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Quest Means Business
Gender Pay Gap Examined; Sponsors Suspend Deal with Sharapova; Expanding Women's Roles in Business; Bobbi Browns Says Makeup Helps Women Feel Confident; Bobbi Brown says Women Can Have It All; Study Shows That Companies with Women Leaders Admired Most; Salesforce Says Identifying Gender Pay Gap is Easy; Ellevest Wants to Empower Women to Reach Their Financial Goals
Aired March 08, 2016 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:00]
RICHARD QUEST, HOST: Closing bell ringing on Wall Street. International Women's Day. The Dow is off 110 points for the day. Only women on the
podium. Come on, you can do it. Yes, that's a strong robust gavel on International Women's Day for Tuesday, the 8th of March.
(BEGIN VIDEO CLIP)
QUEST: Tonight, it's a pledge for parity on IWD. On this program, we're going to be joined by Arianna Huffington, Bobbi Brown, Diane von
Furstenberg and many more tonight.
All vote, it is Super Tuesday round two and we're only one hour away from the first exit polls. We'll have them for you on CNN.
And it really is break point for Maria Sharapova sponsors. Nike says its suspending ties.
(END VIDEO CLIP)
QUEST: We have an hour together. I'm Richard Quest. I mean business.
Good evening. It is a global call to arms to end one of history's greatest economic injustices. Today is International Women's Day. Business leaders
and governments are being urged to take the pledge for parity, and to close the gender pay gap that shows little sign of narrowing.
(BEGIN VIDEO CLIP)
QUEST: Now, whether it's women marching for more rights in Ukraine or demanding equal pay in Guatemala or ringing the opening and the closing
bells in New York and in Cairo, women all over the world are demanding equality with men across' range of issues. This is the reason why, look at
the numbers. On average, women worldwide earn $11,000 a year, that's an average. For men, it's $20,000 a year. And according to the World Economic
Forum, it's a pay gap that won't be closed for more than 100 years unless something changes.
(END VIDEO CLIP)
QUEST: On tonight's program, you're going to hear from the women who are agitating for that very change, to make a difference. The IMF's Managing
Director is Christine Lagarde; she will give us the big global policy issue.
You're going to hear from the fashion legend, Diane von Furstenberg, as we talk about the various awards and the contribution that fashion can make to
this concept of equality.
And the media titan, Arianna Huffington, she will be here to put in the political context and remind us this is not just an issue for women.
So today the Secretary-General of the United Nations said countries all over the world now have to step up.
(BEGIN VIDEO CLIP)
BAN KI-MOON, U.N. SECRETARY GENERAL: As the Secretary-General of the United Nations, I lead by a (inaudible) principle. For too long, leaders used
women to advance their power. I believe we must use our power to advance women. That is why I have appointed record numbers of women to the highest
posts in the United Nations. Around the world, they are proving how the best person for the job is often a woman. We are campaigning to end
violence. We are engaging men and we are showing that women's empowerment means society's advancement.
(END VIDEO CLIP)
QUEST: Strong words from the Secretary General. #pledgeforparity what does that actually mean? Arianna Huffington founded the Huffington Post; she now
serves as the Editor-in-Chief. We are so happy to have you with us tonight -
ARIANNA HUFFINGTON, FOUNDER HUFFINGTON POST: So happy to be here.
QUEST: -- on Quest Means Business. Thank you.
HUFFINGTON: Thank you, Richard.
QUEST: What does pledge for parity actually mean to make it more than a slogan?
HUFFINGTON: What it means is we have to hold business leaders and others who are taking the pledge accountable and see what actually they're doing
over the next few months. Because that's really what's been missing. There have been a lot of beautiful words spoken and not enough accountability.
That's really what we're demanding right now and it starts with those of us demanding it like what are we doing at the Huffington Post? Everybody
should be looking at what we are actually doing and I hope results are very good.
QUEST: So how important is it for you as a woman, who's a leader, because as we'll hear from Christine Lagarde later in the program and from Lady
Judge, they all say the same thing, women have to mentor and put in place policies to help other women.
HUFFINGTON: Absolutely. As Madeleine Albright famously said, there's a special place in hell reserved for women who don't help other women.
[16:05:02]
QUEST: Does that annoy you when you see women not helping other women?
HUFFINGTON: It does, I think it's less pronounced. I think women are gradually becoming more secure. It's not as if there's only a tiny spot at
the top and it's going to be you or someone else. That attitude is changing. But I think the other thing Richard that has to change is the
nature of work. Because we see at the moment a lot of women who get to the top and drop out or drop out somewhere in between.
QUEST: For all sorts of reasons.
HUFFINGTON: For all sorts of reasons that often have to do with the kind of life they want to lead. Because so often, workplaces are designed by men.
Not men like you, less enlightened men. Who actually have made workplaces like boiler rooms for burnout.
QUEST: Right, but when you have been working your way up through your career, and I'm going to ask all our guests this evening, there have been
times when you have felt men saying that bloody woman, what's she up to now? That woman get - have you felt that animosity? Have you felt that?
HUFFINGTON: I think yes. That animosity in my case has taken the form of using words like driven in the wrong way.
QUEST: She's very driven.
HUFFINGTON: She very driven.
QUEST: And very ambitious.
HUFFINGTON: Very ambitious.
QUEST: When they wouldn't say that about a man.
HUFFINGTON: No, absolutely do you want your daughter to marry a driven and ambitious man? But there are certain words that are still used around women
in a way that's pejorative, we have to change that. But we also have to change the way men talk as though being swamped and working around the
clock and being always on, and being sleep deprived is a badge of honor. Because that's wrong for women, that's wrong for men, that's wrong for
productivity.
So women should stop demanding simply to get to the top of the world. They need to demand that we change the world the way men have designed it.
QUEST: Are you frustrated by these issues or angry by them?
HUFFINGTON: No, I'm very optimistic. Because we're taking them seriously because this pledge I believe is going to mean something, because finally
we see an incredible consensus around the importance of that not just for women, that's the key, but for men, for businesses, for the world at large.
QUEST: Stay where you are, Arianna, because we're going to talk about Super Tuesday take two where four states are making their picks today. We're an
hour away from the first exit polls and the front runner is Hillary Clinton and Donald Trump, they're hoping to build on their leads.
(BEGIN VIDEO CLIP)
QUEST: For the Republicans, Mr. Trump could run the table, whereas Ted Cruz could surprise in Mississippi. As for John Kasich, he's rising quickly in
Michigan. He hasn't - I mean it would be a superb win for him if he manages to take that ahead of Ohio next week.
On the Democrat front, battleground is Michigan, where Senator Clinton or Secretary Clinton is leading, crucial state for the general election,
heavily populated diverse and Hillary Clinton's expected easily to take Mississippi.
(END VIDEO CLIP)
QUEST: So this election, if it comes down to -- if it comes down to - and the viewer will bear with me as I put Clinton versus Trump. What sort of
race does that become?
HUFFINGTON: I think it becomes a race that's going to be full of lightning bolts thrown by Mr. Trump. But I think a race in which Hillary Clinton will
win because a lot of moderate Republicans, a lot of independents, are going to choose to vote for her, rather than vote for a man who is acting
increasingly unstable and is basically not presidential. We are finding in focus groups that this is really one of the things that people are more and
more concerned about. You know, there's a certain authority and a certain gravitas to office of the president. You want your children to be able to
look up to the President.
QUEST: So how does he get this -- how does Mr. Trump get this far in the primary process if that is -- if that is a driving factor?
HUFFINGTON: I think for two reason, the most obvious reason is the fact that there's tremendous fear, anger, anxiety, in the American public, you
know, because of what's happening to the middle class, because of the threat of terrorism, but also the media have given him a free ride for a
very long time. They allowed him to literally (inaudible) --
QUEST: Your media as well as the rest of them?
HUFFINGTON: No, I actually no. The Huffington Post was the only organization which covered him under entertainment and did not treat him
seriously until the day he called for the banning of 1.6 billion Muslims from this country when we started covering him as a clear and present
danger with an editor's note reminding people of that at the end of each article.
QUEST: Let us turn finally to Hillary Clinton and bring it back to International Women's Day or the women's issue. Is -- I almost am
embarrassed to ask this question because people will say about Hillary Clinton she's driven. In the sense that you mean, is America ready for a
woman President?
[16:10:02]
HUFFINGTON: Oh, absolutely. Actually --
QUEST: In the Midwest, in the Heartlands, in the South?
HUFFINGTON: I really absolutely believe that one of the things that is the greatest strength of Hillary Clinton is that she's a woman and people want
to be part of history. I have two daughters, 24 and, 26, they're so excited about the prospect of helping elect the first woman president. And I feel
that from people who live in the south, the north, the Midwest, I don't think this is just a New York and Los Angeles choice.
QUEST: What would be the one word you would describe Hillary Clinton if not driven?
HUFFINGTON: Committed. You know she's been committed to making -- whether you agree with her or not, whether you agree with the way she wants to do
it or not, she's always been committed to making the world better for women, men and everyone else.
QUEST: Arianna, thank you so much, thank you. I also need to mention you're the author of this book, "The Sleep Revolution: Transforming Your Life One
Night at a Time" and the next time you and I need pardon the phrase almost to do an interview on a bed.
HUFFINGTON: Absolutely. Let's have a sleep conversation. OK?
QUEST: Let's have a sleep conversation. Because my sleep is not good.
HUFFINGTON: Oh I can be your sleep coach, I promise your sleep will get better.
QUEST: There's no -- if you think I'm saying no to that invitation, thank you. Very good to see you.
HUFFINGTON: Thank you Richard.
QUEST: We continue. The biggest names that you can hear on tonight's program. You've already heard from Arianna Huffington. Next, the IMF's
Managing Director Christine Lagarde says closing the gender gap isn't about forcing out men, it's about creating more opportunities.
(BEGIN VIDEO CLIP)
QUEST: Christine Lagarde on what motivates her to keep working towards equality.
(END VIDEO CLIP)
(COMMERCIAL BREAK)
QUEST: The head of the IMF, Christine Lagarde, says she is frustrated by the gender pay gap. On International Women's Day she told me this makes her
even more determined to tackle the problem. I asked her why gains to narrow the gap have been so incremental and so stubborn to achieve.
(BEGIN VIDEO CLIP)
CHRISTINE LAGARDE, MANAGING DIRECTOR, IMF: It's a really good question because the numbers clearly show that by adding a woman in the corporate
board, at the top level of company, actually boosts the bottom line. It's clear, we've done a study on 2 million companies in 34 European countries
and it's unequivocal more women on the board, more women at the top level actually generate anywhere between 8 and 13 basis points additional result.
So the numbers are there.
QUEST: Does the gender gap -- and I got an e-mail from a leading recruitment company in the U.K. this morning saying that you know on
average women earn 24% less than men over the lifetime of a woman's career. It works out at x hundred thousand dollars. When you hear these statistics
year in, year out, does it get you annoyed, frustrated, what's the gut reaction of Christine Lagarde when you hear this -- that we're still
dealing with this?
[16:15:00]
LAGARDE: Yes, I am - I am frustrated. And it encourages me to continue, you know, pushing the issue, being as documented and as informative about it.
Being non-adversarial, nonaggressive about the issue because I don't think it's a matter of pushing out the men to replace them by women, but it's a
project of increasing the whole pie, increasing the size of some institutions, because it's going to make a positive difference at the end
of the day.
QUEST: In your career, you've had a very successful career. Any one of your jobs at the top level would have been a career in its own right for most
people. Head of Baker McKenzie, Minister of Finance, and Managing Director of the IMF. As you worked your way to those various posts, and forgive the
language, but did you ever come across people saying it's that bloody woman again?
LAGARDE: Well they probably didn't say in my face, it's that bloody woman again, but I'm sure that some people thought that very strongly inside
themselves, yes.
QUEST: But you battled on regardless.
LAGARDE: I heard -- Richard, I heard worst things than that but that's beside the point and I won't repeat them.
QUEST: To any woman watching who have come across exactly what -- the women watching, my sisters watching, all of whom are professional at CEO level
and above, they know what you're talking about, so to those watching, your word of guidance.
LAGARDE: My word of guidance to other women in the profession, in the jobs, trying to reach either entrance to the job market or top level positions,
when they aspire legitimately to it is seek out support around you. Because I don't think changes can be achieved on the stand-alone basis by one's
self only. So reach out. Form coalitions. Form conspiracies against the tacit conspiracy against women. And use as much as possible the research
that is available to convince.
(END VIDEO CLIP)
QUEST: Christine Lagarde, setting out the parameters for what women can do. Now let's actually get to the practicalities in the workplace. Not just
from what the women do, but what employers and companies can can do.
Lady Barbara Judge says it's up to the businesses to put more women in top jobs.
Lady Judge is the first woman to chair the U.K.'s Institute of Directors, the IOD. She told me there are three ways that businesses can elevate
women.
(BEGIN VIDEO CLIP)
LADY BARBARA JUDGE, CHAIR, INSTITUTE OF DIRECTORS: I believe, first of all that we've done very well. That basically women have been going very well
towards being non-executive directors. We've had Lord Davies' report, we've doubled the number of women on boards. We've actually got them to the board
table. What we need to do now is get them to the executive suite, to the c suite. We need to get them in executive roles. And the only way to do that
is to start out in the hiring.
I basically think, and the IOD's been saying behind me, that what we need to do is, is we need to have -- if we can, gender blind recruiting. We need
to have recruiting where we describe what we want from a candidate and it could be from a male candidate or a female candidate. I think we need to
have all the panels if we can at least have one woman on the panel. Because if we have a woman on the panel, I think we will feel more -- if people
hire in their own image and that's what they say they do, then having a woman on the panel will be a good thing.
QUEST: I was talking to Christine Lagarde who basically said that women need to find support groups, they need to find mentors, they need to find
ways to move through the organization and with help and support, and this is very much your third point, isn't it?
JUDGE: I think women need both sponsors and mentors. They need mentors like Christine was saying people who will help you find your way through the
organization, who will give you good advice when you come to a turning point. I also think they need sponsors, people who know how smart you are,
how well you can do, and when you're not in the room, will offer the opportunity for you to get that promotion, to get that new job. So you need
-- and you need women who are role models so that when you're young in a company, you can see the c suite and you can see that it's possible to make
your way up there with those mentors and those sponsors.
QUEST: You will also be familiar with those occasions where women who have made it to the top are other female's worst enemy or at least, least
friend.
[16:20:03]
JUDGE: I do think you're right. I have to say it's a little secret that nobody wants to talk about.
There are women who aren't helpful to other women. Now, actually, there are getting less and less of them. As the generations change, those ones that
worked so hard to get to where they were, they don't want anybody else, I think most of them are retiring now. But it's the job of every woman, every
woman to help other women. In fact, when I help other women, and people want to thank me, I say, don't thank me, just help another woman. Because
if we don't help each other who is going to help us.
(END VIDEO CLIP)
QUEST: The practicalities from Lady Judge. The carrot and the stick, honoring women who have had the courage to fight, the power to survive and
the leadership to inspire. That's what the annual DVF awards are about. Diane von Furstenberg will be with me to join us after the break. "Quest
Means Business." Come over to the c suite, we're going over here.
(COMMERCIAL BREAK)
QUEST: Voting is now open for the People's Voice prize in the seventh annual DVF awards.
(BEGIN VIDEO CLIP)
They were created in 2010 by the designer Diane von Furstenberg and the Dita von Furstenberg Family Foundation. These awards honor extraordinary
women who have transformed the lives of others. Here are this year's nominees for the People's Voice Award.
JESS LADD: We can only end rape if we hold perpetrators accountable.
EMILY GREENER: I am that girl is a massive community that is raising the standards for how girls treat themselves.
SAMANTHA NUTT: We work with children on the front lines of many war- affected countries around the world to make sure families can begin to rebuild their lives and rebuild their communities.
FRAIDY REISS: (Inaudible) envision a world where every woman is free to choose whether one ends the marriage, and whether to get divorced.
(END VIDEO CLIP)
QUEST: The chairman and founder of DVF is Diane von Furstenberg and joins me now. And we're so happy --
DIANE VON FURSTENBERG, FOUNDER AND CHAIR DVF: Thank you - thank you so much for having me and thank you for giving exposure to these extraordinary
women because they can use the exposure.
QUEST: What for you is the single biggest thing that needs to happen to advance women in the workplace and to some extent the women's agenda?
FURSTENBERG: Oh my god, we have so much to do. I think the most important thing is first to give the women the confidence and to give them the tools
so that they can be the women they want to be and clearly they should have equal pay and equal everything.
QUEST: And yet we've been at this for years, even in an enlightened modern time and the progress is slow.
FURSTENBERG: Well and in some cases, well in some cases the progress is there and in some cases, we feel like we are regressing.
QUEST: Yes, the fashion industry for example. Is that helping or is it pushing things back do you think?
FURSTENBERG: Oh, no, no, fashion has not hurt women. Why would you --
QUEST: No, no I'm saying is it making sufficient progress?
FURSTENBERG: No, fashion is actually one of the industries where women are, you know, many women are in power. So it's not -- no, what is -- I don't
know - I don't know -- I mean, it's a pendulum, you know, it goes in and it goes out and women have to -- the truth is, I have never met a woman who is
not strong. Ok. They don't exist.
[16:25:05]
QUEST: This is your quote. This is a quote from you. "I wanted to be an independent woman. A woman who could pay bills, a woman who can run her own
life and I became that woman."
FURSTENBERG: Yes.
QUEST: What does that mean to you now?
FURSTENBERG: No, I mean, I am happy I came -- I became the woman I wanted to be. And if I have a mission in life, is to try to convince and allow and
give the tools for all women to be the woman they want to be.
QUEST: But this idea of the strong woman, here's another quote from yourself that says "the older I get, the more impressed I am with women. I
have yet to meet a woman who is not strong, they don't exist."
FURSTENBERG: It's true. Yet, yet, sometimes that strength is very hidden. Whether it's a husband or a brother or a religion or whatever or sometimes
themselves. They hide their strength. And then comes tragedy and miraculously, under tragedy, the woman's strength always comes out. So my
advice is let the strength come out before the tragedy.
QUEST: It's the key to unlock that that is -- we are finding difficult to achieve. It is the ability to unlock that strength without tragedy that is
the challenge, isn't it?
FURSTENBERG: Yes, but it's also, you know, society and it's also -- I mean, there's no reason why women should be paid less. There is no -- I mean, you
know, there's an inequality that, I mean, is just unbelievable that it still exists.
QUEST: Who do you look up to? Who are the women that you now look up to as being the --
FURSTENBERG: You know, you would be surprised. I am so in awe of so many women. Those women that I honored today, those women that all you are
allowed, please vote for, listen to their story and vote for. They are the woman who move me. Because they are so impressive with their courage, their
strength and their leadership.
QUEST: As you worked your way up in a very difficult industry with that independence and that strength that you heard, you must have come across
some pretty awful men who said some pretty awful things.
FURSTENBERG: You know, my best -- one of my best satisfaction in life is many, many years ago, I was 28 years old, and I was on the front page of
"The Wall Street Journal," because I was already very successful. And here is a man -- I was in a plane and I'm sitting, 28 years old, and I have all
the papers on top of me, and I have "The Wall Street Journal." And I was kind of young and cute and this man is trying to make conversation with me
and looks at my legs and this and that and then he says to me, why does a girl like you read "The Wall Street Journal," right? And I looked at him
and I thought, jerk. And I thought it was so easy for me to tell him, look, I am on the front page. But I didn't say anything. I didn't say anything.
And that, not saying anything was the best satisfaction. But of course ever since I've told that story over and over again. Thank you.
QUEST: Thank you so much.
FURSTENBERG: Please vote.
QUEST: Right to the end, you got your message in, thank you. Please vote. We'll have more on this.
This time we're going to turn to another - a very different story concerning Maria Sharapova and the sponsors who have decided to bail.
(BEGIN VIDEO CLIP)
QUEST: It's "Quest Means Business" on Tuesday.
(END VIDEO CLIP)
[16:30:00]
(COMMERCIAL BREAK)
[16:32:11] RICHARD QUEST, CNN ANCHOR: Hello, I'm Richard quest. More QUEST MEANS BUSINESS in just a moment. When Bobby Brown will be here and
tell us, "It is possible for women to have it all." And the Salesforce Chief Executive tells us how easy it is to pay men and women the same. And
we question why they don't. I mean, why generally that doesn't happen.
Before all of that, this is CNN and on this network the news always comes first.
Thousands of people who have risked their lives making it to Europe may end up being sent back to Turkey. That's the major provision of a
controversial draft deal aimed at controlling the migrant issue. It says, "That for every Syrian refugee sent back to Turkey from Greece, another
will be resettled somewhere else in the E.U."
Super Tuesday 2, and Michigan, Mississippi, Idaho and Hawaii are all up for grabs in the Republican Party with Michigan's 59 delegates at stake, the
night's biggest prize. Hillary Clinton and Donald Trump are hoping to gain ground against their respective rivals.
On International Women's Day, Arianna Huffington told me that she has felt animosity from men throughout her career. The founder and editor and chief
of the Huffington Post says we need to rethink the language used towards women in the corporate world.
(BEGIN VIDEO CLIP)
ARIANNA HUFFINGTON, EDITOR IN CHIEF, THE HUFFINGTON POST: That animosity, in my case, has taken the form of using words like driven in the wrong way.
QUEST: She's very driven.
HUFFINGTON: She's very driven.
QUEST: And very ambitious. When they wouldn't say that about a man.
HUFFINGTON: No, absolutely, you want your daughter to marry a driven and ambitious man. But there are some words that are still used around women
in a way that pejorative. We have to change that.
(END VIDEO CLIP)
QUEST: A day after the world's most marketable female athlete announced she'd failed a drug test. Three of her biggest sponsors announced they're
having second thoughts. Nike, Porsche and TAG Heuer have all suspended or postponed their deals with Maria Sharapova. Various deals were at various
different stages of contracts. And Nike, for instance, moved fast to cut ties with Sharapova. Faster than it has in the past after other athletes
were caught in controversy. For instance, Nike waited a few days to drop Manny Pacquiao after he made negative comments about gay people. It was
several days before they removed him. Nike did not cut ties with Oscar Pistorius until a week after the fatal shooting of his girlfriend.
[16:35:00] And took several months to drop Lance Armstrong after initially backing him. Bruce Turkel is the CEO of Turkel brands, joins me from
Miami. Bruce we always look to you to help us understand. In this situation, whether we are seeing hypocrisy in play or a new moral standard.
BRUCE TURKEL, CEO TURKEL BRANDS: I have to believe that morals don't have a lot to do with it, Richard. It's all about business. What I'm confused
by, and I have to admit, I hate being on national television with you and telling you I'm confused. But what I'm confused by is exactly what you
brought up. Why they've rushed to make this statement, Nike specifically, when they have kept people, Lance Armstrong, Michael Vick and on and on,
for so long. This doesn't make sense. So clearly they see a business concern. They see a money, a dollars and cents problem coming.
QUEST: And yet this particular case has many more mitigating factors arguably than we've seen in other cases. So are they just being venal? Is
it just a question of they fear the business, the consumer backlash?
TURKEL: Well, look at it. I'm trying to figure out why else. Consumer backlash that would be a great point. But there is no consumer backlash
yet. In the case of Tiger Woods, there was enormous outcry. People clamored for him to be removed from that spokesman position. In this case,
that hasn't happened. In the case of someone like Lance Armstrong, he denied, denied, denied, even though, let's face it, he treated people very
badly and he was arrogant in his denial. Maria Sharapova has done what every --
QUEST: Bruce I was to say, but in this case, she came out, she did a mea culpa, she said she made the biggest mistake of her life, and she seems to
be being punished at a greater level.
TURKEL: I agree with you. And I will tell you that with our clients, the first thing we say is get in front of it. You don't get in trouble for
what you do, you get in trouble for the cover-up. So she got in front of it. She was honest, sincere. She explained it. There are some quite
credible reasons why perhaps this wasn't the crime that it's being treated. Whether that turns out to be true or not remains to be seen, but as we look
at it right now, it doesn't make sense. Which leads me to believe, what you didn't either, there has to be some sort of venal revenge here, or they
see a big dollars and sense issue. Let's face it, as you said, she's the most marketable female athlete in the world. She and Serena own the
industry. And maybe they see some reason why this is going to cost them big but I don't see it.
QUEST: The one troubling -- well there are many troubling aspects, but the one contradiction in all of this I find is FIFA. Where the dog was barking
as loud as possible for as long as it could do about what was happening at the football federation and companies sponsors simply stood by FIFA until
the stench was overwhelming. That's more troubling as well.
TURKEL: So do you think then this is perhaps it's a woman? I mean listen, being the father, son, husband and brother of all you feminists and caring
very much about those issues, it's easy to go there and say, "Wait a second, it was a woman, a blonde woman, and therefore we're not going to
treat her the same?" I just can't believe Nike would do that. And as far as you talk about the stench of FIFA, you can look at the stench of Michael
Vick. You can look at the stench of Pistorius. And Michael Vick got hired back as a spokesman. It just boggled my mind. They're not playing by any
crisis management rulebook that I have read from.
QUEST: Bruce, it looks like it's a rather cloudy and blustery day in Miami. But we're very grateful that you've brought a robust argument to us
on International Women's Day, thank you, sir.
TURKEL: Thank you, Richard.
QUEST: QUEST MEANS BUSINESS. The chief executive of a fortune 500 company says it's easy for chief execs to find out if female employees earn less
than their counterparts. And once you found out, do something about it. QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
[16:40:52] QUEST: We have much more the come on our special coverage for International Women's Day. The cosmetics pioneer Bobby Brown on the
importance of women supporting women in business. From Wall Street, The financier Sallie Krawcheck on helping women invest and why that is
different. And the Salesforce CEO, Marc Benioff, on the closing of the gender pay gap at his own company.
Let's start with Bobby Brown where the cosmetics leader says "The workforce becomes more flexible, women are increasingly able to have it all." And
along the way, Bobby Brown tells me makeup builds confidence.
(BEGIN VIDEOTAPE)
BOBBI BROWN, FOUNDER, BOBBI BROWN COSMETICS: Women wear makeup to feel good about themselves, and it works with their style. My personal vision
of how I think women look best is makeup that enhances the natural you. Not to change the color of your skin, not to change the shape of your face,
but makeup so you look better less tired, prettier, awake. And to me that's what makeup's about.
QUEST: Why does it matter? If you are awake and you are on your game and you do have clarity of thought, why does it matter if you're wearing
makeup? And yet it does. Because we know in the workplace, "Ooh, she's looking a bit off today."
BROWN: Well, it's not about how you look, it's about how you feel you look. So there's many days I go to work without a stitch of makeup. I
will not go on television without makeup, nor will you probably.
QUEST: But why not?
BROWN: Why not, because HD was not invented by a woman, it was invented by a man, OK. So makeup honestly makes you feel better. You just feel --
when someone does my makeup, one of the girls in my office, and just gets rid of my dark circles and does my eyelashes, I feel more awake and I feel
better. That doesn't mean I'm going to do anything different. I am just going to enjoy myself a little bit better.
QUEST: Do you think the industry of which you are part, helps or hinders women? Not your company, but the industry. By that, I mean the entire
beauty industry.
BROWN: I would talk to the entire beauty industry, we help women. We help women to feel like a better version of themselves.
QUEST: You sell women a vision of what perhaps they should feel like.
BROWN: No, we give women options. We give women options. There's many companies. Just like there's many clothing companies. There's many
different options. Women come to my company because women like the Bobbi Brown look which is a very natural nude look. That's why women come to me.
QUEST: What's been the biggest advancement for women, do you think?
BROWN: Well, I think that a lot of women realize that we can have it all. Not well, by the way. You know.
QUEST: How can you say that?
BROWN: I will tell you that.
QUEST: Large numbers of women are going out there, they're specifically saying we have learned we can't have it all.
BROWN: OK, I don't have the big answer. What I do have is that women have choices. They do, and they make choices all the time. And women -- some
women work, some women don't work. Some women work part time. Some women have families. Some women work from home. There are options out there. I
think it's very simple and it's about looking at a glass half full or half empty. And yes, I'm not sure to talk about, you know, the wage. But I'm
here to talk about just in general someone having a family and being able to work. And how makeup fits in their life.
QUEST: How's my makeup?
BROWN: Your makeup, you don't look like you're wearing it. I met your makeup artist. Good job.
(END VIDEOTAPE)
QUEST: The secret is now given. I'll be 54 tomorrow. It's amazing how this makeup works.
A new research out today shows that more than a third of fortune 500 companies don't have a single woman in their senior management teams.
Still, the world's most admired companies have twice as many women in those roles. Look at the numbers. The admired companies, the study found the
boards of the most admired companies were 17 percent female.
[16:45:00] The boards of other companies were 8 percent female. That's on the senior management and the board. Let's talk about this with Poppy
Harlow who joins me.
POPPY HARLOW, CNN ANCHOR AND CORRESPONDENT: Is that why you gave me the big chair? Because of these numbers showing that women should be in more
leadership positions?
QUEST: You still can't touch the bell. It seemed only appropriate today with International Women's Day that you have the chair tonight.
HARLOW: Indeed, thank you, Richard, my friend.
QUEST: The point is you've been looking into this. And this whole question of the gender pay gap.
HARLOW; And it is large and frankly the numbers bear out that it hasn't been changing that much. However, I think all of the women on your
program, exceptional lineup are encouraging. But it's not just about the women, right. It's about the men, because men hold most of the top spots
in corporate America. So one company that found that they had a pretty wide pay gap for some women is Salesforce, a huge technology company in
Silicon Valley. Six months ago, I sat down with the CEO. He said, "We have this problem, we're fixing it." So we wanted to sit down with him
again, Marc Benioff and say, "Ok, what have you done?" Here's what they found. The number's just out today. Six percent of the workforce had the
pay gap between men and women. They put $3 million towards closing it. And it's not just about that it's also about making sure, mandating quotas,
so more women are in the executive meetings and in the board room. Let's watch.
(BEGIN VIDEOTAPE)
MARC BENIOFF, CEO, SALESFORCE: At Salesforce, we are committed to equality for all and that includes paying men and women the same. And so we've
corrected about 1,000 worker salaries, or about 6 percent of our workforce. As you know, Poppy, we have about 20,000 employees at Salesforce, and we
did find quite a few women who are being paid less than men and we've made that change. It's about $3 million.
HARLOW: When you say quite a few, what surprised you the most, Marc? When you sat down, you looked at the books, you looked at the numbers, you
looked at the people?
BENIOFF: Well, what surprised me is how easy it is to do this. Of course you know, companies like Salesforce we're a fortune 500 companies. We'll
do more than $8 billion in revenue this year. We're the fastest growing enterprise software company of our size in the world today. Of course we
use a human resource management system. We know every employee's name, their address. We know how much they are paid. We know their title.
Every company does. That's the modern world, and with just the push of one button, I was able to know exactly what the discrepancy was and how I
needed to fix it, which I've now done.
HARLOW: Is that a call to other CEOs? It sounds like that, Marc to me that, hey, this is not that hard to do. You need to get on it?
BENIOFF: This is really easy. This is so easy to do with just the push of one button. Every CEO in the world can know exactly what is their pay
discrepancy between men and women. And I hope that every CEO pushes that button just as we've done at Salesforce.
HARLOW: You run in the CEO circle, but executives of the fortune 500, are a lot of who you spend time with. What are they saying to you about this?
Are they doing it? Are they asking you to how to do it? Are they telling you, "Come on, Marc, you're setting these goals, and now we have to reach
them?"
BENIOFF: Well, I think that's a wonderful question, Poppy, and I will tell you that this weekend I received a call from one of my very good friends,
who's a CEO of a large fortune 500 company, and told me I was wrong on this issue.
HARLOW: Really?
BENIOFF: Absolutely.
HARLOW: What sector? I know you can't name the company. What sector?
BENIOFF: In the technology industry, and I'll tell you that this person went on to tell me that the reason I was wrong is because companies always
do what's in their best interest. And if indeed women are being paid less than men that we would be hiring all women into our company because we'd
want to lower our costs. And I really had to work to explain to that executive that it's just not true, that you have to be proactive. I mean,
I think we all understand we have these kind of subconscious biases, and those things get put into the workforce. I'll tell you, it's because where
we have a large company, you know, we're grabbing the entire, you know, collective unconscious, you know, of the business world. And it's getting
manifested into our business and hiring practices and that's where we have to be proactive in correcting that.
(END VIDEOTAPE)
QUEST: The thing I find fascinating though in this discussion, Poppy, is that every CEO, if they wished, and that could go all the way to our own
CEO, could say, I want, on my desk, a study, to know, is there a difference between what women -- but are we always talking about apples and apples,
pears and pears?
HARLOW: I wouldn't know unless you get inside the company. But that was Marc Benioff's main point, is he was calling on CEOs who aren't doing this
saying, you have to and he used the word easy with me over and over. He said, "It is easy. It is the press of a button, you can do it."
QUEST: But no CEO that I've ever come across, would ever willingly say, "Oh, yes, we pay women less." It's always dressed up as, well it's not the
same job or it's a different responsibility.
HARLOW: They did. They said we made a mistake on X percent of women and we're fixing it and we should have thought about this when I started the
company.
QUEST: Does this get you angry?
HARLOW: It gets me -- yes, it gets me a little riled up to see that that's happening.
[16:50:00] Because I've never felt it personally, but who knows, we don't know the numbers, right, Richard. And I think it's not just about women,
Salesforce still has two percent African-Americans, four percent Hispanics and now they say they'll start a diversity surge to do the same thing on
that front.
QUEST: Poppy, thank you.
HARLOW: I'll take it from here. It's International Women's Day, right.
QUEST: Give them an inch.
HARLOW: And we take everything. Thank you, Richard. I'm supposed to read? All right. One firm wants to redefine investing for women. The CEO
and co-founder of Ellevest talks to us about her mission to help women reach their financial goals. She is a legend on Wall Street. First,
though, a highly the from "MAKE, CREATE, INNOVATE."
(COMMERCIAL BREAK)
QUEST: The U.S. markets where the DOW has closed today 110 lower. As you can see they started in the red and then they stayed there. It was the
banks and the mines that were the biggest losers as the price of crude slumped once again. This relationship with oil is just bizarre with
stocks.
Another example of it. Sallie Krawcheck is the chief exec and co-founder of Ellevest. It's the digital investment platform for women. It's
launching this year. Good to see you.
SALLIE KRAWCHECK, CEO AND CO-FOUNDER, ELLEVEST: Good to be here.
QUEST: What difference is there in the strategy, in the requirement, between a woman's investment strategy and a man's investment strategy?
KRAWCHECK: Well, I'll tell you what it's not. It's not ladies you need more financial education, or ladies you need hand holding, or ladies you
need to try harder to get alpha and out performance and beating the market.
QUEST: But if we all have access to the same information and if we all used the same platforms, why are we not equal that you need and more
specific platform for women?
KRAWCHECK: You know, I thought this for years. I thought it for years and I thought women just had to try harder. Because we have a gender investing
gap. And the gender investing gap is costing women a fortune more than the gender pay gap. More than the gender pay gap in many instances over the
course of their lives. And so what we decided, what I decided to do is I thought to found Ellevest. Is rather than continuing to tell women try
harder, try to be more like a man, we're asking the question of how can we change investing to be more like a woman.
QUEST: Give me some practical examples of the difference.
KRAWCHECK: Well, you men tend to think about outperforming the market. Women tend to think much more about what are my goals. You men tend to
think about risk -- not as often or as well as women do. Women tend to be more risk aware. So there is quite a few differences. You men tend to
think about investing for a return or investing your values. Women are all about investing your values, getting a return and investing in things they
care about.
QUEST: But at the end of the day, there's a limited variety of stocks and things, or bonds or commodities that one invest in. I don't know any women
that actually likes to lose money in the market any more than a man.
KRAWCHECK: Right, oh well in fact women find the pain to somewhat more significant. It's not that we need more stocks and bonds, it's not that we
need more. It that we need different. And that we need to be having conversations with her about the goal she wants to achieve and how she can
get there.
[16:55:02] QUEST: So my goal is what? To make a million and to retire. Your goal is --
QUEST: Is it?
QUEST: No, but I'm generalizing it, where you're saying women's goals are what?
KRAWCHECK: Maybe to start a business. To have a kid. To send the kid to college, to retire well. It's not necessarily they are different goals,
it's just we approach it differently. Again, I was skeptical for a long time. And if there weren't a gender investing gap, if women didn't have so
much of their money in cash, I'd say, you know, whatever.
QUEST: Thank you very much indeed.
KRAWCHECK: Yes, good to see you.
QUEST: Really good to see you. Thank you so much. I can only imagine what you must have heard said about that woman over the course of your
career. Thank you.
KRAWCHECK: Well, thank you, Richard. I think.
QUEST: We'll have a profitable moment after the break.
(COMMERCIAL BREAK)
QUEST: Tonight's Profitable Moment. Usually this is my moment to sum up the day's business agenda. Tonight on International Women's Day who better
to deliver a special profitable moment than my colleague Christiane Amanpour.
(BEGIN VIDEOTAPE)
CHRISTIANE AMANPOUR, CNN ANCHOR AND CHIEF INTERNATIONAL CORRESPONDENT: I'm a journalist but I'm also a human being. I'm a human being but I'm also a
woman. Therefore, on this International Women's Day, I'd like to again come out as a feminist. Feminism means equality for boys and girls, men
and women. So how to make that happen. Why don't we go all out in the workplace with equal pay for equal play? Did you know that women are now
finally earning what men earn a decade ago? Come on, we can't settle for that any longer. It's bad for us. And it's bad for our societies.
[17:00:00] I've spent most of my working life reporting on the violation of human rights around the world. There are many illegal and morally
unacceptable ways that women are abused and suffer great violence. Surely one of them is the constant discrimination against women in the workplace.
Why does this matter? Well, because it's unjust. But it also makes no economic sense.
The IMF chief, Christine Lagarde, tells me that parity in the workforce generates significantly higher GDP even in developed economies like the
United States. British Prime Minister David Cameron and also President Obama are now pushing major companies to change by publishing their
male/female wage gap. And finally for me as the mother of a teenage son, I'm convinced that feminism is a genderless state. When women do better,
men do better. We all do better.
(END VIDEOTAPE)
QUEST: And that's "quest means business" for tonight. I'm Richard quest in New York. Whatever you're up to in the hours ahead I hope it is
profitable.
END
