Gender Diversity Insights from UNGC Network USA’s Board Chair Ann Tracy, Chief Sustainability Officer at Colgate-Palmolive

The importance of gender diversity in workplaces cannot be overstated. Studies from McKinsey & Company and Harvard Business Review have shown that diverse perspectives contribute to more robust decision-making processes, improved company performance, and more nuanced and effective changes when companies harness the power of heterogeneous ideas. In my experience, women can offer crucial perspectives that are vital to fostering innovation within organizations and addressing complex challenges.

That’s why the UN Global Compact Network USA (Network USA) has emphasized the significance of diverse workplaces to help achieve the Sustainable Development Goals and foster economic growth, as women’s perspectives, ideas, and leadership are not just included but thoroughly incorporated at every level of an organization. One of our programs, the Target Gender Equality Accelerator, offers participating companies the opportunity to deepen their implementation of the Women’s Empowerment Principles and strengthen their contribution to Sustainable Development Goal 5.5, which calls for equal women representation, participation, and leadership in business globally.

Ann Tracy, Chief Sustainability Officer at Colgate-Palmolive, recently assumed the role of Board Chair for the UN Global Compact Network USA. Network USA sat down with her to discuss the critical importance of promoting diversity and inclusion within corporate environments.

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Interview Questions:

1. Diversity was one of the topics addressed at Network USA’s SDG Summit USA, which recently took place during the 79th United Nations General Assembly. As Chair of Network USA, what do you hope attendees took away from the event?

 I was really impressed with the level of expertise at the event's panels and enjoyed hearing their diverse, unique perspectives.

 I hope attendees walked away with a deeper appreciation for how diverse leadership teams can drive stronger results. By integrating a variety of perspectives, particularly at the highest levels of the corporate hierarchy, I believe companies can foster more innovative and effective solutions, which in turn enhance overall business performance.

Another key takeaway is the understanding of how diversity at leadership levels profoundly impacts organizational culture. Diverse C-suites contribute to a more inclusive and dynamic work environment, which not only attracts top talent but also retains and engages employees. This enriched culture supports sustained organizational success and resilience.

I strongly believe that diversity of thought is crucial at all levels of leadership, and I’m proud that where I work, Colgate-Palmolive, approximately 50% of our salaried and clerical employees are women, reflecting our longstanding commitment to gender diversity. This is important because having diverse perspectives within our board, senior leadership, and workforce allows us to better understand and connect with our employees, consumers, customers, investors, partners – all of our stakeholders.

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2. Can you speak to the diverse makeup of the current Network USA Board?

I am proud to have served on the UN Global Compact Network USA Board of Directors for the past four years. Diversity, in all forms, has always been a priority as we consider who we invite to lead. I’m pleased to say that our board reflects this commitment, with a varied range of backgrounds and companies represented.

Our aim is to cultivate a board that not only brings a diverse wealth of experience and expertise but also embodies key leadership qualities, including empathy, collaboration, and the ability to listen and incorporate feedback. This alignment shapes our board’s culture and strengthens our collaboration with the Network USA staff and UNGC more broadly.

I’m particularly encouraged by the increasing prominence of female leaders in sustainability roles. Consider the UN Global Compact Network USA board: 64% of our directors are women. This aligns with broader industry data, as 58% of Chief Sustainability Officers (CSOs) are now women, according to the 2023 Weinreb Group’s 2023 CSO Report.

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3. Could you share any advice on how companies can effectively address the current challenges in increasing women’s representation at all levels?

Companies with balanced female representation at the board, senior management, and workforce levels have a business advantage, as diversity of thought is proven to drive stronger business outcomes. For companies aiming to increase female representation, it’s essential to assess your skills matrix and identify where gaps need to be filled. In most cases, companies will find that there are numerous qualified female leaders with the necessary skills to contribute effectively.

At Network USA, we evaluate our skills matrix to guide the selection of the next generation of leadership. This approach ensures that we maintain a well-rounded and diverse board.

To achieve gender balance on boards, for example, organizations can engage with resources such as the 50/50 Women on Boards or Women on Boards Project. These organizations offer valuable support and serve as a starting point for companies seeking to enhance diversity by tapping into a pool of talented female leaders. 

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4. Considering the recent decline in women’s appointments to corporate boards, what actions do you think are necessary to reverse this trend?

For women aspiring to join boards, I encourage you to leverage your network: reach out to a female colleague or acquaintance who is serving on a board and ask to learn more about their journey. In my experience, many women in various industries struggle with imposter syndrome, questioning whether they are qualified for board roles. However, whether in the nonprofit or private sector, boards can greatly benefit from women's unique talents and perspectives. I firmly believe that companies thrive when they have women represented at all leadership levels.

I also encourage women to engage with the many organizations that offer board skills training, equipping them with the tools needed to succeed in these roles.

For members of Network USA, I highly recommend exploring UN Global Compact programs, which are specifically designed to promote gender equality in corporate settings. For example, the Target Gender Equality Accelerator offered by Network USA is a nine-month program that helps companies develop strategies to integrate gender equality into their operations.

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5. What advice would you give to young female professionals aspiring to leadership positions in the corporate world today?

When planning your career, think beyond just the next job in front of you. Consider your long-term goals – what position do you envision yourself in five, ten, or even 15 years from now? It’s important to look far ahead, because there isn’t a single path to achieve success. Rather, setting that longer-term milestone goal is an important first step.

In both the short and medium terms, focus on what you want to be “known for.” Identify your strengths, choose one to three key objectives, and dedicate yourself to achieving them with excellence. This will help shape your professional story and build your reputation.

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