Louise Britnell of
The Co-Operative Bank Plc
Louise Britnell

What inspired you to pursue a career in Finance, and how did you navigate your way to becoming a Finance Director?

It was unintentional to be honest. I had completed my degree in applied genetics, and I knew I needed to do something different (to that) but I was financing my own degree and needed to find a career where I could earn money whilst training. A friend was going to an investment bank, and I asked him whether I should do the same… he told me I wasn’t posh enough so maybe try audit! How did I navigate becoming a CFO? I’ve never really planned my career steps, I’ve just done what felt right at the time and have been willing to work hard and take a risk with the choices I’ve made. I’m not sure if it’s luck or good judgement, but it’s worked out well for me!

 

In male-dominated industries like Finance, what challenges have you faced as a woman, and how did you overcome them?

I have struggled with my inner voice at times. Sometimes I find myself in a challenging situation and ask myself what would the ‘hypothetical perfect CFO’ do? In my head I picture a man who is highly esteemed. I notice the things ‘he’ does that I don’t and vice versa. It’s not helpful but probably stems from the fact that I have a tendency to always want to be something I’m not. I have to remind myself that this person in my inner psyche is just a function of being self-critical. Part of the reason I have achieved a lot is because I constantly want to be better – but sometimes it’s not constructive – this is one example. Being aware of it is the way to overcome it and break the habit.

 

As a Finance Director, what strategies do you employ to promote gender diversity and inclusion within your team or organisation? 

Too many to list out to be honest. But I like to do the things that I have found useful to me over the years. I am sometimes not as good at pushing my voice forward (though I’m sure a lot of my colleagues may dispute this!). I have noticed and been appreciative of people both male and female who have asked me – Louise what do you think about XYZ in meetings if someone is dominating and I can’t get a word in.  It’s good practice anyway, but it helps balance the risk that some people are getting drowned out and this is what diversity is all about – having equal opportunity to show case our talent and also ensure that decisions reflect a diversity of opinion from people with different lived experiences.

 

Can you share any significant achievements or milestones in your career that you're particularly proud of, especially as a woman in Finance?

I was very proud of being promoted to CFO and board director. I didn’t think I was ready and my senior mentors in the Bank helped me realise that I would never feel ready, but I was. They gave me the safety net of support and I’m proud I took the chance.

 

What advice would you give to other women aspiring to leadership roles in Finance or similar fields?

Be yourself. Someone told me once to ‘fake it til you make it’. I couldn’t do that…. I need an organisation to want ME… As I am… knowing that I am not the finished article but who is? Every day is a school day. Don’t beat yourself up if you aren’t perfect. In relation to some advice more specific to Finance careers - A lot of opportunities come about because someone is asked to recommend someone for the opportunity. Make sure you have a reputation for grabbing opportunities and take a risk. “Can I lead this project ?– Yes you can….”

 

How do you balance the demands of your professional career with personal commitments and wellbeing?

I’m very lucky that I have a husband who supports me in my career. He is the primary carer of our two boys – My husband picks up and drops off – he sorts out their packed lunches and school uniforms and ferries them about to their various clubs. I don’t have any of the phone numbers for the other school mums, they all have my husband’s. That works for me and means I’m not trying to do everything. I do however, do all the cooking and shopping for the home and I do all the present buying and holiday organisation. Making sure I have the support I need so I’m not trying to do everything is what works for me. I also have hobbies that are family-orientated and not brain taxing so I feel it balances out work!

 

In your opinion, what are the key factors contributing to the underrepresentation of women in senior finance positions, and how can organisations address this issue?

I think that we are making a lot of progress. But for me, I think it’s a combination of women dropping out when having children, or taking part-time roles at that point -  along with the fact that there is a misconception that the qualities that make a successful CFO are not those you’d typically describe as stereotypically female. I think we need some changes in society (equality in maternity and paternity pay for example, more affordable childcare) to help companies address these structural issues – it’s not just on the company. And I think we need organisations to more actively think about pipeline and succession planning – not just identifying who is the next successor but thinking deeper into the future. I am a governor in a primary school and I hear that girls are less confident in their maths abilities even at the age of 7 and don’t put their hand up in the lessons. I think finance teams and industry need to be aware and help support their communities through careers fairs or volunteering – not all FD's are maths geniuses but more fundamentally, these skills do need a bit of confidence and practice (and resilience to get it wrong) I’d like to see more support from industry to help financial education at a young age, it would show it’s enjoyable and accessible to all - Not at the expense of young boys mind you – but by making sure that no-one of either sex is left behind.

As a leader, what initiatives or policies do you advocate for to create a more equitable and inclusive workplace for women in Finance?

As above – equal maternity and paternity pay. Child rearing is not just the woman’s job.

 

How do you approach mentorship and sponsorship opportunities for women in your organisation or industry?

We have our diversity and inclusion networks, and Elevate is dedicated to supporting women in finance. We have a range of leadership training initiatives to develop our senior female leaders of the future and we have a mentoring scheme for all our people aspiring to new roles or with a need for career support.

 

Looking ahead, what changes or advancements do you hope to see for women in Finance in the future?

I would like to see closer to 50% representation – not just in boards in general but in the executive director roles, because it’s these roles that are running the business day to day and we’d see more change in the dynamics more quickly as a result.

 

I think the development of working from home practices in recent years is supportive – it’s well known that typically women typically bear the majority of housework. Normalising working from home and reducing the ‘presenteeism’ culture helps towards levelling the playing field.

 

I would like to see more affordable childcare so one parent (usually the Mum) doesn’t have to reduce hours or leave work to look after their children. Of course, I am not against any parent wanting to stay at home rather than work if that’s their personal choice, rather I’m against the fact that many can’t afford to further their careers because of the cost of childcare and the lower earner is usually the one that steps out of the workforce.