A Q&A with Olivia Grégoire

As greater numbers of women take on high profile public roles across global and European finance institutions, there’s a renewed emphasis on the importance of increasing female leadership and presence in both the public and private sector. To mark International Women’s Day 2021, we spoke to some of the leading women in finance who are shaping Europe’s policy agenda.

“It is unquestionable, especially in the case of women in finance, that you cannot address a market while ignoring 50% of its users or customers.”

Olivia Grégoire

About Minister Grégoire

How did you get to where you are?

I have always been proud of what I have achieved, from when I got my very first job as a waitress, right through to my latest job as Minister of State for Social, Solidarity, and Responsible Economy. I was raised with the belief that getting a job was hard and keeping it even harder. That’s why I never believed that my career had reached a ceiling nor hit the ground. Each new step in my career has been a highlight and every new job has felt like an exciting challenge.

How do you unwind?

Reading is my guilty pleasure. I say “guilty” not because it is something I should be ashamed of but because I sometimes feel when I am reading a good book that I should instead be focused on the kind of sensitive issues a minister is supposed to deal with, that I am running away from school! But it is what it is, no matter how much stress you have at work, it all just slips away when you lose yourself in a great story. Essays, novels, poetry are trips to new worlds, where tensions, preoccupations, concerns just melt away.

What inspires you?

One of the great figures that inspires me is the former French Health Minister Simone Veil. Her courage, struggles and journey are my daily source of inspiration and motivation. Simone Veil was the one who dared to challenge the status quo. The one who, alone in front of such a masculine system in 1974, gave voice to the voiceless, offering hope to millions of women. Her journey, history and actions embodies the best of Europe and demonstrates how we’re capable of overcoming even the most difficult of challenges.

I am also, I must say, a great admirer of one of our most pessimistic authors Emil Cioran. I like the permanent connection between pessimism and the vitality that influences his writing. I am not an optimist by nature, I am an optimist by will, and that means understanding and knowing pessimism intimately. I am often drawn to a quote that inspires my daily life, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” (Maya Angelou).

Which of your achievements are you proud of?

I’m proud that I have managed to embed guidelines for corporate responsibility into my government portfolio and more within the Ministry of Economy. I’ve been working in CSR for more than 15 years, and I’ve often felt that I was preaching in the desert. But I always believed that this subject was going to become political because that’s what everyone wants, more responsible companies that are better aligned with the issues facing society.

When we drew up the PACTE law, no one believed in purpose-oriented companies. Today, there are more than a hundred of them. I am also proud to have reconciled solidarity, social and economic issues within my ministerial portfolio. I believe that a socially responsible economy is not one that stifles economic progress, on the contrary, it explores every possibility.

I’m proud that I have managed to embed guidelines for corporate responsibility into my government portfolio and more within the Ministry of Economy. I’ve been working in CSR for more than 15 years, and I’ve often felt that I was preaching in the desert. But I always believed that this subject was going to become political because that’s what everyone wants, more responsible companies that are better aligned with the issues facing society.

When we drew up the PACTE law, no one believed in purpose-oriented companies. Today, there are more than a hundred of them. I am also proud to have reconciled solidarity, social and economic issues within my ministerial portfolio. I believe that a socially responsible economy is not one that stifles economic progress, on the contrary, it explores every possibility.

What is your advice to the younger generation?

If I had to go back to speak with little 15-year-old Olivia, I would tell her to take the chance and embrace the risks. In politics as in finance, the majority of actors are still men. But I do not believe that pitting women and men against one another is the right way to approach this and address the imbalance. Above all, I believe in leveraging both gender’s complementarity skills and rewarding those who perform best. Of course, greater efforts must be made to support the most vulnerable and those who still do not have a voice.

“Over the last decade, it has become increasingly clear that companies, organizations and governments perform better when they are made up of diverse workforces.”

Olivia Grégoire

The experience of being a woman in finance

What does leadership mean to you?

To me, leadership is about bringing people together around a common vision, and accompanying them in this vision. Not by being above them, but by walking among them. Good leaders recognize the need and desire for change before others feel the need to act. It’s about identifying trends and understanding what you can do to empower that desire for change. Not by directing, but by supporting. Ultimately, it’s about inspiring change within others.

Why is it important to have women in finance?

Women add value to any industry in which they have a voice. If an industry is closed to a specific segment of the population, it will be unable to properly understand and respond to the issues it is trying to address. Over the last decade, it has become increasingly clear that companies, organizations and governments perform better when they are made up of diverse workforces. It is unquestionable, especially in the case of women in finance, that you cannot address a market while ignoring 50% of its users or customers. Gender and social diversity are critical to competitiveness and success.

How can we address the gender imbalance in finance?

It’s difficult to only single out one action to address such a complicated topic. I’m not going to talk about quotas or education at this time, although both are important. Ultimately, I believe that the development of responsible and sustainable finance is the best lever to attracting more women into finance.

First of all, responsible finance requires more mixed governance and a focus on promoting diversity. But the most interesting thing is probably that sustainable finance is going to change the perception that young women, have of the financial sector.

Finance will no longer be a single place of money or power in eyes of many. It will be a place where we change the world, where we take care of others, putting resources into sustainable economic activities with positive social impact.

What’s on the horizon?

How is sustainability embedded in economic progress?

I am going to give the appearance of preaching for my parish, but my answer proves that I am here out of conviction. I believe that the search for sustainability, social impact and meaning will increasingly guide the economics and politics of the future.

We’ve reached a moment in our history, where we’ve exploited the resources of our plant to such a degree, that some people now wonder if it’s responsible to have kids! The challenge for the next decade is to preserve our planet as a place where we can live and flourish. And I think that many of the solutions to our social problems will come from a more ecological approach to society. When we have a responsible attitude, we are responsible in all areas.

How are you building a green legacy?

We have ten years to halve green house gas emissions. And finance is key to delivering on this. Progress is real and it is happening now. Today we are doing things that were unthinkable five years ago. Now is the time to really make a difference! Invest in companies that are transforming our economy to a low-carbon future and create new requirements to evaluate a firm’s environmental and social impact. France and the European Union now have a unique opportunity to demonstrate the power of national and regional unity. I would be very proud to be remembered for being part of this process.