Insights into the world of publicly listed companies with an expert panel as part of THE GLOSS | Goodbody Investment Club …
Michelle O’Keefe, Head of Wealth Advisory at Goodbody; Maura Winston, Chief People Officer, Cairn Homes; Caroline Sherry, Chief Financial Officer, HostelWorld; and Mary Whitelaw, Chief Strategy and Sustainability Officer, AIB.
Almost 100 guests of THE GLOSS and Goodbody, including members of THE GLOSS | Goodbody Investment Club, gathered at the historic Irish Stock Exchange (ISE) in Dublin – with this panel of high-powered women, all occupying key roles in publicly listed companies.
After the historic Stock Exchange bell rang out to call guests into the Italianate splendour of the Market Hall, MC Ciara Doherty welcomed guests on behalf of Jane and Sarah McDonnell, founders of THE GLOSS, and Michelle O’Keefe, Head of Wealth Advisory at Goodbody.
Michelle explained Goodbody’s longstanding links with the ISE. As one of very few women with firsthand experience of the male-dominated trading floor, she recalled the early part of her career in the 1990s working as a runner on the Market Floor when prices were chalked up and traders were gathered at wooden desks arranged in a wide oval. Noting how times have dramatically changed since with the advent of electronic trading in 2000 and the end of open outcry trading, she recalled how she first learned what a public company was and what being a shareholder meant. Going public, she explained, puts these companies in a position to access more capital and expand more rapidly. Listing inevitably brings more scrutiny and a higher regulatory burden as well more visibility and greater potential for market share. So, she said, “there are pros and cons to being a publicly listed company … and pros and cons to working in one!”
This was a fitting lead-in to the three panellists. Refreshingly candid, all three women shared details of their career path (non-linear, according to each), their experience of dealing with challenge and uncertainty, and their personal views on female financial autonomy and their attitude to financial planning for the future.
Maura Winston, Chief People Officer, Cairn Homes, explained that although she had never planned to have a role in HR or in construction, or indeed in a public company, her background in psychology and her career in multiple sectors provided her with the skills required to deliver on the “people agenda” which is of major importance to investors today. “The key thing is to genuinely align strategy with people.” With a workforce of almost 500, 25 per cent of them female (the average in construction is 12 per cent), Cairn Homes went public in 2015. It is now Ireland’s leading homebuilder and is a constituent member of the ISEQ 20 with a market capitalisation of €1.21bn.
Caroline Sherry, Chief Financial Officer, HostelWorld, is one of only four female CFOs in Ireland. With a background in chemistry and having worked in banking during the financial crisis, then in non-sector specific commercial roles, Caroline said she prioritised learning new skills on every step of her career journey. As the key executive communicating the strategic initiatives and corporate actions the company plans to undertake, the CFO’s stance and confidence brings influence to bear on the stock price. “What you say has a huge impact on stock market, even your body language is important – investors look beyond what is merely said to establish a view.”
AIB’s Chief Strategy and Sustainability Officer, Mary Whitelaw trained as a Chartered Accountant. Referring to her role at AIB, she said: “We are committed to sustainability because we believe it’s the right thing to do. I see sustainability as a hard science, much like tax – you do the analyses, crunch the numbers, formulate a plan with a desired outcome.” Looking back over her career, Mary identified a common thread in the different roles she took on: “Creating or building from a sub-optimal position energises me. Transformation is challenging but collaboration to solve problems is very enjoyable.” Knowing what drives you as an individual is important, she said. “It’s very motivating to have a goal of making a positive impact on society.”
Asked to comment on Goodbody’s new Invest in You channel dedicated to women and their finances, the business leaders described their personal views. Although married to an accountant, Maura Winston amused the audience with a confession that a book called The Barefoot Investor had more impact on her decision to plan her financial future than her husband’s sage advice. “The author demystified personal finance, distilling it down to three ‘buckets’ – the first ‘splurge bucket’ you set aside some money for treats like clothes or a weekend away; into the second ‘fire hose bucket’ goes some savings for those unexpected bills; and finally the ‘save bucket’ where your savings are for the longterm. I still live by the ‘three buckets’ idea as it’s served me well.”
CFO Caroline Sherry stressed the importance of financial education for all women, acknowledging the benefits of initiatives like Invest in You. “I have always contributed to a pension and saved, but I’ve have been a passive investor in my pension and a saver without a defined goal. I’m changing this – I want to pursue a financial plan with my active involvement. It helps relieve the anxiety around ‘am I going to have anything left?’ after I eventually stop working.”
When asked about the interest women investors have in investing for impact, Mary Whitelaw agreed that women investors like to know how their money is being used. “Ask questions, know the impact of your investments, understand the implications, the risks and the rewards. Make sure any claims are measurable.” With sustainability a key part of AIB’s strategy for the future, this commitment to people and the energy transition is backed up by the numbers, she says. “There’s lots of noise around this topic, but having done the research, we know it’s the right way to go.”
In conclusion, the panel shared some final advice: “Get drawn in and opportunities emerge,” said Mary Whitelaw. “Business is done by people,” said Maura Winston, “AI won’t build houses.” “Communicate, collaborate,” said Caroline Sherry.
Click into the gallery below to see the guests in attendance.
Photographer: Conor Healy, Picture It Pix.
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