Suni Harford ran into several obstacles after she set out to boost the number of women serving on the boards that oversee funds managed by UBS Asset Management.
There were legal obstacles posed by the independence of the boards. Then there were questions about why greater representation was necessary. And, finally, there were the usual excuses about a supposed lack of qualified women.
"It turned out to be harder than I thought," said Harford, who made diversification one of her first priorities after becoming president of the company in 2019. She estimates that women accounted for about 20% of board members at the time.
Now, the roughly 400 boards are on track to have at least 50% women members by the end of 2022, says Harford.
"The lesson there is that even if we think we don't have any role to play in some of these areas, there are places where we can make a real difference in our own remit," said Harford. The next step will be to improve racial and ethnic diversity on the boards.
In addition to diversity initiatives, Harford has led UBS to a record of $1.2 trillion in assets under management, while positioning the company as a leader in sustainable investing. She was recently named head of sustainability and impact initiatives across UBS Group, an area of rapid growth for the firm. Assets under management with a sustainable focus rose 77% in 2021 to reach $172 billion.
Harford also pioneered a new strategy for investing in energy storage, considered a necessary complement to grow the use of intermittent renewable energy sources like wind and solar. For real estate investments, she has ensured that net-zero carbon designs are integrated into renovations and new developments.
Outside of UBS, Harford has served as co-chair of the World Economic Forum's Global Future Council on the Future of Investing and the G7 Impact Taskforce. In addition, she is on the board of the Bob Woodruff Foundation, which supports wounded and disabled veterans.
