"Culture and people are everything": Q&A with Maria Wilton

The Franklin Templeton business grew from $2bn to $20bn over the 12 years I was Country Head and we diversified the asset class range we were able to offer to Australian clients. Due to the support of Head Office and Australia being designated a focus market, we were able to build out the local retail distribution and marketing team and associated business infrastructure. Staff numbers increased from 25 to 70 and the Sydney office expanded.

The Australian business was also a key driver behind Franklin Templeton globally becoming a signatory to the PRI. The Australian industry is very sophisticated and often the trendsetter for other global markets, so everyone offshore is always interested in what is going on in our local market. The increasing focus on ESG is one example of this and the business took this seriously (even though the US was behind Australia and Europe at that time).

With growth in the business, it is critical to build and sustain a corporate culture. This has been the best lesson from my executive career: culture and people are everything. It's one thing to have your statement of corporate values framed on the wall, but it's the culture and people in the organisation that brings it to life.

Creating opportunities to talk about culture is important and makes values' statements real. In financial services generally, I'm concerned that we are so focused on the numbers, targets and compliance that culture is seen as "soft" and people don't have the language to talk about it in a meaningful way. It's incumbent upon leaders to create the opportunities for culture and values to be discussed in the everyday workplace for a business to be successful in the long term.

"It's one thing to have your statement of corporate values framed on the wall but it's the culture and people in the organisation that brings it to life."

There is no one 'right culture', but the balance between competition and collaboration, the meaning of loyalty, the way an organisation shares information, encouragement or otherwise of devils' advocacy and diversity of opinions are important, alongside incentive structures and business operating models. When a business is under pressure due to corporate change or weak performance, it is particularly important to reinforce the positive elements of culture. People are usually not at their best when they are feeling insecure or under stress, and poor behaviour can emerge, which then undermines the culture of an organisation.

Since my departure, I've been appointed to the Board of Governors of the CFA Institute (the global governing body) and the board of VFMC. This is in addition to chairing the National Diversity Committee of the CFA, being Chair of the Industry Advisory Board of the Australian Centre for Financial Studies and Deputy Chair of Infrastructure Victoria. These are terrific organisations that will make a real difference to policy and outcomes in financial services and beyond. They will keep me busy for now, and I will continue on the non-executive pathway.

The key change in the super industry over the last 30 years has been it's increasing scale. This has created a rising tide of professionalism and opportunity across all dimensions of the industry. The increasing interest in responsible investing - the whole suite from mainstream ESG, engagement, impact investing, ethical investing and exclusions and divestment - seems to be a permanent shift in focus. What hasn't changed are many of the issues we still talk about: short-term focus, a desire for policy certainty (will never happen), how best to manage the uncertainty of investment markets (get used to it) and a lack of gender diversity in investment teams. Other changes are just like watching a pendulum swing back and forth which I guess is what happens when you have been around an industry for 30 years!

The lack of gender diversity in the investment industry is disappointing. While there is improving balance on boards, and non-investment senior roles in the industry, the statistics on "at the coal face" investment decision making roles is poor. The reasons for this are complex. The key objective of the National Diversity Committee is to raise awareness of this issue and effect positive change so that the industry better reflects the composition of the community.

"There are no good reasons why a man would be better than a woman at the roles I have tackled...."

Personally, I have had a rewarding executive career in the investment industry spanning economic analysis, fixed income and multi asset portfolio management and business management. There are no good reasons why a man would be better than a woman at the roles I have tackled, so I am mystified and disappointed at the statistics. The financial services industry does have a stark and current challenge with respect to trust and integrity. Improving the standing of the industry in the community will take time but will also make it more appealing for women and men to pursue careers in this sector.

I agree that there are many dimensions to diversity: cultural and linguistic diversity, LGBT, different personality types and gender. Diversity of opinions and contributions will better reflect the community in which we live and studies show improve business performance. Gender diversity is arguably the easiest dimension of diversity to measure and monitor and hence is the current focus of the CFA Society National Diversity Committee. It is also possible that improving gender diversity will create a rising tide of diversity across the other dimensions I mentioned above, but I don't have studies to quote to support this view.

The best advice I have received is from the Nike Marketing Department: "Just Do It". The hardest part about going for a run is putting on your running shoes. The hardest part of speaking at a conference is saying "yes, I'll do it". No one is an expert on all topics but having the self-belief that, with research and confidence, you can get on top of a topic and make a contribution to the debate is half the battle.

"The lack of gender diversity in the investment industry is disappointing. While there is improving balance on boards, and non-investment senior roles in the industry, the statistics on "at the coal face" investment decision making roles is poor."

I was concerned about the impact that having children would have on my career. I couldn't envisage stepping back from work to stay at home to be a Mum. I was having too much fun. Fortunately, I did have two beautiful children and I didn't have to make a choice. I worked part time, full time, part time and then full time ,and was a better employee because I was a Mum, and a better Mum because I went to work. I was fortunate to work for companies (in particular County and BT) that supported me. My advice is that I ought not to have worried about it: "Just Do It"!

I have had many people over my executive career that have given me great advice and support. At the start of my career, Jean Brunel was Country Head at J.P. Morgan and he encouraged everyone to complete the CFA exam which was transformative. At Franklin Templeton, Jenny Johnson, President, always provided support and feedback. Both are leaders with great passion, energy and intelligence.

Probably the most influential person throughout my career was Mavis Robertson. I first saw Mavis at the CMSF conference in Wollongong sharing the stage with Paul Keating and thought: "Wow! I want to be like her!" She was strong, articulate and had a clear sense of purpose. Mavis was not afraid to ruffle a few feathers and also had a strong sense of community. She provided me with support and kindness during some challenging times. In addition to her contribution to the superannuation industry, Mavis was also the co-founder (with Louise Davidson) of the Mothers' Day Classic which is coming up, soon so don't forget to register.

I grew up on an apple farm in Tasmania. Everyone pitched in where they could, we would "reduce, re-use and recycle" from necessity. Sustainability was important, even though we didn't talk about it in those terms. It was a good introduction to business and adapting to change - we had to change the business model in response to the EU's Common Agricultural Policy - and it gave me a strong connection to the environment.

I might still be on the farm in Tassie.