.
And out of those returns we can support good causes — with the means fully justifying the end.
Jayne-Anne Gadhia is chief executive of Virgin Money and the Government’s Women in Finance Champion.
