Mar 18, 2021
Fresh perspectives, high standards: Women in corporate leadership
- Women’s participation in leadership has driven progress for many companies across various industries including resources, technology, biotech, esports and more
- The number of female CEOs of Fortune 500 companies hit a new high in 2020
- We connected with five accomplished, high-ranking women to get their insight on running public companies
In honour of International Women’s Day, we asked five female executives in high level positions across various industries to share their insights on leadership, and how they do things differently when it comes to running public companies.
Doing things differently
Based on Women Matter research conducted by McKinsey over a ten-year period, “Women leaders tend to use five of the nine most important types of leadership behaviors that improve organizational performance more often than men – people development, expectations and rewards, role model, inspiration and participative decision-making.”
These characteristics not only make for powerful and accomplished leaders, but create equitable and transformative corporations.
“I started as a production assistant and worked my way up to my role today as CEO,” says Jennifer Twiner-McCarron of Thunderbird Entertainment (TSXV: TBRD | OTCQX: THBRF). “But I am also a wife and mother of three, and understand the need for flexibility, which I extend to my employees.”
“We work hard to do great, high-quality work, but we also value our employees as people. By ensuring they feel supported, seen, and appreciated, we get the best and most innovative work out of them.”
Alexandra Woodyer Sherron, President and CEO of Empress Royalty Corporation (TSXV: EMPR | OTCQB: EMPYF), places a similar value on her people. “I take pride in my employees’ success and learning and view the company’s success as the success of my employees,” she shares. “I am always open to constructive criticism, which allows for continuous growth and better results.”
For Elizabeth Williams, CFO of Medicenna Therapeutics (NASDAQ: MDNA TSX: MDNA), this attitude of empathy shaped her entire career. She chose to work in the biotech industry because she wanted to lead companies to success, while changing human lives by bringing drugs to patients that desperately need them.
“I have been fortunate to be part of a team that has grown a company from $20 million to $200 million market capitalization — while demonstrating a 100 per cent improvement in survival for patients with a deadly form of brain cancer,” Williams says.
In her work at Defiance Silver (TSXV: DEF), CFO Sherry Roberge sees working with other women as a logical part of strategizing for success. “We look for the people with the best set of skills for the roles,” she says. “We have been fortunate to retain skilled, intelligent, and diverse women as an integral part of our management and senior technical teams.”
What do women in leadership bring to the table?
As more women rise to positions of power, they also bring their leadership skills to the world. But what do these leadership skills look like? Are there significant differences between women and men?
A study conducted by researchers at McMaster University and A.T. Still University found that “Women are more likely to consider the rights of others and to take a cooperative approach to decision making. This approach translates into better performance for their companies.”
Chris Bart, professor of strategic management at the DeGroote School of Business at McMaster University and conductor of the study, notes, “Our findings show that having women on the board is no longer just the right thing but also the smart thing to do. Companies with few female directors may actually be shortchanging their investors."
The executives we spoke to echo this sentiment.
“Women bring a tremendous amount of emotional intelligence, including flexibility, empathy, and fairness, to professional situations,” says Twiner-McCarron. “These abilities enable women in executive roles to be powerful and influential voices at the table.”
Woodyer Sherron feels that in addition to their skills at developing relationships and building teams, women leaders embrace innovation and fresh perspectives. “There’s a willingness to question the status quo — the way things have always been done,” she says.
In her experience, female executives embrace direct communication, place a high value on relationships, and skillfully integrate their personal and professional lives rather than compartmentalizing.
Are female leaders higher performers?
According to this Forbes article, “Studies into the behaviors of men and women leaders show that women are much more likely to be role models for the change that they seek.”
In practice, that means we see women-led companies succeed, as these top performers deliver impressive outcomes for customers, shareholders, and employees.
“While I don’t want to overly generalize, in many industries, women have to work harder, smarter, and quicker just to be seen,” says Twiner-McCarron. “Over time, this can multiply success and performance.”
Tara Christie, President and CEO of Banyan Gold (TSXV: BYN), agrees. “The women who have made it into those roles are star performers who are passionate and driven to succeed,” she says.
Williams points out that this isn’t just a personal observation. “Research shows that women must work harder and perform better... to be given the same opportunities,” she says. “This necessitates a work ethic, willingness to roll up their sleeves, and dedication to achieving success that benefits the companies that women work for and lead.”
A changing professional world
As the business world continues to recognize the exceptional capabilities of women leaders, we can expect the market to take note. These strategically-minded, high-ranking women professionals — and their peers — will continue to drive real shareholder value and lead their teams to success.
“I’ve noticed our communication and collaboration as a team has significantly improved as we’ve doubled the women in our company,” says Veronika van Wollen, VP, Sales, Western Canada for Market One.
“Both men and women add tremendous value to leadership — the key is to add team members from diverse backgrounds, underpinned by common company values and goals, in order to foster critical thinking.”
It’s important to celebrate these accomplishments and recognize how powerful women in leadership positions are. The professionals cited here exemplify that female executives possess not only exemplary talent and work ethic, but a unique flexibility and balancing of hard and soft skills.
That’s a crucial differentiator in a crowded market, because outstanding leadership is a major indicator of an investment-worthy company.
Watch the Women in Leadership Showcase Panel, moderated by Market One’s VP, Sales, Western Canada, Veronika van Wollen, below.
Learn more about these women-led companies mentioned here:
Thunderbird Entertainment
Medicenna Therapeutics
Defiance Silver
Banyan Gold
Empress Royalty