Reflections on WIG's 40th Anniversary | Article

Happy Birthday WIG! Neil has asked me to pen a few words on how I feel about WIG.

For those of you that don’t know me (likely anyone reading this!) I have spent 30 years in Financial Services, ultimately leading a large insurance company. I have spent many hours (days?) of my life working with Regulators and policy sectors on aspects of financial regulation and I co-chair FTSE Women Leaders; a collaboration between business and government to drive for gender parity at the top of British Business. In its 12 years of existence, by working across the ecosystem of government, regulation and business we have moved boards from 9% to 42% women. All by facing into a challenge together. I am no stranger to what effective and ineffective engagement can do.

These days I have abandoned executive life and am a non-Executive on four boards, advise some other corporates and mentor senior leaders. I no longer have 10,000 people working for me. These days I have just 1/3rd of one rather fabulous Virtual Assistant in my team, trying to navigate me through the diary challenge that is my life.

Why mention all this? Because this morning, to see if it helped me short cut the effort of actually writing, she sent me this article as written by Chat GPT. Well not actually this article as I'm far too goody-two-shoes to cheat, but an alternative. In honesty, it was very good. A bit long on numbered bullet points perhaps and a bit light on humour for my taste, but I’m sure that can be trained.

Three things struck me.

First, the crashing reality that we are a nano second away from a machine writing my thoughts better than me. It turns out I’m just not that original.

Second, that even a machine can quite logically lay out a compelling argument as to the benefits of cross-  sector collaboration.

And third, as if we didn’t know from every news headline, the sheer scale of change we face from the combination of geo-politics, economics, climate and technology. Pick your order. The sheer scale of transformation before us maybe exciting but is also overwhelming. Few, if any individuals can have the answers. Facing into this lot is a team game now.

"The sheer scale of transformation before us maybe exciting but is also overwhelming. Few, if any individuals can have the answers. Facing into this lot is a team game now."

 

So, to WIG then. I was first introduced to WIG as a new CEO by Tom Riordan, the CEO of Leeds City Council, who epitomised joined up thinking developing a plan for Leeds, engaging with employers, potential employers, academic institutions to create a plan for its future. It was the start of the pandemic and in a moment when we all shrank into our homes. WIG’s facilitation, and the candour of those participating gave a real and varied insight into the challenges being faced by people, government and the economy. Whilst that crisis may be behind us, the need for multidimensional thinking has not reduced.

I am enthusiastic supporter of WIG’s, an ambassador even, because I believe we cannot hope to address the challenges and opportunities we face without a strong understanding and alignment between policy, fiscal approach, regulation and corporate appetite. In short, business can’t succeed in its objectives without government and government can't succeed in its without business. So, it’s not rocket science that we should have a good understanding of one another. It seems in recent years to be convenient to blame one another for the challenges and problems we face and yet any business leader will tell you that has no value. What is valuable is identifying issues, facing into the and using collective wisdom and experience to determine the optimal route forward. And repeat.

"In short, business can’t succeed in its objectives without government and government can't succeed in its without business."

The role that WIG plays in championing that engagement and creating many and varied fora for all of us to learn from and co-create with one another is invaluable. Not just for the conversations that it enables but because in promoting that engagement it seeks to develop a habit, a culture of collaboration.

Fashions change. So, for any institution, to reinvent itself sufficiently to remain relevant successful and developing after 40 years is a huge accolade. Let's hope that WIG and the culture of engagement that it stands for remain in vogue.

How different will this world of ours look when we celebrate the next 40 years.

Finally, if anyone would prefer the Chat GPT version just pop me a note on LinkedIn!!

Written by

Penny is a Senior Non-Executive Director at Hargreaves Lansdown. She is also a Non
Executive Director at QBE Insurance Group Limited and Mitie Group Plc.

Penny has a wealth of executive expertise in the financial services industry with over 30
years’ experience, including roles as Chief Financial Officer and then Chief Executive Officer
at Direct Line, Group Chief Risk Officer at Prudential, Group Chief Financial Officer at
Omega Insurance and Chief Financial Officer for Zurich’s UK General Insurance.
Penny has held leadership roles in relation to businesses in General Insurance, Life
Assurance, Wealth Management and Asset Management at scale and across US, Asia and
Europe.

Penny Co-Chairs of the FTSE Women Leaders Review. She has recently been Chair for the
FCA Practitioner Panel and Board member for the Association of British Insurers.

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