Plain-speaking women are just what boardrooms lack



Journalists generally regard management as people who exist solely to sort out their holidays, pay them a monthly stipend and process their expenses.

Legion are the stories of foreign correspondents who cleverly outwitted the pen-pushers by pushing through extravagant claims for extraneous equipment such as camels.

When these hapless hacks are eventually deemed surplus to requirement, they are generally so stunned that after a momentary silence, they lash out - either physically, or in print.

Emails are now a favourite method of communicating with your former colleagues, and a perfect way to comment on either the small brains or physical deformities of the people who first employed, then sacked you.

The best responses of all feature in a collection put together on Slate, an online magazine.

Take the parting shot of Mark Schlueb, who wrote to Tony Ridder, the chief executive of Knight Ridder, after learning of his dismissal: "Don't worry about me; I'll land on my feet. I don't regret coming here, even though I've been laid off now. In fact, my only regret is that you haven't come to visit the Beacon Journal. I would have loved to p*** on your shoes."

Chief executives, in comparison, have tended to take the news of their own departures with a certain sangfroid, leavened no doubt by the thought of the colossal farewell package that will soon be zooming into their bank accounts.

I have always thought this poor form. If you are going to go down, go down in flames. And there is no better example anywhere than Carol Bartz, the Baron von Richthofen of Silicon Valley, who was fired from Yahoo at the end of last week.

Did she go quietly? Hardly. People complain about the lack of women in the boardroom, but with Ms Bartz as a role model, we can hardly expect directors to appoint others of her ilk.

She was as frank and fearless as a French fishwife and I think we should congratulate her for this, particularly as she used words no self-respecting Frenchwoman should ever know.

First, she railed at being fired on the telephone. I agree with her; there is something terribly last week about being sacked on the blower. I remember it becoming breaking news when somebody asked his wife for a divorce via fax.

This is also an old-fashioned, outdated technology - who sends faxes these days apart from lawyers? But couldn't she have been given the news of her dismissal via Twitter or even better, a new laser-like hologram that would appear like Sir Alec Guinness in Star Wars, sitting on her shoulders and whispering the news that she was no longer needed?

Speaking with Fortune magazine, her account of the dismissal breathes life in the tedium of a director's existence.

As Roy Bostock, Yahoo's chairman, was busy breaking the news to her, she interrupted: "Roy, I think that's a script. Why don't you have the balls to tell me yourself?"

The minute she put down the phone, she made a reservation at a different hotel because she knew that Yahoo's lawyers were looking for her. Then she sent off an email to all of Yahoo's 14,000 staff. I must agree with other commentators that this was not her finest hour, particularly the use of the dread cliché "going forward". But at least it was enviably brief.

"I am very sad to tell you that I've just been fired over the phone by Yahoo's chairman of the board. It has been my pleasure to work with all of you and I wish you only the best going forward," she wrote. (I suspect she didn't mean that last point; I bet she'd rather they all simultaneously imploded, obviously once she'd got her payoff cheque cashed.)

Having done that, she got in touch with Fortune's hacks and prepared to tell them what she really thought. The board were "doofuses" she said, an American term that implies that somebody is geeky, although I'd have thought that's a given in the computer world. She also used the f-word.

Finally, a good Anglo-Saxon word that we are all familiar with, perhaps the most recognised and certainly most memorable and definitely most flexible word in the English language.

We need more plain-speaking bosses. Rather than hiding behind a welter of tosh and corporate-speak, how much better it would be to hear a banker say: "Those cretins took all the money we lent them and now won't pay us back, the bastards. Bang goes my bonus!"

Maybe it is for such a reason that women have been excluded from boardrooms around the world for so long. I think this is a pity. Let's have more frank-speaking women in power. One of this season's hits has been the film Horrible Bosses.

It includes a number of good tips for managers, female or not, and its advice should be followed to the letter.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Results

2.30pm: Handicap (PA) Dh40,000 1,700m; Winner: AF Mezmar, Adam McLean (jockey), Ernst Oertel (trainer).

3pm: Maiden (PA) Dh40,000 2,000m; Winner: AF Ajwad, Tadhg O’Shea, Ernst Oertel.

3.30pm: Handicap (PA) Dh40,000 1,200m; Winner: Gold Silver, Sam Hitchcott, Ibrahim Aseel.

4pm: Maiden (PA) Dh40,000 1,000m; Winner: Atrash, Richard Mullen, Ana Mendez.

4.30pm: Gulf Cup Prestige (PA) Dh150,000 1,700m; Winner: AF Momtaz, Saif Al Balushi, Musabah Al Muhairi.

5pm: Handicap (TB) Dh40,000 1,200m; Winner: Al Mushtashar, Richard Mullen, Satish Seemar.

RESULTS

5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Tour de France

When: July 7-29

UAE Team Emirates:
Dan Martin, Alexander Kristoff, Darwin Atapuma, Marco Marcato, Kristijan Durasek, Oliviero Troia, Roberto Ferrari and Rory Sutherland

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
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