EY-Male-leaders-making-the-mix-work

Male leaders making the mix workTo mark International Women’s Day 2014

Male leaders making the mix workTo mark International Women’s Day 2014Contents03WelcomeMark Otty — EMEIA AreaManaging Partner05 Interviews12Philip HourquebieRegional Managing Partner — CSE21Vladislav SeveraHead of TAS — CSE04 Executive summary of top tipsfrom our leaders on how tomake the mix work05Andy BaldwinRegional Managing Partner — FSO14Donato lacovoneRegional Managing Partner — Med23Manjot SinghExecutive Director, Tax — MENA07Cameron CartmellEMEIA Head of Hospitalityand Leisure15Pieter JongstraPartner, Assurance — BeNe25Joe WattRegional Managing Partner — CIS09Andy EmburyEMEIA Advisory Leader17Vishal MalhotraPartner, Tax — India27 What will be different whenwe achieve a breakthrough indiversity and inclusiveness?10Harry GaskellAdvisory Managing Partner — UK&I19Kuben MoodleyPartner, Assurance — Africa2

Male leaders making the mix workTo mark International Women’s Day 2014WelcomeMark OttyEMEIA AreaManaging PartnerSince 2009, when we started to focus on Diversityand Inclusiveness (D&I) collectively across Europe,Middle East, India and Africa (EMEIA), we haveseen some impressive progress in our journey toachieving a diverse and inclusive workplace. Wehave seen the number of women being promotedto partner increase from 15% to 21%, we havemany more women in leadership positions thanwhen we started and, in all of our Regions, we haveexpanded our focus from purely gender to otheraspects of difference.We know from both internal and external researchthat the most effective teams are diverse, and thatis why Vision 2020 calls for us to “make differencematter.” Our success in the market will dependon the individual talent that we are able to attractand retain and how well we can leverage thistalent to work collectively as part of our highestperformingteams.There are many ways of doing this, and the criticalfactor for success is leading inclusively. I work withinclusive leaders across the organization on a dailybasis — people who seek out different perspectives,encourage a “speak up” environment and makeI see it in the way they team, the respect they showto their colleagues, the passion in the way they goto market and their understanding of their ownframe of reference and that of others.I am delighted to take the opportunity ofInternational Women’s Day to recognize some ofthose leaders who are setting the tone from thetop, and we have taken the decision to focus on ourmales in this respect. Too often, the gender debatefocuses on women alone — gender, however, ismen and women, and it is only when we engagewith our men on the gender agenda that we willmake real progress.In the coming pages, you will meet 12 maleleaders who have all been on personal journeysto leading inclusively and who will share withyou some of their thinking and some of thethings that they have done to make a difference,by valuing difference.“ Inclusive leaders encouragea ‘speak up’ environment.”“ We have seen the number ofwomen being promoted topartner in EMEIA increasefrom 15% to 21%.”“ Our success in the marketwill depend on the individualtalent that we are able toattract and retain.”3

Male leaders making the mix workTo mark International Women’s Day 2014Executive summary of top tips from our leaders on how to make the mix work1Engage at all levels of your talent pipeline — support informalmentoring, reverse mentoring and formal sponsorship.6Be bold — provide stretch assignments, question the “rules,”challenge mindset and counter assumptions.2Set targets — know what you are trying to achieve.7Be innovative with flexible non-traditional career paths.3Establish accountability for progress.8Make sure that there are opportunities for our people tore-enter the workforce at all levels.4When recruiting, insist that all short lists are gender diverseand, if they are not, ask why?9Make sure that D&I doesn’t slip off the agenda when you arepushing for growth and high performance.5Promote flexible working on a non-gender basis and set thetone from the top.10Engage with your clients on this topic and share what youare doing.4

Male leaders making the mix workTo mark International Women’s Day 2014Leading inclusively across multiple locations1,000 staff working outside their home countryat any one time, we are now a highly internationaland mobile business, and having a multiculturalmindset is a prerequisite for us. While we havedriven home the ‘international’ message acrossthe business ourselves, initially we encouraged theFinancial Services Organization (FSO) partners andpeople to follow the lead from our host country,in terms of messaging and focus on genderdiversity,” says Andy Baldwin.Around 18 months ago, the FSO leadership teamdecided to shift strategy around gender andbecome more active and directive — no leavingpartners and staff to “opt into” host countryinitiatives in countries such as Germany, Spainand Italy. They decided gender needed to be giventhe same emphasis and importance in the FSOa relatively poor performance around the genderagenda and also the changing nature of themore female executives.In the marketplace, it is about how better toleverage and connect with clients. “In the FSO,we have always had more partner engagementwhen we link any initiatives to clients. We have theorganization’s largest concentration of multinationalaccounts — so we have tried to leverage this. Wenow have a work stream looking at how to createnetworks for clients across borders, working withwomen in senior roles in the industry.”Andy is emphatic: “Top-down targets for mybusiness don’t work. You arrive at an overall targetdifferences. As a team, we have set ourselvesthe challenge to at least match the host countryperformance on gender. Once we have done this,we then set a target to go beyond that (for gender)in terms of ‘best in class.’”He is also having the FSO business look at talent onall levels. “We have 13% female partners overall —that is the average across 12 countries in verypromoted 121 partners, hired approximately 70and transferred a few, but I think, out of our directentry partners, only a handful were women. Whichmeans that we have been much more successful atgrowing ourselves,” he says.“Whereas, before, the FSO was promoting a highpercentage of those women who had alreadywas happening at senior and manager level,” headds. We now have programs in place to identifyhigh-potential female seniors to help them gainmore visibility and support their choices forwork-life balance.“We are also now insisting that direct entry partnershortlists are gender diverse,” he says. “Werecognize now that, if you’re drawing from a poolwhich we probably hire 20–25 a year, we need tosee a couple of hundred individuals. In some partsof the advisory business where we are trying togrow — such as technology — there may be fewerwomen, but there are more female candidates instrategy or tax.”Paying attention to culture means including bothsexes in the conversation. “We also have a workstream looking at how to promote agile working ona non-gender basis: when you have men and womenwilling to engage in agile working, it stops beingseen as ‘the woman’s option,’” he says.Andy BaldwinRegional ManagingPartner — FSOAndy Baldwin is the Regional Managing Partnerfor the EMEIA Financial Services Organization(FSO), a diverse region made up of over a dozencountries. He is also Chair of the Global FSOMarkets Executive. Previously AIBD leaderfor EMEIA FSO, he has held a number of otherleadership positions at EY.“ We insist that short lists aregender diverse.”Interview5

Male leaders making the mix workTo mark International Women’s Day 2014Leading inclusively across multiple locationsLeadership on setting the right tone has to comefrom the top, he suggests. “I don’t do meetings ona Monday before 10:30 because I usually take mydaughters to school. People who have worked withme know this is part of my routine. The same is truefor some of the team who leave earlier on a Fridayto pick up their children from school,” he adds.There is change in the air, he believes. “Now, peopledo say ‘I want to work four (or even three) days as apartner.’ There is also more recognition that a highlymotivated individual working three to four dayscan be far more effective: if we can manage clientrelationships, then it is a great result.”In his own leadership team of around 20 people,there are four women leading service lines,functions or market segments. “It is important theyare seen to be playing key roles on the leadershipteam. However, we have used the creation of some‘deputy roles’ across the business to build a pipelineof future female leaders,” he says.“A number of the FSO Regional Leadership teamhave been together for a while; by most KPIs wehave been quite successful,” says Andy. But ata recent leadership workshop led by a diversityconsultant nine months ago, he had a bit of ashock. “I had thought as a team we were all on thesame page regarding the nature of our genderchallenge and the priority we collectively attachedto improve it. I realized during that session wehadn’t created the (right) baseline as a leadershipteam. We were also so focused on achieving growth,our performance culture and all our objectiveswere based on the numbers. The drive of energywas going into achieving the objective and notnecessarily on how it was being achieved. While allthe team accepted gender was important, it feltlike we were prepared to compromise on genderprogress to achieve the growth goal.“It constantly needs to be reprioritized. In theyears that FSO has been a success, internationaldiversity has progressed — but gender progresshas not moved forward in the way we would haveexpected. As a team, we now recognize we need tokeep putting it among the targets we want to hit asa business. If you don’t have a target, then whenyou focus on the top three things you are trying toachieve, it falls away …“It was a real lesson for me. If you grow a businesswith a certain cadence, you have to make sure of theagenda all the way through it. It’s not that the issueis not important to people, it’s just that achievingthe goal can become more important rather thanhow you achieve it, unless you pay real attention.”“ ... when you have menand women willing toengage in agile working,it stops being seen as ‘thewoman’s option.’”InterviewAndy Baldwin6

Male leaders making the mix workTo mark International Women’s Day 2014Using new ways of working to retain your high potentialsCameron Cartmell takes little credit for what hecalls a “relatively balanced” EMEIA team by genderat quite a senior level — four of the country leadsout of eight or nine key countries are women.“It is nothing I have done,” he says, but hisattitudes to both gender and the workplace speakfor themselves.make it work for the team and get it right that isthey move up to more senior levels, even if theyevenings are sacred and I leave at 17:00 unlesssomething falls off a cliff. Everyone knows that.It is undeniably harder when you are more junioras you have to be on site with a client for theinteraction, but in order to retain people, we have to“In all of what we do, we mustn’t draw blackClients can sometimes be quite concerned aboutyou can do it and be honest about what you aredoing. The more mature clients are having to dealwith these same issues. The feedback I have hadfrom my key ‘retains’ in this space shows thatdealing with the workload in a different way isworking,” he says.He suggests there is no real reason why someonecannot be a partner if they wish to work only fourdays — or even three — a week. “I would imagineit may be easier in certain parts of the businessa week, you need to be incredibly disciplined asan individual. You also need to put contingenciesin place. It needs a great deal of careful planningon project delivery-type work when everyoneis resource-restrained.”When it comes to the UK team, he has a largenumber of women working for him. Is it becausehe is keen on “having open conversations”? “Well,I counsel two or three women and I was not doingthat two years ago, so maybe it is because theynatural development. Once you get senior rolemodels in a team, it becomes self-perpetuating,”he says.However, three of the most senior members on histeam are currently all on maternity leave. “Whenit happens, we deal with it by bringing other seniorpeople onto teams and tapping a breadth of peopleat the level below with some experience. We alsodeliberately make sure there are men available inthe pipeline.”Crossing levels of grading when promoting peoplemay be essential for gender diversity, he suggests.“You can have a woman with partner potentialwho is anxious at the prospect because of familycommitments. So she is interested and does notwant to stand still in her career because of a thirdchild. The question here may be to create a newoption to suit her,” he says.Cameron CartmellEMEIA Head ofHospitality and LeisureCameron Cartmell is an Assurance Partner inEY UK and Head of Hospitality & Leisure forEMEIA. He has specialized in the sector for thepast 16 years with a particular focus on thehotel and betting and gaming industries. Untilhe handed over the responsibility at the startof 2014, he also co-chaired the UK and Ireland(UK&I) Gay, Lesbian, Bisexual and Transgender(EYGLES) Network for over six years.“ The feedback I have hadfrom my key ‘retains’ in thisspace shows that dealingwith the workload in adifferent way is working.”Interview7

Male leaders making the mix workTo mark International Women’s Day 2014Using new ways of working to retain your high potentials“How can we promote the concept of EY as apeople and say: ‘You have a choice between twooptions’?” he asks. “We have to practice whatwe preach. There are points in a person’s careerwhere key decisions have to be made about theirprogression. They can’t be given a binary choice.We are a business and, as business people, weThe model for the partner role also looks verydifferent now from how it did 10 years ago, and10 years on it will look different again, he suggests.“In order to retain a diverse workforce, theyhave to look different from how they do now,”says Cameron.His active involvement in the EY UK NetworkEYGLES was a time of considerable change. Whileseven years ago there were between 30–40members, today there are about 270. “One ofthe biggest challenges was engagement of thelesbian community. Originally, none of the eventswere focused on women, so we changed that, butmembership is around 30%. I do think it is a little bittougher for women to ‘come out’ in the workplace.”His own experience suggests, however, that beingsupported — and feeling that you are — is key tothe link between inclusion and progress for thebusiness. “I came out when I started workingfor EY, and seeing the importance of a supportmechanism for people was critical in that decision.Communication on all fronts helps, whether it isThe biggest challenge lies in ensuring that oursenior people and leaders educate themselveson what they need to do to create the righta leader, you need to realize it is about takingfrom clients — until you demonstrate it workingfor them.”“ There are points in a person’scareer where key decisionshave to be made about theirprogression. They can’t begiven a binary choice.”InterviewCameron Cartmell8

Male leaders making the mix workTo mark International Women’s Day 2014Combining personal sponsorship with a more policy- and data-driven approachWhen it comes to gender diversity and opportunity,concentrates the mind,” says Andy Embury, EMEIAAdvisory Leader. He has an 18-year-old daughtercurrently doing subjects at A level that havetraditionally been regarded as “male dominated:”maths and science. “She’s every bit as good asany guy — and I would like to think she will have thesame opportunity,” he adds.Giving women opportunities all the way up tothe top of the ladder in more senior positions isnot just an argument about “fairness,” he says.“In the last few years, we have seen a shift in thedebate around gender diversity. Of course, thereis merit to the argument that it is about equality,but the business logic is also compelling. In ourkind of business, we work alongside clients everyday. As the makeup of our clients’ executive rankschange, if we show up with a team that does notcompetitive disadvantage.“While the intellectual argument has beenassimilated into the received wisdom, there isa lot to do to move the dial at the pace we needand want. It takes a long time to grow people,but I think EY has picked up the pace in the last18 months and moved from a situation where wehad lots of good but isolated initiatives in differentparts of the world to a position where we havea much more cohesive strategy. Another wayof putting it is that we’ve moved from having anumber of senior people who are committed anddriving a number of interesting initiatives to havingcommitted leadership with a joined-up plan.”Sitting on two EY management boards — the EMEIAOperating Executive and the Global AdvisoryExecutive Committee — he says, “With close to30,000 people in our Global Advisory businessand more than 13,000 in EMEIA, we have tocombine personal sponsorship with a more policyanddata-driven approach in making sure we aretackling unconscious bias and driving systemiccultural differences. Taking a global perspective,we will come unstuck if we try to apply the samepractice everywhere, irrespective of local customs,laws and cultures. We should be deploying leadingpractice — and seeing some competitive advantagefrom it — in each of the societies in which weoperate. In that sense, the common EY policy isto be deploying market-leading practice.“Women who are capable and have the ‘rawmaterial’ to progress also need to play their partin putting forward a convincing proposition forthemselves,” he says. In recognition that “there isAndy sponsored a pilot program three years agothat has since been extended to other servicelines. Women considered to be within a year or soof being a candidate for promotion to partner areoffered an event that helps them approach andprepare for the promotion process in the best waypossible. “We’ve had fantastic feedback from thosewomen attending this event — and we completedthe third annual program across all EMEIA servicelines in November,” he says. “It’s just one piece inthe jigsaw, but one that has made a difference fora number of our senior women.”Andy EmburyEMEIA Advisory LeaderAndy joined EY in 2008 from IBM, wherehe was General Manager of Global BusinessServices for the UK, the Netherlands, the MiddleEast and South Africa. Before that he wasManaging Partner of PwC Consulting in the UK.He has been EMEIA Advisory Leader since 2009.“If we show up with a teamour client, it puts us at acompetitive disadvantage.”“ There is sometimes aglass ceiling.”Interview9

Male leaders making the mix workTo mark International Women’s Day 2014Achieving a diverse business run by inclusive leadersHarry Gaskell is very clear on the need to settargets for change, even if they are some way in tothe future. Rolling three-year targets continue toset the tone for UK&I, aiming for 30% female newentrants to the partnership and 10% from black,minority and ethnic (BME) backgrounds.“Targets express commitment and are a way todeliver accountability. We’re hoping these twotargets mean our senior partners create whatevermechanism works for them to achieve the targets.In Transactions, for example, it is very hard tofrom ethnic minority backgrounds as it is aninternational business — so which target you hityou are in. The onus is on the partners to keep“This shift of accountability to the senior partnersmeans that we are carrying out about 20 separateinitiatives at the moment, because each programneeds to be tailored to particular needs of aservice line. We are ratcheting up pressure on allmanagement to take charge, asking: who is onthe short list? Can I hire someone a level belowand move her up, with training? These are thequestions we must all ask ourselves every day.”On the “supply side,” reverse mentoring is onemeans of getting one’s hands on what exactlyis going on in the business, he suggests. Thereality of a junior person’s life is made clearin a mentoring session with someone who ismany levels apart. “You need that distancebecause then, once a relationship of trust hasbeen established, you get honesty. If there is aare in the hierarchy, your reverse mentor is morelikely to tell the truth, as you have no direct impacton their career. In my own reverse mentoring, asa ‘mentee,’ I am learning how partnership at EYcomes across to a young woman.”Sponsorship programs are another key means ofbringing about change. Career Watch is one thattargets women at the level at which they usedto leave, and a “more muscular” program hasbeen created for those about to be considered forpartnership. “We are well aware that this year’spipeline will have a certain number of women,but if we looked further back, there were more.We need to ask ourselves: where did they go?”he says.“We are giving each woman at a senior level asponsor and making it clear to the sponsor: ‘If theyhave not progressed — why not?’ We are trying toincrease accountability again.“We also need to crack external hiring next. Werecruit 50:50 by gender now at graduate level,but not when we recruit externally — over the next12 months, we’ll be revamping senior hiring.”Harry GaskellAdvisory ManagingPartner — UK&IHarry leads the Advisory Services practicefor UK&I and has over 25 years’ consultingexperience. He helps organizations make majorchanges to their business or department,focusing on strategy, process, people and IT.These have included major outsourcing, costreduction and new business creation programs.Sectors he has worked closely with includethe public sector, retail, pharmaceuticals and“ Targets express commitmentand are a way to deliveraccountability.”Interview10

Male leaders making the mix workTo mark International Women’s Day 2014Achieving a diverse business run by inclusive leadersHowever, focusing on the “supply side” won’twork “unless everyone believes that diversity isgood for them as an individual, so we need alsoto keep working on the ‘demand’ of this changeside,” says Harry and persuade partners thatchange is good for them. “Over 18 months, wehave created an Inclusive Leadership Programfor partners. You don’t have to go on it, but youare encouraged to do so. We make a case thatwe will be more successful as a organization if allsenior people become inclusive leaders rather thantraditional leaders.”The Inclusive Leadership Program is essential, hesays, to educate EY’s leadership on unconsciousbias and the dynamics of recognizing, nurturingand promoting talent every day. “We believe theprogram is unique. There was nothing out there sowe had to develop it ourselves, with the help of anexternal consultant — and already half the partnershave gone through it.”Harry’s own experience at EY suggests the needto remind everyone on International Women’s Day2014 why they need to take ownership for change,even if it should be blindingly obvious.“Six or seven years ago, I was running two bigprogram teams working with the UK Government.One was a diverse team and the other one was atraditional team full of white males. The diverseteam was doing a lot better than the other … andthat was no coincidence.“A diverse business run by inclusive leaders willmake us the best in the market. The sooner we canbecome that, the better for all of us.”“ Reverse mentoring is onemeans of getting one’shands on what exactly isgoing on in the business.”InterviewHarry Gaskell11

Male leaders making the mix workTo mark International Women’s Day 2014Overcoming myths and preconceptions to change mindsetPhilip Hourquebie does not believe it takes “rocketscience” to bring about fundamental change inworking environments, but he is very sensitiveHe says, “Diversity is a very powerful tool inbusiness and getting diversity through genderparity is a sound business strategy,” but thekey lies in creating the right environment. “It iscritical to create the right structure and processesin changing culture: we need to engage ourleadership to ensure the way in which evaluationsand promotions are put into effect is considered,”he adds.Moving to CSE three-and-a-half years ago fromAfrica was quite a transition for him. “Africahas a younger population and it has more of a‘can do’ environment. There tends to be moreconservatism here. Neither is necessarily better,they are just different.”“Today, there are often more female graduatescoming out of university than males. Our problemis how to create a workplace that is conducive towomen being able to progress their careers tosenior leadership positions while, at the same time,allowing them to be active in their families if theychoose to do so,” he says.Philip notes that EY’s Work Smart policy — aimed atboth men and women — was recently introduced inworking arrangements, but mindsets can be quitebelieve they can be partners unless they worklong hours.”“The women who believe they cannot be bothmothers and partners have often relayedinformation coming from their line managers,” hesays, making it essential that line managers arealso reviewed in terms of their preconceptions.Work Smart is intended to enable both men andwork in their lives. “Women speak of it as theorganization creating a platform that allows themto get ahead,” he says.Philip is unequivocal about what needs to be doneto bridge the gap for women at partner level in EY.“You have to identify potential and fast-track itthrough appropriate challenging experiencesand support. Progress is possible — in Turkey, 39%of our partners are women.”It’s about questioning the existing rules andrethinking them to catch up with reality, hesuggests, but it isn’t an easy call for everyone. “Wehave a rule that certain job functions cannot be apartner if they are not already at the right level ofhierarchy to take on a partner role,” he explains.It’s a rule, so to put forth a candidate who mightbreak it requires a lot of sponsorship — and goingout on a limb, as there is never a guarantee that theappointment will work out.Philip HourquebieRegional ManagingPartner — CSEPhilip has extensive experience of working in amulticultural and multinational environment atEY, formerly as Regional Managing Partner forAfrica and now as Regional Managing Partnerfor Central and South-East Europe (CSE). He haspersonal experience in many of our service lines,has worked with very large and entrepreneurialclients and is very engaged in developingproductive relationships with governments.“ We should recruit andpromote based on attitudeand talent, then work outhow to accommodate anindividual’s unique needs.”Interview12

Male leaders making the mix workTo mark International Women’s Day 2014Overcoming myths and preconceptions to change mindsetHe found that several women on maternity leavewere not being considered for promotion orperformance recognition “because the assumptionwas that they had opted out and now they had towait their turn.” He points out, “To meet diversitysenior committees, but if it isn’t done on merit,it is counterproductive. Instead, you have toput women in roles for which they might not bepotential to succeed.”“You have to be bold. It’s about providing theright experience and realizing individual andorganizational potential — even if sometimes itgoes against all your instincts as the ‘right thingto do,’” he says.Mentoring and coaching are important processesto move careers forward. “If you want to helpyoung people at the outset of their careers, youmust spend time with them sharing how youthink.” For senior management, it needs to beabout challenging them on one level and providingsupport through sharing oneself on another.With a son and a daughter who are having theirconversations” around starting a family andretaining a professional career, he understands ona personal level how demanding the young noware of their employers. “They need to spend timewith children, but they also need to be connectedwith the workplace: these are not easy thingsto resolve. I think we sometimes oversimplifythese dilemmas. These are very real choices and,for women, they are often more frequent andchallenging than for men,” he says.“It’s essential to have respectful but openconversations as often as possible,” he suggests.counter assumptions that are made; for example,when women get married, the quick judgment, hesuggests, is often, “They will have children next sowe shouldn’t consider them for promotion.”“I have heard some people say they will not hiresomebody who is pregnant or might possibly bepregnant sometime soon — as if anyone knowswhen this might occur! That is not the rightquestion to consider. Rather, we should recruitand promote based on attitude and talent, thenwork out how to accommodate an individual’sunique needs.”“ You have to be bold andrealize individual andorganizational potential,even if it goes against allof your instincts.”InterviewPhilip Hourquebie13

Male leaders making the mix workTo mark International Women’s Day 2014Engaging with your whole population — both men and women“It has proved critical for us to work togetherwith clients as well as women’s associations —international ones — in facing the challenge ofmoving toward gender equity. As soon as westarted to do this, we realized two things at once:that we are not alone and that it is an enormousopportunity as well as a challenge,” saysDonato Iacovone.The stories people tell vary greatly as to why thereare more men in senior management positions thanwomen, he adds. “Women bring more honesty and agreater capacity to listen and understand. Men andwomen each bring something different, but it is thebalance of both men and women that is crucial forsuccess. We can see in service lines that, where wehave a better gender balance, we get better results.”He goes on: “Our mistake in the past has been inbelieving that to increase the number of women insenior positions, we need to talk to men. That is notthe men.”“It’s also crucial to engage existing femalepartners in ensuring that more women comethrough and so now we make sure we talk tothis is working much better.”Another mistake has been in thinking in the pastsays. “By that point it is too late — you need to talkto people before they get to that stage. Womenleave before that because they feel we demand toomuch of them in terms of time and their perceptionis that, in order to succeed as a woman, you needto make three times the effort put in by a man.”Talking to individual women and asking “how canwe support you?” Is the way forward, he says. “It’sa long journey from which you might see a result init’s a huge population, but it’s the only way and it’sthe best way — to learn from the population itself.”Having taken an internal EY project and openedit up to include women’s associations such asthe Professional Women’s Network, he is nowtrying to involve clients as well, by inviting themto participate in workshops. Donato is blunt: “Ifclients are involved, you have to be serious — andyou can’t make mistakes.”“For us, a partnership role equates to amanagement role in a big company. With breakoutsessions including clients, we heard things thatwere not always comfortable to listen to, but werevery helpful.”While client feedback on this initiative is good, hesays many women continue to be very skepticalabout whether EY has real commitment to genderequity, or whether it is merely following “a trend.”“The next step, therefore, is to involve the CEOs —not only human resource (HR) directors, but alsomen in the most senior positions at the top.”The annual CEO Forum in Italy has a large audience,but so far, the subject of women has not been on thetable for discussion. Change toward gender equityis “about changing the culture,” he says. “There isnothing more effective than showing a good resultway to show the results of a better balanced team.”In his geographical remit, the challenges areconsiderable due to what he terms “a differentmindset” from northern Europe and the UnitedStates, but there are plans afoot for the launch of astrategic growth forum to discuss opportunities forgrowth, linked initially to the CEO Forum.Donato IacovoneRegional ManagingPartner — MedDonato is the Regional Managing Partner forthe Spain, Portugal and Italy (Med). He has beenPartner and Corporate Finance Leader in 1996and Partner in charge of the public sectorin 1997. His industry experience includesextensive work in both power and utilities andgovernment and public sectors.“ We can see in service linesthat where we have a bettergender balance, we getbetter results.”“ Talking to individual womenand asking ‘how canwe support you?’ is theway forward.”Interview14

Male leaders making the mix workTo mark International Women’s Day 2014Leveraging the power of role models, both internally and externallyrole models when it comes to the developmentand promotion of women all the way to the top.“You start with building awareness. In addition,female role models at all levels make a difference.In my previous role on the Dutch board, wehad two female partners, which immediatelymakes us more attractive to women,” he says.Within EY, Pieter has been in leadership roles inthe Netherlands and in international teams forthe last 14 years. It was 2005 when he started tocampaign for diversity in the Netherlands. “Therewas a real need for diversity,” he says. “I saw thesupply and demand side issues. It was a case of‘what can we supply to our customers and whatcan we demand from our people?’”Then, as Chairman of the Dutch Assurancedivision, he started to build awareness at thetop. “I was trying to set the tone in the partnergroup, where we had 3% women in partnership —which was ridiculously low and certainly not awhich we operate. We introduced Career Watchand we promoted more women. At the end of2013, the partner numbers hit 12%. Now thestarting level for women coming in as graduatesfrom university is 50% — in Financial Year (FY)2009, it was 38%.”He says, “We also need to demonstrate rolemodels to the outside world.” The public face ofEY women at the top of the organization is veryimportant, but with the advent of social media asa means of communication, it is critical to have aninherent culture that lifts itself out spontaneouslyvia social media as “having better chances forwomen.” “Our business needs more and more tomen and women,” he says.The LinkedIn network, widely used now by allprofessionals, is one way, he suggests. “We haveour own diversity program and a parents programprofessionally — these are on LinkedIn in theNetherlands, and the partner of the employee doesnot have to work for EY to participate.”Connecting female networks within EY to otherorganizations also takes place in the Netherlands,in Europe, he says. “Flexible working in theNetherlands is part of our DNA. We are very happyto have put into place an awareness and learningthat is part of our culture. There are more equalchances now for men as well as women to have asuccessful career within the organization at thesame time as balancing home commitments.”Part of the success of moving the partner numbersfrom 3% to 12% has been achieved by settingtargets. “In the last four years, 25% of our partnerpromotions have been women. Targets mustalways be higher for the new promotions in orderto get parity,” he says.Pieter JongstraPartner, Assurance —BeNePieter Jongstra is an Assurance Partner in EYBelgium and the Netherlands (BeNe) and formerManaging Partner of the BeNe Region. Pieterhas been with EY since 1982. Within EY andexternally, Pieter is known for his commitmentto diversity. For the last 14 years, Pieter hasheld various management positions in theGlobal, EMEIA and Dutch organizations at EY.“ The public face of EYwomen at the top ofthe organization is veryimportant.”Interview15

Male leaders making the mix workTo mark International Women’s Day 2014Leveraging the power of role models, both internally and externallyHowever, if you look at the numbers, there is stilla big gap between seniority levels — whereas 35%of senior managers. “We need to set tough targetshere in order to achieve female participation,”he says.This may entail “breaking the rules” on promotion.“In building awareness, you want to create asituation where individuals open their minds tonon-traditional promotion. You should not lookat promotion criteria necessarily in the same waythat has been followed in the past.”Pieter says: “If you look at people who work for usat EY, the majority of hiring decisions are taken bymanagers and senior managers, and unconsciousbias can happen at any level. If you don’t bring in anew culture, then men will simply promote men.”It is all about “mindbugs” — the way of thinkingto which people adhere. In order to get rid ofthem and then focus on how they can impactdecision-making.your clients and at university — there you see muchmore diversity than we have at the moment.” Headds, “We have come a long way, but there is stillmore to be done. EMEIA leadership is simply notdiverse enough yet from a gender perspective.There are two women on the EMEIA executiveof 21 — it is not good enough.”“ In building awareness, youwant to create a situationwhere individuals open theirminds to non-traditionalpromotion.”InterviewPieter Jongstra16

Male leaders making the mix workTo mark International Women’s Day 2014“I believe very strongly in teamwork and, for thegrowth of a business in the consulting space, itsengine really is its people. Men here are moreprone to changing jobs while the women tend to bemore stable, very diligent and committed to theirwork. Business considerations make it essential to“When I joined Andersen in 1991, we were allexpected to work 15 hours a day, but despitethat, I never got a rating higher than three out ofHowever, there was a woman working there whowe were!”A conservative Indian culture — especially morethan 20 years ago — meant that her parentswanted her home at a reasonable hour, heexplains. Using time to best effect was a traitamong women he noted then and has continued tonotice this through the various stages in his careerwhen working alongside them. To get the best outcritical, he says.“Women in India need to deliver at home as well aslot of guilt about leaving the children at home whenthey are away from them. People are a lot morecomfortable with the possibility that they can bothwork and get time to spend with their children.”His own experience in working with women onbest way forward when it comes to retaining thebest people. “One woman with young childrenarrangement. While she did so, I handled someof the most complex, high-risk and high-valueengagements, which were all very well executedand I was very well supported by her. Theonly change I have made in working with suchindividuals is to give priority to them and adjust myworking such that I am there when anyone needshelp — and in making these adjustments, I haveClients just need the work done professionallyand on time — that is all, he suggests. “By givingI have also noticed in working with some of thesewomen how much they focus on supportingand developing their team, which in turn helpseveryone be more effective. I have found thatthe performance.”Vishal MalhotraPartner, Tax —IndiaVishal Malhotra is a Tax Partner based inNew Delhi, with a focus on thetelecommunications sector. In more than 20years with EY, he has played a personal rolein mentoring and coaching women to take upleadership roles while working within a culturewhere it is not always easy to do.“ I have found that the greaterthe performance.”Interview17

Male leaders making the mix workTo mark International Women’s Day 2014EY is not necessarily required to be passed onto clients. “They get services as before and, bywe can ensure the clients get appropriate facearrangement is not required to be broadcast.There is no need,” he says. “It is essential to havea good working relationship with your team. If youcan’t do a piece of work, it isn’t important whodoes it as long as it is done and you cover eachothers’ gaps. If there is a criticality, you do have toput everything else aside.”Flexibility also means that he gets “more face timewith members of the team when senior memberscan’t make it, which gives others a chance to comeforward. It means we create a more comfortableworking environment that crosses age and otherbarriers,” he says.He adds a cautionary note to his enthusiasmgenerally measure performance by the numberare delivering. Women get demotivated whencolleagues pass remarks and make disparagingcomments. People do talk — and there isresentment when someone is seen ‘moving up’while not being visibly there all the time.“We need a lot more education. Women have somany responsibilities that they have to be viewedwithin the overall context of them all,” he says.He also feels strongly about not doing a“hard sell” on being partner. “We should not becoaxing everyone to aim to become a partner.of revenue, of visibility and of their time — manywomen don’t want that pressure, they want tobecome partners when they are good and ready totake the plunge.“We don’t want to force people into partnership.By promoting them to the level at which theyare comfortable, we make the best of them andthey make the best of the position. Pressures oncareer,” he adds.“ By promoting our people tothe level at which they arecomfortable, we make thebest of them and they makethe best of the position.”InterviewVishal Malhotra18

Male leaders making the mix workTo mark International Women’s Day 2014“Gender equality continues to challenge us hereon the African continent. Within South Africa, thischallenge is compounded by the country’s apartheidlegacy that has left our black people, mainly blackAfrican women, at a disadvantage in as far asequal access and opportunities are concerned.To this end, our Region’s (South Africa) focusis to improve opportunities and representationof our underrepresented females, namely ourAfrican females. We understand that, in order todo this, we need to attract, engage and help ourfemale employees to see EY as the place to buildlong-term careers.“Providing the right environment is key toretaining our people. Women are different; theybring different perspectives, ideas and solutions towork each day. They also have different challengesand employment needs. Our gender empowermentstrategy is, therefore, aligned to these differences.Empowering men is also a big part of our strategy.This includes educating men about the need for acan bring and equipping our men with soundmanagement skills to be able to manage womenand our diverse workforces,“ says Kuben Moodley.and effort has gone into understanding the careerdevelopmental needs of women. The Regionhas invested in training programs designed toengage women in some of the organization’sstrategic initiatives. The Assurance service linehas also introduced a breakthrough programcalled Masakhane that is targeted mainly at blackwomen. The program aims at assisting youngblack accountants to orientate into the companyand into the profession by providing support,guidance and networking that covers topics andfocus areas such as coaching, mentoring, personalbranding and interaction with the organization’sleadership teams.Cultural awareness and stereotyping is alsoa key focus area, and assisting EY’s womenpersonal and family demands and professionalaspirations and business needs is important to thisorientation, Kuben explained.Kuben went on to mention that, “The statisticsfor change in South Africa are challenging. As atDecember 2013, the country had 36,000 SAICAregisteredchartered accountants. Only 1,300 wereto the profession and to any company wanting toattract and retain this under-represented group.“Networks are proving to be a valuable wayto engage and connect our people. The BlackProfessionals Network aims at connecting ourpeople to each other and to our leaders. This hasproven to be an excellent engagement tool andthe starting place for many relationships. Wehave seen engaged employees remain with us andwill continue to use our networks to improve theretention of our female talent,” Kuben says.Kuben MoodleyPartner, Assurance —AfricaKuben Moodley is a Partner in the Assuranceservice line in the EY Africa Region. Heis also the partner sponsor of the BlackProfessionals Network in South Africa andchairs the Assurance Service Line Diversity andInclusiveness Committee.“ Women are different, theybring different perspectives,ideas and solutions to workeach day … empoweringmen is also a big part ofour strategy.”Interview19

Male leaders making the mix workTo mark International Women’s Day 2014Kuben advised that, “A new initiative for us is ourtiming. Whereas in the past, we waited for ourpeople to settle into their careers, we now targetour very new recruits. We engage them earlyin their careers, coach and advise our femaleemployees on career options, provide them withfamily, etc., and assist them with the tools tointroduce balance and to integrate life with work.”Kuben is a big supporter of “stay interviews”as opposed to “exit interviews.” In the next fewweeks, he will be interviewing “every singlemanager to ensure that they understand whatwe need to do to be sure we interact in thebest way with these challenges. It is essentialto have leadership from the top — you have tolead by example through your actions and byshowing personal engagement. You are onlyable to really understand the challenges bybuilding relationships of trust. Relationships arethe foundations on which we build our businesssuccess, and we know it is what will help us to builda better working world for our people and beyond.”“Our women who are already here also have a bigrole to play. We have formed strategic relationshipswith women’s organizations and professionalbodies, and we leverage female leaders outside ofthe organization as well as those within. To womenalready in EY, we say ‘you need to stay to leadthe change.’”African female chartered accountants, we haveIn another push for change at the younger levels,there is the NextGen program, focusing onworking with young women from disadvantagedcommunities — so as to open up opportunitiesfor careers in our profession. The program isnow in its second year, with pleasing results fromlevel and saying ‘let’s play a larger role in thecommunity for change,’” he says.“ To women already in EY, wesay ‘you need to stay to leadthe change.’”InterviewKuben Moodley20

Male leaders making the mix workTo mark International Women’s Day 2014Making delivery trump visibility when assessing performanceVladislav Severa is modest about his contributionto the agenda for gender equity at EY, but as soonas he starts to speak about both the obstacles andthe opportunities for women all the way to the topof a professional working environment, it is clearthat he has been a source of great support forwomen — and continues to lead the charge.“We had a good inheritance from the past in TAS.Seven out of 26 partners are women and moreare on their way. Flexible working arrangementsare now open to everyone and women are usingthem well. You can work evenings or mornings orweekends — as long as you show commitment,”says Vlad.working package at the beginning of 2013. “Havinga policy is one thing — having it consistently appliedand used is another. I would not describe the takeup of these policies as having been an avalanche,but it only takes one or two pioneering colleagues tomake it a success — we need to collaborate closely tomove it forward,” he adds.It is important, he believes, to identify the risks orobstacles stopping individuals, especially women,will the rest of the team see it?” He says. “It is aimportant part in that. The big concern for womensight and out of mind.’“He thinks that perception is “rightly so. Seniorteam members still tend to be rated partly on theirvisibility. We need to get the message across thatdelivery is the most important factor and that itapplies to everyone.”The way to deliver the message, he believes, isthrough “constant talking. We need to get everyoneon the same level of understanding. When peopleactually have to think about the difference betweendelivery and visibility, then it is time to say thatmindful efforts have to be made into how we viewthem. It is not just about how they smile at us visiblyevery day in the corridors, but how pleased, howhappy, their clients are with results.”He has been putting particular importance onperformance appraisals. “They have two majorcomponents: the quality of the work and theinteraction, on the selling side, with clients. Flexiblecomponent than the second. You cannot avoid theinteraction and the high demands of meetings withclients,” he says.Furthermore, when it comes to women on the clientside, it becomes complicated. “They themselves arevery strict regarding their time. They mostly will notlet it intrude family space. This means that we needto have the same understanding for our own womenand make sure we do not clash with family timewhen we set up our client or team meetings.”There is a mismatch, he suggests, because “themost senior positions on the client side seem notissue for a professional services organization —how to mimic the behavior of women on the clientside. These demands are societal and men havemore freedom.”Vladislav SeveraHead of TAS — CSEVladislav Severa is Head of TransactionAdvisory Services (TAS) for Central and SouthEastern Europe. Based in the Czech Republic,he has been at the forefront when it comes toincreasing the number of women in TAS.“ The big concern for womenworking you are ‘out sightand out of mind.’”Interview21

Male leaders making the mix workTo mark International Women’s Day 2014Making delivery trump visibility when assessing performanceIf he could dictate the level of importance givento diversity and inclusion activities, he would putin terms of importance. “When we are makinguniversity visits, we try to bring more and morewomen in as role models: they are the visible signsof achievement,” he says.He adds, “Later on in their lives, we needsponsorship and coaching if we are not to losethem. Even if we recruit 60% men and 40% womenin TAS at the moment, we lose the women furtherup. There is unconscious bias at work.”The reputation of TAS does not help the causeof promoting women, he suggests. “TAS ishistorically equated with the scenario that, if aclient calls you and it has been two minutes sincethe call, you need to get on a plane at once — as ifyou are a parachutist on duty in a war. We need tobreak that perception. If it is not perception, butjust popular myth of working habits, then we needactually needs to be done.”Turkey is the anomaly in CSE, which he attributesto it being “very young, very dynamic and acountry where the level of aspiration is very highfor women. They are comparatively much moredemanding of their future.”But if Turkey is regarded as “the exception,” thelesson for the norm in terms of the progressof women is: “To be aware, we need cautious,thoughtful, mindful thinking all the time. Whydoes it happen that women don’t get to the top asoften? Are we being unreasonable in asking thateveryone needs to be on call 24/7? Or if this is notthe cause for imbalance, then what is it?” he asks.“Tone from the top” is a key message in all of this,he says, but so is working from the bottom up andcome forward to take them.“ We need to break thepopular myths aboutthe work that actually needsto be done.”InterviewVladislav Severa22

Male leaders making the mix workTo mark International Women’s Day 2014Impacting the gender agenda in an emerging marketWhen it comes to supporting the cause of womenin the workplace, Manjot Singh is a man with ahas seen the Middle East evolve, with a small,In that time, a great deal has changed in theworkplace and around the issue of the progressionof women.“We still need to mark International Women’s Day —because if we don’t keep talking about this subject,things will not change fast enough,” he says. Whenhe arrived in Oman, it was an all-male departmentof four people. Today, it amounts to a team of 35,some 15 of whom are women. “I have never feltthat there is any difference on performance whenworking with women, but they bring in a humantouch as well. By including them, we immediatelyget a different perspective,” he adds.He has been a strong supporter of young Omanigraduate recruits and women in the service lineand has facilitated training for EY in the MENARegion and at milestone events. Such programsof 1,200 people under one roof are hugelyinspirational, he says. “There are breakoutsessions with a class of 25 individuals fromdifferent cultures and nationalities, and it hasnever been divided by gender. It is about sharingexperiences across regions and touching lives. As Ialways tell my own children, that is what educationis all about.“From Oman and the entire EMEIA Area, peoplecome together and, when young minds realizethey are placed equally on the same platform, theyshare the stories that cause change. As emergingmarkets have become a focal point for the West,the close-knit family obligations demanded ofwomen are changing. It is easier now for them tolift themselves up and focus on their career, withthe help of an organization like EY.“The personality you wear depends on thepressures of society and EY — providing anopportunity can give individuals the ‘push toachieve,’” he says. “It is all about providingopportunity,” says Manjot. It is only in the lastemerged into the workplace, he says. “If you walkinto banks, you will see that 60% of them arewomen — it is only a matter of time until we see lotsof them in executive positions.“Today’s women, who are married with children,would also like them to have the opportunitiesthey did not have — and that is another generationour women and when I go out as an executive in agrowing organization and talk to them, it’s amazingto see the engagement. It is a great feeling whenthey come back to see me saying ‘Here’s thephotograph of us together when I was a senior;now I am a manager … and I want to be a partner.’”Manjot SinghExecutive Director,Tax — MENAManjot Singh is an Executive Director in MuscatTax and a committed advocate for the genderagenda in MENA. He also is an experiencedfacilitator at various Tax technical andmilestone events for EY across EMEIA. He hasbeen with the Muscat practice for 16 years andis based in Oman.“ By including women,we immediately get adifferent perspective.”Interview23

Male leaders making the mix workTo mark International Women’s Day 2014Impacting the gender agenda in an emerging marketHaving just returned after facilitating a Taxlearning event in Dubai, where he spoke to a classof 21, he says with some excitement, “Sevenwomen were from Saudi Arabia — talking to them,they are in no way different from anyone elsein terms of their aspirations. The change hasbegun and it will happen — many women are alsoeducated in the US and the UK, and when theycome back to their own countries, they want towork to help others grow.”On a day-to-day level, he does a great deal of“informal mentoring.” “Sometimes, it is justgiving someone a pat on the back and thankingthem — it makes a difference. Giving your time isshould not be about your title — whether you are adirector or a partner — it’s just about standing byanother individual.”More formally, there are regular initiatives inwider health and education issues, outside work,that involve the whole individual and are aimedat inclusivity. EY’s Navigator program, whichpartnership, is also in place.For this Region, he believes the name of the gamefor change is “all about raising awareness. Wemust inspire our women and make it clear thatthey can achieve the same as their male peers.”“ It’s all about raisingawareness. We must inspireour women and make it clearthat they can achieve thesame as their male peers.”InterviewManjot Singh24

Male leaders making the mix workTo mark International Women’s Day 2014Treating people as a whole, rather than trying to separate work from the rest of their livesyour best people. I don’t see that I have gone outon a special mandate when it comes to promotingwomen,” says Joe Watt. Accounting in Russiais traditionally a women’s subject, and the bestuniversity graduates are still overwhelminglyfemale. However, by the time you get to the partnerranks, “something happens and the percentage ofwomen represented has decreased,” he adds.His own initiative currently is to look at how bestto connect to mothers on maternity leave toretain a working connection with EY. “There areleave at any given time. Some of the feedbackchild rearing, but we do have people who want tobe engaged and stay engaged. We are thinkingabout how to do this best,” he says.One of the challenges is accessing the peoplewho can work on an engagement, he explains.time. Instead of time off, we would have timeon — where new moms only want to work, say,on a Friday, or on a particular product. It’s aboutthinking how to engage with those who do want tobe engaged. Not everyone does when they go onmaternity leave.”Joe WattRegional ManagingPartner — CISJoe Watt, EY Commonwealth of IndependentStates (CIS) Regional Managing Partner, hascumulatively spent more than 13 years inthe Region and is currently based in Russia.Australian by origin, he has also spent six yearsin Indonesia with EY.Having recently returned from being part of the EYdelegation to the World Economic Forum 2014 inDavos, he is keen to talk about panel discussionsthere that suggested that the single mostimportant event in a domestic relationship is oftenthe birth of a child. Opportunities for re-enteringthe workforce and minimizing any “missedopportunities” are essential, he says, if employersare to keep some of our best talent.“I’ve also been challenging the team to thinkabout how to engage someone who hasn’t set footthat are not directly related to billable hours, forexample. We could invite them to come in andlisten to training updates, even to facilitate theoccasional lecture — as some of them are expertson specialized topics — and be part of the trainingagenda. It might mean a break for them fromtheir home demands and they may well be able tomake such commitments, even with a small child,”he says.make people receptive to innovation in this area,he says. “Our competitors also have lots of peopleon maternity leave. We can use social networkingsites to approach them too, for example, on newmother forums, and maybe even woo them awayto EY in the end.”“ I want next to explore atime. Instead of time off, wewould have time on — wherenew moms only want towork, say, on a Friday, or ona particular product.”Interview25

Male leaders making the mix workTo mark International Women’s Day 2014Treating people as a whole, rather than trying to separate work from the rest of their livesWith a two-and-a-half year old daughter, heknows from his wife’s experiences on new motherwebsites and forums how powerful they can be asa tool of engagement. He explores the possibilityof an EY Facebook page with a young mother focusand speaks of possibilities ahead through theEMEIA internal social networking site Yammer.It’s also part of engaging people in a way thatprovides them with relevant “life” information,rather than separating the work persona from therest of their lives. “To further the dialogue withmy own people, we have wellness lectures in thetopics. It is another way of adding value, but alsoof engaging with people,” he says.Despite the context of a relatively male-drivenRussian environment, he mostly does not seemany differences in how people are treated bygender. “Some of the most senior people inbusiness, government and academia are women.We need to think of practicalities. Standing backand having a look demographically, we can seethat some of those on maternity leave are amongour best employees. You can see it and you canfeel it. They are also often the main breadwinnersand they take their jobs very seriously. Even if theyare not engaging with us while on maternity leave,we must keep trying to engage with them. It’s verymuch in the interest of the organization to directproper attention to this.”“ We could invite themto come in and listen totraining updates, even tofacilitate the occasionallecture — as some of themare experts on specializedtopics — and be part of thetraining agenda.”InterviewJoe Watt26

What will be different whenwe achieve a breakthrough indiversity and inclusiveness?We will:• Consistently recruit the best people fromdifferent backgrounds, experiences, skillsand perspectives to enrich the diversity ofour organization so that our EYdemographics for hiring and promotionsrepresent proportionally our internal supply oftalent and the external market to team and lead inclusively so that all teammembers can maximize their contribution,regardless of background• Establish mutual accountability, at all levels ofEY, for the equitable development, sponsorshipand advancement of all of our people• Reward individuals who team and leadinclusively, and make these behaviorsa key factor in promotion decisions andleadership appointments• Advance underrepresented talent throughfocused efforts managing the experiences andcareers of this talent to ensure that we continuallystrengthen the diverse mix of our account teamsand EY leaders• Win more in the market, as our people use theirdifferences to innovate and bring new insights andknowledge to delight our clients and differentiateour brand, and because we are viewed as, and are,a world-class D&I leaderContactsFleur BothwickEMEIA Diversity and InclusivenessDirectorfbothwick@uk.ey.comEmma DennisEMEIA Diversity and InclusivenessSenior Associateedennis@uk.ey.comEY | Assurance | Tax | Transactions | AdvisoryAbout EYEY is a global leader in assurance, tax, transaction andadvisory services. The insights and quality services we deliverhelp build trust and confidence in the capital markets and ineconomies the world over. We develop outstanding leaderswho team to deliver on our promises to all of our stakeholders.In so doing, we play a critical role in building a better workingworld for our people, for our clients and for our communities.EY refers to the global organization, and may refer to one ormore, of the member firms of Ernst & Young Global Limited,each of which is a separate legal entity. Ernst & Young GlobalLimited, a UK company limited by guarantee, does notprovide services to clients. For more information about ourorganization, please visit ey.com.© 2014 EYGM Limited.All Rights Reserved.EYG no. AU2303EMEIA Marketing Agency1000883ED NoneThis material has been prepared for general informational purposes only and isnot intended to be relied upon as accounting, tax, or other professional advice.Please refer to your advisors for specific advice.ey.com