In the early 2000s, Maryann Bruce and other senior women executives at Wachovia bank formed an affinity group called the Women of Wachovia. Within three years, WOW went from having more than 100 women to far fewer as many left the bank.
The bank, now part of Wells Fargo, had hired women but did not know how to do things differently to retain them, said Ms Bruce, who now serves on corporate boards.
“There's a big difference between diversity and inclusion,” Ms Bruce said.
“Diversity is all about counting people; inclusion is about making people count.”
While US companies have made progress in adding more gender, ethnic and other types of diversity to their ranks in recent years, some of the same problems that WOW faced persist.
A Russell Reynolds Associates global survey last year, for example, of about 130 senior executives who had left their jobs showed the top reason women gave for leaving was that they felt undervalued.
Now increasingly, corporate directors, academics and other governance experts are calling for companies to focus more on retaining and nurturing the people they hire.
Among the components of diversity, equity and inclusion – DEI – they argue a focus on the latter two themes is crucial to make diversity more than just a box-ticking exercise and necessary to reap its benefits.
Much is at stake for companies. After years of academic debate, there is mounting evidence that companies that score high on DEI also perform better financially, the governance experts said.
The costs of failing to do enough are becoming clearer as well. Last month, Goldman Sachs paid $215 million to settle a gender discrimination case with female employees.
“Many companies took this on in a crisis management way, jumping on the bandwagon,” said Roberta Sydney, an independent director and entrepreneur, referring to the corporate diversity push in recent years. “That led to bursts of activities rather than a change-management culture.”
A long-time director who serves on three major company boards said more focus was being placed on equity – or fair treatment of employees to create a level playing field – and inclusion as some companies were finally embracing the idea that “you need D, E, I to work in tandem to truly get the advantages of having a diverse organisation”.
Companies have been adding diverse talent, especially to boards, in recent years as environment, social and governance (ESG) investing became popular and was mandated in places like California by law.
Gender and ethnic diversity issues have also risen to the forefront in the aftermath of the #MeToo movement.
John Rogers, chairman of asset management firm Ariel Investments and member of Nike and other boards, said diversity was imperative for corporate success.
If a company has a “1940s board, with all white males,” it’s a problem, he said.
“They're not thinking about creating a climate to be successful in today's world.”
Nike, for example, is among companies that understand its customers and employees care about ESG, Mr Rogers said.
“So if they don't stay cutting edge, you could lose market share,” he said.
Progress, however, has been slow, and some data suggests it has decelerated over the past year.
A Heidrick & Struggles report on the boards of Fortune 500 companies, for example, shows appointments of women and ethnic minorities decreased in 2022 compared with the previous year.
Pressure has eased from investors, too, amid a backlash against ESG in the US.
Projections for gender and racial parity in different corporate roles go out decades.
There has been debate in academia about whether diversity has any impact on the financial performance of a company, with some research showing only weak correlations and no study proving causation, according to experts.
A research paper published last month said that is because people have been doing it wrong: looking at diversity alone rather than DEI as a whole.
In the paper published by the European Corporate Governance Institute, researchers from the London Business School, Columbia University and the Federal Reserve Board created a qualitative DEI score based on employee survey responses to questions that captured how equitable and inclusive their workplace was, rather than basing it on just diversity numbers.
They found that higher DEI scores were correlated with better financial performance, while demographic diversity alone was not.
“Companies can 'hit the target, but miss the point' – improve diversity statistics without improving DEI,” the paper said.
One of the authors, Alex Edmans, a finance professor at the London Business School, said in an interview he is helping some investors consider questions to ask management to understand how the company approaches equity and inclusion.
These include asking for examples of suggestions by employees that were implemented or concrete steps taken to encourage inclusion.
The purpose is to understand whether companies are ticking the box or doing something more genuine, Mr Edmans said, adding: “It's much easier for companies to say, 'Hey, we've now got a woman on the board.'”
GRAN%20TURISMO
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The%20pillars%20of%20the%20Dubai%20Metaverse%20Strategy
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Q&A with Dash Berlin
Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.
You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.
You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.
Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
All%20We%20Imagine%20as%20Light
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Company%20profile
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UAE currency: the story behind the money in your pockets
MO
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Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
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MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
EXPATS
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
TICKETS
For tickets for the two-day Maharlika Pilipinas Basketball League (MPBL) event, entitled Dubai Invasion 2019, on September 27 and 28 go to www.meraticket.com.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
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China and the UAE agree comprehensive strategic partnership
China and the UAE forged even closer links between the two countries during the landmark state visit after finalising a ten-point agreement on a range of issues, from international affairs to the economy and trade and renewable energy.
1. Politics: The two countries agreed to support each other on issues of security and to work together on regional and international challenges. The nations also confirmed that the number of high-level state visits between China and the UAE will increase.
2. Economy: The UAE offers its full support to China's Belt and Road Initiative, which will combine a land 'economic belt" and a "maritime silk road" that will link China with the Arabian Gulf as well as Southeast, South and Central China, North Africa and, eventually, Europe.
3. Business and innovation: The two nations are committed to exploring new partnerships in sectors such as Artificial Intelligence, energy, the aviation and transport industries and have vowed to build economic co-operation through the UAE-China Business Committee.
4. Education, science and technology: The Partnership Programme between Arab countries in Science and Technology will encourage young Emirati scientists to conduct research in China, while the nations will work together on the peaceful use of nuclear energy, renewable energy and space projects.
5. Renewable energy and water: The two countries will partner to develop renewable energy schemes and work to reduce climate change. The nations have also reiterated their support for the Abu Dhabi-based International Renewable Energy Agency.
6. Oil and gas: The UAE and China will work in partnership in the crude oil trade and the exploration and development of oil and natural gas resources.
7. Military and law enforcement and security fields: Joint training will take place between the Chinese and UAE armed forces, while the two nations will step up efforts to combat terrorism and organised crime.
8. Culture and humanitarian issues: Joint cultural projects will be developed and partnerships will be cultivated on the preservation of heritage, contemporary art and tourism.
9. Movement between countries: China and the UAE made clear their intent to encourage travel between the countries through a wide-ranging visa waiver agreement.
10. Implementing the strategic partnership: The Intergovernmental Co-operation Committee, established last year, will be used to ensure the objectives of the partnership are implemented.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
The years Ramadan fell in May
First Person
Richard Flanagan
Chatto & Windus
RESULT
Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')
Man of the match: Diogo Jota (Liverpool)
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Results
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