Baroness Shriti Vadera, who has served as life Peer and Parliamentary Under Secretary of State, was awarded chair position at Santander UK. Making national history, she is the first woman to head a major British bank, reflecting not just a step forward for women but also the whole British-Asian community.
It is a timely accomplishment with comments being made just last week that females, especially of ethnic minority origin, had yet to break higher barriers. Speaking at the Indian Journalists' Association dinner for women's accomplishments in the workplace, Baroness Manzoor of the Liberal Democrats gave statistics that “only 17% (of women) in the UK can be seen as the equivalent of directors” and that “we can learn from India” who had “the first CEO of a financial institution.”
Vadera will take on a leading business-driven role at a time of both economic and personal hardship but as daughter of the Baroness' late predecessor Lord Burns, Ana Botin, has re-affirmed the Madrid-based international bank is 100% confident that the right decisions have been made: “We’re proud and excited to welcome Shriti Vadera to Santander,” announced Botin. “Her (Vadera's) deep expertise in UK and global economies as well as her banking experience add to her credentials as a strong, independent non-executive chairman.”
Shriti has been referred to as 'the Shriek' by former colleagues, but this has been praised by female contemporaries as a necessary and commendable strength: making her a real competitor in a male-dominated industry, it is her sharp standards and no-fluff approach that have carried her to the top. Indeed, in her IJA speech, Baroness Manzoor went on to cite that “at the current rate of progress it would take 70 years to get an equal amount of females as there are males'” in the top position where the number of women who were also of an ethnic minority was “absolutely dire” on directorial boards. Vadera's fiery yet passionate spirit then, should only be encouraged. Her steely work ethic has also been noted by fellow male professionals, with Stephen Alambritis of the Federation of Small Businesses stating: “If the Civil Service is complaining about her, then probably more ministers should be like her; she gets things done.”
The daughter Nilamben and Vinod Vadera, an Indian immigrant family who previously owned a tea plantation in Kenya, but were forced to flee after a change in regime under the Ugandan government, Shriti's formative years were by no means untouched by struggle. However both parents and daughter were able to overcome misfortune, eventually emigrating to the UK and seeing a young Vadera excel her way into Oxford.
The Baroness studied Philosophy, Politics, and Economics at Somerville College before serving as Minister for Economic Competitiveness & Enterprise and International Development under the Labour Government from 2007 to 2009 and later appointed as the Advisor to the G20 Presidency. After that she worked with investment bank UBS Warburg where she advised the governments of developing countries.
Already dubbed “Gordon Brown's representative on earth” for her close workmanship with the PM, the future is looking promising for Shriti's new high-power role. She is rumoured to be getting paid £650,000 a year for a contractual three-day week where only three of FTSE 100 firms have women at that level.
In her previous role as the Advisor to the G20 Presidency, she also attended the Asian Achievers Awards, organised by the Asian Voice as the Chief Guest. It was in fact the first Asian event, where Baroness Vadera made a public appearance.
COMMENTS FROM MPS, PEERS & COMMUNITY LEADERS
* Shriti Vadera has been a top person in the word of finale for a long time now. She helped Gordon Brown at a rival period during the finance criss. Her appointment by Santander is a fitting recognition of her abilities.-Lord Meghnad Desai
* Shriti Vadera’s appointment as Chair of Santander is wonderful news, and she should be congratulated. She will be the first woman to chair a major British bank, breaking this glass ceiling at a time when only three of the FTSE 100 firms have women in the chair. This appointment is a step forward for equality and diversity, and the Asian community can also be very proud. Baroness Vadera has a strong track record, including during her time as a minister, and I wish her very well in her new role. I hope she will be the first of many. - Rt Hon Keith Vaz MP
*I am delighted to learn that an Asian woman and a colleague from the House of Lords, Baroness Shriti Vadera, has been selected to head Santander. This is fantastic news and I hope the appointment of an Asian women to such a post will now inspire many other companies to do the same. For far too long, there has been a sad omission of ethnic minority women from our FSTE boards. Santander have been bold, and they are to be congratulated in breaking down barriers in such a way. I am sure that Baroness Vadera will inspire and enable others to follow in her footsteps and I wish her every success in her new role.- Baroness Manzoor of Knightsbridge CBE
* Research clearly indicates that having a diverse workforce, a diverse Board and diverse senior executives enhances the productivity and performance of an organisation. Strides have been made in recent times to ensure the more women than ever before are now sat around the Board Room - though still not enough, and certainly not enough in senior Executive roles - and certainly in respect of Black and Asian communities we have a very long way to travel. Let us hope that Baroness Vedera’s appointment signals a sea change.- Professor Lord Patel of Bradford OBE
* I congratulate Shriti on breaking another glass ceiling, She is a very able person and will bring to the role a much wider perspective and a great deal of different experiences, given the varying positions she has held. It really is an event for us all to celebrate and for me in particular, it makes all those efforts that I am involved with, to get a much better balanced representation of women and people of minority backgrounds in senior board positions worthwhile. There remains a need to keep emphasising the importance of challenging archaic systems.- Baroness Sandip Verma
* We should all be proud that Baroness Shriti Vadera has been appointed as Head of the Santander. I remember her career in the Treasury where she was a close Advisor to the then Chancellor of the Exchequer Gordon Brown. She had built up international contacts and was a driving force in promoting economic reforms in the Brown Government. Gordon Brown regarded her as a close colleague and ensured that she had a part to play in British politics. He appointed her to the Labour front Bench in the House of Lords what was then know as GOATS, Government of all talents. Her career in Parliament was short but she was a formidable speaker and a great credit to the Labour Party. She has advised a number of European Governments on their fiscal policies. It is not surprising that she now heads Santander. Her appointment comes so soon after the IJA Dinner last week, which lauded the progress of women in the British society.- Lord Navnit Dholakia PC,OBE, DL
*I congratulate Baroness Shriti Vadera on her appointment as Chair of Santander UK. This is excellent news – a well deserved appointment and a matter of pride for the Asian community. Shriti will be very well placed to address the challenges of Santander as well as play a significant role in the next stage of reform of UK banks and financial services.- Seema Malhotra MP
* Lohana Community is extremely proud that a fellow Lohana member has attained such a prestigious position in the corporate world. Her hard work and dedication has shown a progressive growth including an advisor to the treasury, Parliamentary Under-Secretary of State in the Department for International Development. Lohana Community is also very proud that she has been awarded a life peerage in 2007 as Baroness Vadera. This can only be an inspiration to all Lohana’s, particularly Young Lohana Members and women at large. On behalf of Lohana Community I want to extend sincere congratulation to the baroness on all her achievements. - Vinod Thakrar, President, Lohana Community North London-LCNL
* The appointment of Baroness Vadera as the new Chair of the fast growing Santander Bank is yet one more example of our community breaking the ceiling in the the British society we now live in. It also acknowledgement by the wider society that our community is recognised as making a notable contribution in UK economy and the society. It is important that we also appreciate that we belong to the British society that has such values and openness to enable anyone to succeed. I personally wish Baroness Vadera continued success. As a fellow Uganda born and also a Lohana, this is a moment of great joy and pride to me.- Subhash V Thakrar, V. President and Past Chairman, London Chamber of Commerce and Industry
