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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
PHOTOGRAPHIC PORTRAYAL OF WOMEN IN THE ANNUAL
REPORTS OF COMPANIES LISTED ONTHE NEW ZEALAND STOCK
EXCHANGE
Jenny Shen* and Grant Samkin**
*Audit New Zealand
** Department of Accounting, University of Waikato
Contact Details (Corresponding Author)
Grant Samkin
Department of Accounting
University of Waikato
Private Bag 3105
Hamilton, New Zealand.
Email: grantsam@waikato.ac.nz
Abstract
Studies suggest that women are underrepresented and portrayed stereotypically in the
mainstream media. Stereotypical images of women generally portray them as a wife or
mother, in situations where they are depicted as inferior to men, or make use of their
sexuality to sell products or services. Images are reconstructions of the truth (David, 2001).
As such, the negative portrayal of women raises the concern that gender biases reinforced
through representations in annual reports may contribute to the gendering of organisations.
This paper uses New Zealand annual reports to replicate and confirm the findings of an
earlier study by Benschop and Meihuizen (2002).
Key words: gender, annual report, women, inferior, sexuality
Acknowledgements
Images from the 2006 annual reports of Fletcher Building Limited, SKYCITY Entertainment
Group and The Warehouse Group Limited are reproduced with permission of Fletcher
Building Limited, SKYCITY Entertainment Group Limited and The Warehouse Ltd,
respectively.
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
Introduction
Annual reports increasingly feature artistic photographs and stylish graphics aimed at
capturing the reader’s attention. These images are used to ameliorate companies’ operations,
sell products and services, or act as a marketing tool to reinforce the positive aspects of their
business operations (David, 2001a). The annual report has also been described as a statement
of an organisation’s philosophy and activities, the public face of the organisation (Newson,
1988). As such, how images are displayed in the annual report may provide some insight into
the reporting entity’s attitude towards sexism. By examining the content of annual reports and
in particular the social construction of gender portrayed in them, the organisations underlying
philosophies are conveyed and legitimised to stakeholders.
When compared to men, women have endured a history of inequality in the workforce.
Traditionally a woman’s role was that of a stay-at-home housewife (Li & Wearing, 2004).
Media sexism has been prevalent since the early 1970’s when a study confirmed that over
half of the images of women in advertisements of two magazines depicted women in
‘women’s work’ and in their traditional roles of wife and mother (Pingree, Hawkins, Butler &
Paisley, 1976). In economic terms, women are discriminated against through being paid less
than men. Examples of this include the accounting profession where “female accountants on
average receive less remuneration than their male counterparts, and this is directly related to
their lower job status” (Whiting & Wright, 2001, p. 201). Even when they reach the pinnacle
of their occupation, women are often paid less than their male equivalent. Two New Zealand
examples illustrate this position. The full time equivalent salary for a woman in a senior
executive role at The Warehouse Group Limited is nearly 90 per cent of the salary of male
senior executives (The Warehouse, 2006a, p. 11). When Gattung replaced a male CEO she
was considered to be worth only half his salary (McGregor, 2000). This salary gap is further
reinforced when the salary package of the CEO appointed to replace Gattung was nearly
$2 million dollars more than she received (Twose, 2007).
Although women are just as concerned about the nation’s welfare and prosperity and
just as likely to suffer from national mistakes and errors, the political arena is also dominated
by males and their policies (New Zealand Press Association, 2007). In 2004 the proportion of
female representation in New Zealand local government was 27 per cent (New Zealand Press
Association, 2007). When campaigning for political office, women are reported to
automatically start with negative 2 per cent because of their gender (Yates, 2007). This
suggests that the “glass ceiling” is well intact and implies that effective leadership and
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
governance can only be associated with men. Despite the low levels of female representation
in local government, progress has been made in New Zealand. However, there are still
milestones to be made in the perceptions and mindsets towards female leaders and gender
stereotypes.
In New Zealand it has recently been suggested that the use of near-naked women to
advertise everything from hamburgers to beer denigrates women. In an interview ex-model
Rachael Wynn Barton del Mundo, explained that “there seems to be a trend in advertising
that is creeping back into society ... a sort of insidious sexism that demeans women”
(Jacobson, 2007, p. 3). Today there are more women in the workforce than there were 30
years ago. Many organisations are accommodating this increase in labour participation by
promoting gender equality and neutrality in their business policies. However, it is evident that
“attitudes persist that there are different ‘appropriate’ areas of work and influence for women
and men” (Court, 1997, p.19). Stereotypical perceptions, attitudes, and behaviour are
reinforced by the media. This serves to reinforce gender inequality and may result in unequal
opportunities within organisations. It is important therefore, to continuously examine
representations of women in various media forms, including annual reports, to determine
whether they contribute to sustaining and maintaining a gendered division of labour. Through
replicating a portion of the Benschop and Meihuizen (2002) study, this paper aims to
establish whether the representation of men and women in New Zealand annual report
photographs contributes to the gendering of organisations.
The paper commences by examining the social construction of gender. This includes
how a gendered division of labour, gender inequity, and gender stereotyping are constantly
reproduced in various media forms, including annual reports. Thereafter, the annual report as
a medium to convey messages of social relationships will be considered. The method used in
the study will then be described. The results of the investigation into whether women are
portrayed stereotypically and as being inferior to men, in images contained in the annual
reports of New Zealand listed companies, are then detailed.
Social construction of gender
A gendered division of labour has long existed in western culture. Women have endured a
tradition of being the domestic housewife and mother, roles associated with unpaid work.
Men on the other hand, are assumed to be the provider of the family with their lives revolving
around competition, ambition and paid work (Court, 1997). This has translated to the
organisational world where:
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
the constructs of leadership and management have been developed by males for male patterns of
employment. Hence organisations can be said to be gendered, producing and reproducing
gendered relations where the female is seen as less suited for senior roles, and as in need of
protection (Singh & Point, 2006, p. 364).
Socially constructed gender differences then advantage men where in the workforce
“their assumed authority in leadership positions has been legitimized”, while they are
excused from taking responsibility for ‘women’s work’ (Court, 1997, p. 18). This gendered
division of labour continues to be upheld in modern society as women are under represented
in male dominated occupations such as aero-space and defence, chemicals, construction and
building materials (Li & Wearing, 2004), and academia (Williams, 2000; Thanacoody,
Bartram, Barker & Jacobs, 2002).
Gender inequality also creates a “glass ceiling”. Women are often disadvantaged in that
this transparent barrier prevents them from moving up the corporate hierarchy to achieve
positions of prestige and power (Eyring & Stead, 1998; Oakley, 2000). The effectiveness of
the “glass ceiling” is apparent given the small number of women holding senior management
positions in organisations (Bilimoria & Wheeler, 2000; Pajo, McGregor & Cleland, 1997;
Fawcett & Pringle, 2000; Oakley, 2000; van de Walt, Ingley, Shergill & Townsend, 2006; Li
& Wearing, 2004). This can also reflect male cronyism which maintains “traditional and
conservative approaches to recruitment of board members and the entrenched attachment to
the status quo” (Pajo, McGregor & Cleland, 1997, p. 181; Fawcett & Pringle, 2000). Reasons
for the under representation of women holding senior management position in New Zealand
have been summarised by Fawcett and Pringle (2000) as including:
sex-role stereotyping, a masculine executive culture, homosocial reproduction, and dependence on
a traditional linear career model. Other factors specific to decision-making processes at senior
levels such as networks, vague job requirements, informal selection and assessment are also
important (p. 254).
The work-family balance also impacts female promotional opportunities and
employment (Court, 1997; Auster, 2001; Kaminski & Reilly, 2004; Ward & Wolf-Wendel,
2004). Women’s promotional prospects are hindered by the need to raise children and to take
care of family responsibilities. Although many women choose not to progress their careers,
the sexual division of labour in the home which connects with a sexual division of labour in
the workplace, contributes to men maintaining power and control (Game & Pringle, 1983; Li
& Wearing, 2004).
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
Gender stereotyping has also been implicated in women not reaching their full potential
(Browne, 1998; Fawcett & Pringle, 2000; Lane & Crane, 2002). Gender stereotypes are
defined as “general beliefs about sex-linked traits (collections of psychological characteristics
and behaviours characterizing men and women) and gender roles” (Browne, 1998, p. 84).
Women are often stereotyped as being emotional and dependent, characteristics reinforced
through gender roles. Advertising in the print media and in American television programmes
portray women as passive, deferent, lacking credibility and intelligence. Stereotypical
portrayals of men depict them as powerful, constructive, autonomous and achieving (Browne,
1998; Hentges, Bartsch & Meier, 2007). It should however be acknowledged that a number
of the new American television dramas including “The Closer” and “Cold Case”, portray
women as powerful leaders and problem solvers. At the same time these women are
stereotyped as young, beautiful and thin.
A gendered division of labour, gender inequity, and gender stereotyping are constantly
being reproduced in various media forms. The ‘gender gap’ appears frequently in media such
as television advertisements. Studies have shown that males appear more often than females
in advertisements, male voiceovers are more frequent than female, and males are generally
portrayed in more dominant and active roles (Eaton, 1997; Browne, 1998; Furnham &
Farragher, 2000; Ganahl, Prinsen & Netzley, 2003; Döring & Pöschl, 2006; Valls-Fernández
& Martínez-Vicente, 2007). The most recently published study of television advertising sex-
role stereotyping in New Zealand by Furnham and Farragher (2000) found it to be dominated
by males. In print media advertising, recent trends simultaneously sexualise and victimise
women (Stankiewicz & Rosselli, 2008). In occupational roles, research shows men portrayed
outside the home while women are portrayed in domestic roles. Sexual stereotyping of
women as scantily dressed, attractive and often an object of another’s desire is detrimental to
women (Lovdal, 1989; Davis, 1990; Signorielli, McLeod & Healy, 1994; Smith, 1994; Eaton,
1997). This form of stereotyping is about “preserving power and defining femininity as
inferior” (Rigg & Sparrow, 1994, p. 11).
The annual report as a medium to convey social relationships
The layout, readability and images contained in an annual report form an important
component of corporate identity (Clarke & Murray, 2000). As such, annual reports are
textually mediated discourses that convey the ‘right message’ and shape public perceptions
and feelings of the company (Neu, Warsame & Pedwell, 1998; Clarke & Murray, 2000). One
of the most effective techniques in conveying messages to constituencies is through the use of
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
photography and images to construct interest and excitement (Stanton & Stanton, 2002;
Goldstein, 2005). Images function “to assert not only the specific values and public relations
agendas of individual companies, but the truth claims of the accounts themselves, including
their political economy” (Graves, Flesher & Jordan, 1996, p. 59).
It should be noted that not all images in the media are favourable portrayals of the
social world. From a political economic perspective, corporate annual reports “are seen to
contribute to the maintenance of an ideology of oppression” (Stanton & Stanton, 2002,
p. 487). The reason for this is that annual reports only display what is socially accepted.
Traditional images are reinforced while certain disclosures may be omitted. For example,
portrayals of women may be limited to stereotypical representations. Traditional portrayals of
women in annual reports include their participating in non-serious behaviour, as consumers
of products and services, or decorative objects, framed attractively, and where their sexuality
is exploited by reporting entities to sell products or services.
Corporate hierarchies depicted in annual reports are usually dominated by
representations of middle-aged men. A rationale for this can be found in Graves et al., (1996)
who argue that the perception of the truth in news reports on television relies heavily on the
acceptability of the newscaster which in show business is judged on a matter of looks. Thus
an acceptable newscaster will have a face that is credible and likeable. Similarly,
representations of boards of directors and senior executives are usually middle-aged men who
are well groomed, and appear experienced and credible. Hence, “the inclusion of photographs
of the board members and officers in annual reports is, then, ultimately a rhetorical strategy
intended to persuade the reader of the credibility of the reports” (Graves et al., 1996, p. 75).
A number of prior studies have examined how women have been portrayed in
photographs in annual reports. In an early study, Newson (1988) set out to establish whether
photographs of men and women in annual reports showed them as having comparable status
while not being stereotyped. Sexism in 26 annual reports of a variety of profit and not-for-
profit organisations was measured by determining the frequency and manner in which women
were represented in photographs and other art forms, both in composition and their captions.
This study found that generally the photographs used were all stereotypes of individuals in
traditional roles. Where women were represented as employees, they were in the minority.
This enabled Newson (1988) to conclude:
The view of the organizations from their annual reports is that these are white male territories.
With only a few exceptions, when there are women, they are almost invisible. When art can be
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
chosen so that it is symbolically neutral, it should be. In any case, it should not be blatantly sexist
(p. 19).
Anderson and Imperia (1992) studied the photographical portrayal of women in the annual
reports of the passenger airline industry. The results of their study enabled Anderson and
Imperia (1992) to conclude that in annual report photographs, gender differences similar to
that documented in other media existed. Photographs of women were more likely to display
behaviours such as smiling, canting and behaving in a less serious manner than men. In
addition, women were more likely to be shown in less serious, non-work settings. Anderson
and Imperia (1992) also found that for a non-serious behaviour, smiling, women were more
likely to be shown smiling than men. Photographs of corporate officers and board members
showed males displaying a more serious demeanour than male employees. No differences
were found, however, when comparing female officers and board members with female
employees.
More recently, Benschop and Meihuizen (2002) sought to establish how gender was
represented in the texts, figures and photographs in the annual reports of 30 Dutch
companies. This study found inequalities existed in the way women were portrayed in annual
reports when compared to men. Corporate identity was male-focused and adorned with power
symbols. Women on the other hand were reduced to attractive objects devoid of speech or
gaze. The results of their study enabled Benschop and Meihuizen (2002) to conclude:
With these representations of gender in their corporate identities, organisations keep up traditional
appearances concerning femininity and masculinity. They build on fossilised norms that lag
behind the current developments in gender relations in organisations. Further, since
representations constitute reality, they impede women’s rise to positions of power and
consequently deprive the organisation of women’s talents and expertise. Since traditional
meanings are no longer self-evident in a time and place where alternative meanings about gender
relations are progressing, organisations should incorporate diverse representations of gender in
their corporate identities (p. 632).
These representations have important implications for women, as photographic images can be
viewed as reconstitutions of the truth (David, 2001a). If women continue to be portrayed
stereotypically and inferior to men, these representations become the social norm. As Stanton
and Stanton (2002, p. 478) noted, images in annual reports influence what is important in
society and ‘in communicating reality, reality is constructed’ (Hines, 1988). These
stereotypical representations may hinder women’s career progression and can reinforce
differences in opportunities between the genders. Studies of gender have however identified a
number of annual reports in which the contribution by women to the positive values of a
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
company’s work culture are acknowledged (David, 2001a). This suggests that certain
companies are prepared to recognise the efforts and contribution made by women in the
workforce.
Method
To establish whether gender representation exists in a New Zealand environment, the annual
reports of thirty companies whose shares were traded on the New Zealand Stock Exchange
(NZSX) on 2 August 2007 were selected as the sample. The companies listed on the NZSX
were first ranked by market capitalisation. Those companies whose primary listing was not
the NZSX were excluded from the sample. The top twenty New Zealand companies by
market capitalisation were selected. The remaining ten companies were selected on the basis
of name recognition. These companies were selected as their size and, local and international
profile (the equity of a number of these companies are traded on exchanges other than the
NZSX), meant they were likely to have Equal Employment Opportunities in place. The
existence of Equal Employment Opportunities policies is confirmed by the number of the
companies in the sample that made reference to the policy either in their annual report or in
supplementary documents available on their company websites. An example of references
made to Equal Employment Opportunities policies can be found in The Warehouse Group
Limited 2006 Social and Environmental Report (http://www.thewarehouse.co.nz/). As all the
reports for the 2007 financial year were not available at the time of the study, the 2006 annual
reports were used for the purposes of the study. Electronic copies of the annual reports were
obtained from the NZX Data subscription website. If the annual reports on the NZX Data
subscription website contained no pictures, then the individual company websites were
accessed to confirm this. The companies selected for the study are detailed in Table 1.
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Table 1 Companies in sample together with industry sector
Companies Industry Sector
Air New Zealand Limited Transport
Allied Farmers Limited Agriculture & Fishing
Auckland International Airport Limited Ports
Contact Energy Limited Energy
Fisher & Paykel Appliances Holdings Limited Goods
Fisher & Paykel Healthcare Corporation Limited Intermediate & Durables
Fletcher Building Limited Building Materials & Construction
Freightways Limited Transport
Goodman Fielder Limited Food & Beverages
Infratil Limited Energy
ING Property Trust Property
Kiwi Income Property Trust Property
Mainfreight Limited Transport
Metlifecare Limited Finance & Other Services
Michael Hill International Limited Consumer
Nuplex Industries Limited Building Materials & Construction
New Zealand Refining Company Limited Energy
New Zealand Exchange Limited Finance & Other Services
PGG Wrightson Limited Agriculture & Fishing
Port of Tauranga Limited Ports
Pumpkin Patch Limited Consumer
Rakon Limited Intermediate & Durables
Ryman Healthcare Limited Finance & Other Services
Sanford Limited Agriculture & Fishing
SKYCITY Entertainment Group Limited Leisure & Tourism
Sky Network Television Limited Media & Telecommunications
Telecom Corporation of NZ Limited Media & Telecommunications
TrustPower Limited Energy
Vector Limited Energy
Warehouse Group Limited Consumer
To achieve the research objective, this paper replicates a portion of the research
undertaken by Benschop and Meihuizen (2002). Replication refers to research undertaken
with comparable subjects and conditions to establish whether similar results will be obtained
(Schneider, 2004). In this study, gender representations were analysed by means of a
scorecard of closed-ended questions originally developed by Benschop and Meihuizen (2002)
and modified for the purposes of this study. The scorecard was used to obtain a qualitative
overview of the photographs contained in the annual reports. Each annual report was
analysed to establish the relative appearance frequencies of appearances of men and women
shown in the photographs. If facial features enabled the sex of the person in the photograph to
be determined, this was included in the count. Excluded from the study were photographs of
cartoon and fictional characters, photographs of unidentifiable body parts, children and
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babies. Also excluded were photographs containing significant motion blur which made
determining sex, dress or location, difficult. Each photograph was analysed by a single coder.
Where there was any difficulty in establishing how to categorise a particular photograph, this
was discussed between the researchers and a category agreed upon.
The annual reports were reviewed to identify which of them contained photographs of
people. The photographs were then numbered to determine the population. Each photograph
was examined to establish the composition and number of ‘cast’ members in the photograph.
To examine how males and females are portrayed individually or how they interacted with
members of the same sex, the photographs in the annual reports were categorised as follows:
male only photographs; and female only photographs. To analyse how male and female cast
members interact with each other, photographs featuring males and females together were
separately categorised.
Each photograph was then coded into the role played by the main cast members as:
employees; clients or consumers of the company’s products or services; other; and
undetermined. The location of each photograph was coded as: job location; non-job location;
and undetermined. The dress worn by the main cast members was coded as: work appropriate
clothing; formal wear; casual wear; and undetermined. The photographs were also coded if
the cast members were depicted as talking or smiling. Where males and females were
depicted together in a photograph, it was examined to establish which of the male/female cast
members were shown in a higher physical position (for example male standing and female
sitting), and which of the male or female cast member took up the largest area in the
photograph. The photographs were also coded on the basis of which of the cast members
were reflected in the hierarchically higher position (for example a manager depicted as
instructing a subordinate). Finally the photographs depicting males and females together were
coded based on which of the cast members were depicted as talking or smiling. In coding the
photographs only the central or main ‘cast’ members were considered. Background or minor
cast members were excluded from the study. Any captions accompanying photographs were
taken into account in the coding process.
Although the method employed in this study draws heavily on Benschop and
Meihuizen (2002), it differs in that their study included the portrayal of gender in the text,
tables and graphs in annual reports, while this study only focuses on images of people. In
addition, the Benschop and Meihuizen (2002) study was based on annual reports of listed
companies that were published in the Dutch language, while this study focuses on the annual
reports of companies listed on the NZSX and published in English. An advantage of using
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annual reports for a study such as this is that data can be obtained from every company in the
sample. The sensitive nature of the subject of the study meant that it may not have been
possible to obtain this information directly from the respondents given the traditionally low
response rate to survey instruments.
Results
The findings of the study are detailed in the section that follows. First, the differences in the
portrayal of men and woman in the annual reports will be examined. Thereafter, the role,
location and dress of the individuals in the photographs will be examined; whether they are
talking or smiling; and the relative positions of men and women in the photographs will then
be discussed. An examination of the visual images contained in the sample shows that all the
annual reports contained at least one photograph of people. Benschop and Meihuizen (2002)
argue that companies that do not provide photographs of people in their annual reports fail to
acknowledge the human factor in their organisation. There may of course be a more practical
and rational explanation for this. That is, colour and images are excluded from the annual
report to make the electronic downloading of them more efficient. Of the annual reports that
contained photographs of people, 30 of them contain pictures of men, 25 contain pictures of
women, while 22 annual reports contained pictures of both men and women. The results are
summarised in Table 2 below.
Table 2 Analysis of annual reports containing photographs
Pictures of: Men Women Men and
women
Annual reports with photographs in each category 30 25 22
Annual reports without photographs in category 0 5 8
Total number of annual reports 30 30 30
This analysis focuses on the 30 annual reports that show people in a total of 1006
photographs (Table 3). All photographs in the sample contain sufficient detail to determine
the gender of the individuals portrayed. Being able to determine gender is important as
individuals generally conform to gendered norms and expectations regarding how one should
behave, how one should relate, where and how one should work, and gender appropriate
appearance; and experience them as natural and common sense (Barrett, 1995, p. 10). In the
workplace, gender is an important identity structuring principle that individuals employ to
identify themselves, as well as to ascribe identities to others (Benschop and Meihuizen,
2002).
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Numerical representation of men and women in photographs
In the 1006 photographs contained in 30 annual reports, men appear 1586 times while women
appear 565 times. A non-parametric test of proportions on the total number of times men
appeared in photographs compared to the number of times women appeared in photographs is
significant (χ2 = 526.56; df = 1; p ≤ 0.001).
As Table 3 shows, the majority of pictures depict only men (57.5 per cent),
30.2 per cent feature only women, while 12.3 per cent of photographs show men and women
together. Men are featured individually in 67.0 per cent of the pictures, accompanied by men
in 15.0 per cent and by women in 18.0 per cent (Table 4). Women are portrayed individually
in 61.3 per cent, accompanied by women in 10.0 per cent and by men in 28.7 per cent
(Table 5).
Table 3 Numerical representations of women and men in photographs – cast composition in
photographs
Pictures %
Photographs featuring exclusively men 578 57.5
Photographs featuring exclusively women 305 30.2
Photographs featuring both men and women 123 12.3
Total number of photographs of people 1006 100.0
Table 4 Numerical representations of women and men in photographs – photographs
featuring men
Pictures %
Photographs of men individually 470 67.0
Photographs of men with men 108 15.0
Photographs of men with women 123 18.0
Total 701 100.00
Table 5 Numerical representations of women and men in photographs – photographs
featuring women
Pictures %
Photographs of women individually 262 61.3
Photographs of women with women 43 10.0
Photographs of women with men 123 28.7
Total 428 100.0
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Directors of the companies appeared in photographs 251 times. Men appear 231 times
and women 20 times. In the sample of companies, women appear in 7.97 per cent of the
photographs of directors. This is consistent with the number of women appointed as directors
of companies whose shares are traded in the New Zealand Stock Exchange. Photographs of
senior managers appear 199 times in 23 of the annual reports. Men appear 168 times in the
photographs while women appear 31 times. A non-parametric test of proportions on the total
number of times senior male managers appeared in photographs compared with the number
of times senior female managers appeared in photographs is significant (χ2 = 146.66; df = 1;
p ≤ 0.001). A possible explanation for this unequal representation could be due to the general
practice of presenting pictures of the companies’ top executives and board members, who in
New Zealand are predominantly male (Fawcett & Pringle, 2000; Oakley, 2000). This is
evidenced in Table 6, where every third picture in the sample features top executives and
only a small number of these executives are women. The large number of images can be
attributed to the practice of including individual standard passport size photographs of
executives, board members and senior managers in the annual reports. For example, the 2006
annual report of Infratil Limited displays 65 pictures of employees. Of those, 53 are
photographs of senior managers and board members. An overview of photographs that
provide a sample of the company’s workforce is detailed in Table 6.
Table 6 Numerical representations of males and females employees in photographs
Photographs
of
employees
%
of total
photographs
%
Male
%
Female
%
Male
&
female
Photographs of directors only 183 18.2 89.6 5.5 4.9
Photographs of senior managers
(excluding directors) 157
15.6
83.4
14.0 2.6
Photographs of other employees 409 40.6 44.5 47.2 8.3
Total photographs of employees 749 74.4
In the sample, 749 of the photographs depict employees including directors and senior
managers. Male directors appeared in 183 photographs or 18.2 per cent of the total pictures.
Senior male managers were portrayed in 157 pictures or 15.6 per cent of total photographs.
Female employees appeared 47.2 per cent of the time in 40.6 per cent of the photographs.
This suggests that after adjusting for senior managers and directors, the numerical
representation of female employees in New Zealand annual reports is fair. Additionally, this
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
representation accurately reflects the New Zealand population, where females constitute 47
per cent of the labour force (Human Rights Commission, 2006). The figures are, however,
distorted by Michael Hill International Limited (Michael Hill, 2006). After adjusting for the
189 small ‘identity sized’ collage of store managers on the back cover of the annual report,
the portrayal of female employees decreases to 30.5 per cent in 21.9 per cent of total
photographs. These adjusted figures are broadly consistent with the numerical representations
of gender in other media including television, newspapers and radio. The largest international
study to date of news media coverage of women in 76 countries, the Global Media
Monitoring Project found that New Zealand women only comprised of 26 per cent of news
subjects in the year 2005 (Massey University, 2006).
Depicting masculinity and power
There are other standards of masculinity and power that companies are unwilling to abandon
(Benschop & Meihuizen, 2002). An example of this is provided by Figure 1. Here,
photographs of six board members along with their names are featured in a full-page collage.
These photographs of ‘men in action’ humanise the board members. However, there are
subtle nuances in the images that signal power, experience and influence, which reflect the
traditional male hierarchy.
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Figure 1 Representation of directors
http://www.trustpower.co.nz/index.php?section=71
TrustPower Limited, Annual Report, 2006, p. 10
Editorial note: Due to copyright restrictions, the image referred to in Figure 1 cannot be
reproduced here. Readers are advised to use the link to access the image on page 10 of
TrustPower Limited’s 2006 Annual Report.
The way the men are dressed, the business suits and ties, the greying hair, the grasp of the
pen and their demeanour, all radiate masculinity and power. Male potency is further
reinforced through the ironic display of the word POWER shown behind one of the directors.
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The postures of the men in the images and their demeanour communicate to stakeholders that
they have the authority to make decisions. Providing photographic representations of board
members and detailing their credentials provides evidence of the reporting entity’s
transparency and credibility as well as communicating their maturity and experience to
stakeholders. This form of representation enables the reporting to portray the board of
directors as powerful and competent and can “speak volumes about the company’s
stewardship, prospects, and goals” (Segal, 1998, p. 44). This acts to reassure stakeholders that
the reporting entity has the necessary governance and operational expertise to function
effectively.
After analysing the numerical representations of employees, and reviewing how
directors are depicted, an examination of all photographs containing people was undertaken
to determine whether there are any differences in the way men and women are portrayed.
Table 7 provides a quantitative overview of role, location, dress, action and setting of the
pictures of men and women. These are considered in the sections that follow.
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
Table 7 Portrayal of men and women in photographs in percentages
Images of
men only in
photograph
Images of
women only
in
photograph
Images of both men and
women in same
photograph
Pictures of main characters Men Women
n%n%n% n %
Role employee 476 82.3 226 74.1 52 42.3 45 36.6
client/consumer 46 8.0 38 12.5 42 34.1 50 40.6
other 48 8.3 32 10.5 25 20.3 23 18.7
undetermined 8 1.4 9 2.9 4 3.3 5 4.1
Location Job location 499 86.3 230 75.4 51 41.5 44 35.8
Non-job location 75 13.0 68 22.3 68 55.3 75 61.0
Undetermined 4 0.7 7 2.3 4 3.2 4 3.2
Dress Work clothes 501 86.7 219 71.8 54 43.9 37 30.1
Formal wear 3 0.5 8 2.6 3 2.4 5 4.1
Casual 60 10.4 58 19.0 63 51.3 77 62.6
Undetermined 14 2.4 20 6.6 3 2.4 4 3.2
Talking 53 9.2 14 4.6 31 25.2 10 8.1
Smiling 357 61.7 237 77.7 47 38.2 74 60.2
Higher physical position* 87 70.7 28 22.8
Larger picture area* 69 56.1 43 35.0
Hierarchically higher position* 29 23.6 0 0.0
Number of pictures 578 305 123
Number of reports 30 25 22
* Does not equal 123 as it was not possible to establish higher physical position, larger picture area or
hierarchically higher position for cast members in all photographs.
Role
In the sample, men are depicted as portraying employees 82.3 per cent of the time while
women are depicted as employees 74.1 per cent of the time. These percentages are however
skewed by the Michael Hill’s inclusion of ‘identify document’ size photographs of store
managers on the back cover. If these photographs are excluded from the sample the
percentage representation of men and women as employees is 80.2 per cent and 55.9 per cent,
respectively. When portrayed as clients or consumers of the reporting entity’s products or
services, women are 50 per cent more likely to be depicted in this role than men (12.5 per
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
cent versus 8 per cent). Men and women are however depicted similarly when photographs
feature both genders.
A further example of the differences in portrayal of men and women can be seen in
the extract from the Fletcher Building Limited 2006 annual report in Figure 2. This is an
image of a typical nuclear family where the woman is portrayed as a traditional housewife
and mother. A family portrait such as this traditionally emphasises patriarchal authority
(David, 2001b).
Figure 2 Representation of a nuclear family
Source: Fletcher Building Annual Report, 2006, p. 39
In Figure 2, the husband is shown in the foreground with the domesticated wife and child
depicted as decorative accessories. The Fletcher Building 2006 annual report does not contain
any pictures of women on their own in the workplace (in the 3 photographs portraying
women they are accompanied by men). Fletcher Building Limited acknowledges the low
proportion of female employees but rationalises this as “an imbalance characteristic of the
Australasian manufacturing and construction sectors” (Annual Report 2006, p. 47). This may
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
suggest that women are considered to be insignificant workforce participants by that
reporting entity. This exclusion of females may provide an additional barrier to entry for
those women wishing to enter the construction industry. Excluding and alienating females in
male dominated professions reinforces the gendered division of labour.
Location
When men appear on their own in photographs they are portrayed at work related locations
86.3 per cent of the time, while when women appear on their own they are shown in job-
locations in 75.4 per cent of photographs. When appearing on their own, women are
portrayed at non-work related locations in 22.3 per cent of photographs and men in 13.0 per
cent of photographs. The location of the photograph closely aligns with how the genders are
portrayed in pictures. Although employees are usually depicted in work related locations
there are exceptions. For example, Air New Zealand depicts the male Chairman and Chief
Executive in full-page colour photographs enjoying themselves outdoors in rugged New
Zealand locations. In these instances, the clothes, location and props are designed to depict
masculinity and virility.
When portrayed as consumers of the company’s products or services both men and
women are likely to be shown in non-work locations. When men and women appear together
in the same photograph, they are more likely to be depicted outside the work environment.
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Figure 3 Dress—Female employee SKYCITY Entertainment Group Limited
Source: SKYCITY Entertainment Group Limited, Annual Report, 2006, p. 17
Dress
Table 7 shows 87.2 per cent of men are dressed in work appropriate clothing or formal suits,
while 10.4 per cent are dressed casually. Photographs of women show them dressed in work
appropriate clothing or formal dress 74.4 per cent of the time and dressed casually
19.0 per cent of the time. When males and females are portrayed together their dress styles
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
are similar. Numerous examples of photographs portraying stereotypical gender dress codes
do however appear in the annual reports.
In Figure 3 a female employee of SKYCITY Entertainment Group Limited (SKYCITY,
2006) changing bed sheets is shown. Generally, hotel employees providing room service,
dress in functional uniforms. Rather than portray this reality, SKYCITY make use of a typical
sexual stereotype using by portraying a women dressed inappropriately for the task, (and
showering a bed with rose petals) to sell SKYCITY accommodation. This portrayal of a
woman can be contrasted with Figure 4, which depicts a male SKYCITY employee, dressed
formally, and serving drinks. It is unlikely that in a role reversal, a male employee would be
portrayed scantily dressed in a hotel room in an attempt to sell accommodation, or the female
portrayed wearing a suit.
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
Figure 4 Dress—Male employee SKYCITY Entertainment Group Limited
Source: SKYCITY Entertainment Group Limited, Annual Report, 2006, p. 21
Further examples of dress codes stereotypes are detailed in Figures 5 and Figure 6. In
their 2006 annual report, the Warehouse Limited states that there are bold plans for the future
and new formats for the company. The image on the cover of the annual report is, however,
contradictory as it portrays a traditional image of an attractively dressed woman shopping. A
photograph such as this reinforces gender stereotypes and the concept of domesticity of
women, where they are expected to be the traditional housewife.
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
Figure 5 Dress stereotype
Source: The Warehouse Annual Report, 2006, Cover Page
The annual report cover of Michael Hill detailed in Figure 6 depicts an attractive
woman.
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
Figure 6 Reinforcing gender stereotypes
Error!
http://globalregister.co.nz/mhill/annrpt2006/contents.htm
Source: Michael Hill International Limited, Annual Report, 2006, Cover Page
Editorial note: Due to copyright restrictions, the image referred to in Figure 6 cannot be
reproduced here. Readers are advised to ‘copy’ and ‘paste’ the link provided into their
internet browser to access the image on the cover page of Michael Hill International
Limited’s 2006 Annual Report.
Her beauty has however been artificially enhanced through the judicious use of lighting at the
photography stage, airbrushing to create a flawless complexion and post-processing
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
techniques to match the eyes with the jewellery she is wearing. In photography, the use of
clothing and other accessories signify femininity. From a western cultural perspective, the
accessories worn by the woman, the jewellery and bright pink clothing contribute to the
portrayal of “beauty and passivity rather than intellect and power” (David, 2001b, p. 18).
The names, function, and role the women portrayed in Figure 5 and Figure 6 play in the
organisational hierarchy are not mentioned in the annual reports. They have been reduced to a
body, exploited to sell products. Including photographs such as these in annual reports
reinforces gender stereotypes rather than focusing on the ability and competence of the
women portrayed. By using this photograph, Figure 6, Michael Hill has reverted to what
Benschop and Meihuizen describe as “the ancient marketing trick of using female sexuality
to seduce clients into buying products and investors into buying stocks” (2002, p. 629).
Talking
The photographs in the annual reports were analysed in an attempt to establish who in the
cast has the power of speech. Table 7 shows that when only men are portrayed in
photographs, they are depicted as talking in 9.2 per cent of the images. When only women are
portrayed, they are shown as talking in 4.6 per cent of the photographs. Where photographs
feature both genders, women are depicted as talking in 8.1 per cent of the photographs, while
men are shown as talking in 25.2 per cent of the images.
Smiling
In photographs comprising only men, they are shown as smiling 61.7 per cent of the time,
while in photographs of women only they are shown smiling 77.7 per cent of the time.
Photographs of senior male executives smiling enables the reporting entity to project an
image of confidence and strong will. Photographs of smiling female employees, on the other
hand, project a “desire to serve and please, characteristics women have developed for
centuries” (David, 2001b, p.15). In photographs featuring both genders, men are depicted as
smiling 38.2 per cent of the time while women are shown as smiling in 60.2 per cent of the
pictures.
The way a woman smiles can also depict power. An example of this can be seen in
Figure 7 taken from the 2006 annual report of Telecom Corporation of New Zealand Limited
(Telecom), New Zealand’s largest company by market capitalisation. Telecom was the only
company in the sample where a woman was the chief executive. In this photograph both
parties gaze directly at the viewer. This is a common feature of photographs of executives
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
portrayed in annual reports. A gaze such as the one shown in Figure 7, has been described as
a metaphor for power for those allowed to look (David, 2001b). For Gattung as a woman, the
direct gaze and the vestiges of a smile indicate power. Her smile can be contrasted with the
smile of the chairman who has a direct gaze and broad smile which reflects confidence,
strong will, and preparedness to challenge a viewer (David, 2001b).
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
Figure 7 Theresa Gattung, Chief Executive and Wayne Boyd, Chairman
http://library.corporate-ir.net/library/91/919/91956/items/294541/telecom-annual-report-05-
06.pdf
Source: Telecom Corporation of New Zealand Limited, Annual Report, 2006, p. 10
Editorial note: Due to copyright restrictions, the image referred to in Figure 7 cannot be
reproduced here. Readers are advised to use the link provided to access the image on page
10 of Telecom Corporation of New Zealand Limited’s 2006 annual report.
Relative positions of men and women
The results in Table 7 show that in 70.7 per cent of pictures, men are depicted in a higher
physical position than women. For example, they are pictured standing while the woman is
sitting, or the man is pictured in elevation relative to the women. Only in 22.8 per cent of the
photographs are women depicted physically higher than men. Portraying women in a
subordinate position reinforces male dominance (David, 2001b). The results also show that
men are more likely to fill more space in photographs than women - 56.1 per cent of
photographs for men, compared with 35.0 per cent for women. Men also fill the hierarchical
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
higher position 23.6 per cent of the time, while in this sample women never filled the
hierarchical higher position.
Discussion
When examining the numerical representation of men and women in annual report
photographs, there was a significant difference in the number of times men and women, and
the number of times senior male and senior female managers appeared. The unequal
numerical representation of men and women, and the way directors and senior managers are
portrayed, serves to legitimise and reinforce men’s presence in the workforce. These results
are consistent with Benschop and Meihuizen (2002) who argued that unbalanced
representation of the sexes in annual report photographs contributes to the gendering process.
In addition, the gendering process also occurs when individuals with clear gender identities
are depicted in annual reports.
When the roles of men and women were examined, men were depicted as employees
82.3 per cent of the time, while women were depicted as employees 74.1 per cent of the time.
Evidence of gender specific roles can be found in annual report photographs. Men are
generally seen as employees belonging in the organisations, whereas women are more likely
to be portrayed in diverse occupational roles or as organisational outsiders. Portraying
women in the role of care-giver, nurse, or saleswoman, suggests they are primarily suited to
certain occupations. Only one photograph in the sample portrays a woman in what was
previously considered a traditional male role, that of a fire fighter. Depicting women in
gender specific roles such as a nurse or a housewife perpetuates gender inequalities
(Benschop & Meihuizen, 2002).
In photographs, men are also more likely to be shown in a work related environment,
whereas women are more likely to be shown in wider range of settings including the home, in
shops or with their family. Although men have lives outside their work environment they are
usually portrayed as organisational insiders. How men and women are portrayed together in
photographs needs to be considered. While men and women are frequently shown together in
the same photograph in a work environment, the inclusion of a woman in the photograph may
also symbolise a man’s private life (Benschop & Meihuizen, 2002). This has also been
described by Tinker and Neimark (1987) as portraying male achievement. An example of this
gender subtext is provided by Figure 2. This depicts a man at home reading the morning
newspaper and drinking coffee while his wife is playing with their baby. Using the Benschop
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
and Meihuizen (2002) rationale, this photograph illustrates the relationship between power
and gender in organisations, namely sexuality.
In the New Zealand study men and women are dressed in work appropriate clothing
87.2 per cent and 74.4 per cent of the time respectively. The biggest difference in this study
when compared with Benschop and Meihuizen (2002), is in the percentage of women dressed
casually (19 per cent to 37 per cent). One possible explanation for this is the informal work
dress code accepted by most New Zealand organisations. This study does however provide
numerous examples of gender dress code stereotypes depicted in annual reports.
In photographs where the cast members are depicted talking, the results of this study
are broadly consistent with that of Benschop and Meihuizen (2002). Drawing on Smelik et al.
(1999), Benschop and Meihuizen (2002) argue that this imbalanced portrayal is a cultural
representation and suggests that men have more say in organisations, while women are the
submissive followers of orders. Where men and women are shown together in the same
photograph, women are more likely to smile. If, as Anderson and Imperia (1992) suggest, in
these situations the woman smiling is a feature of a subordinate who is anxious to please,
these portrayals can further perpetuate gender inequalities. An exception, however, is the
2006 Telecom Annual Report where the direct gaze and vestige of a smile by the female
Chief Executive Officer indicates power.
When a photograph portrays a dominant figure, this person is usually a man. Men are
frequently portrayed in a higher position, take up a larger physical space, fill the hierarchical
position, and do most of the talking. The visual differences between men and women
illustrate the status gap and the power differences between the sexes. The larger physical
space and higher physical and hierarchical position of men symbolises a higher social status
and importance of men, whereas the lower relative representation of women symbolises
subservience. This indicates that the representations of men and women in the annual reports
reflect traditional stereotypes of masculinity and femininity (Benschop & Meihuizen, 2002).
Although there is no explicit reference in annual reports to gender inequality, the
analysis shows unequal, conventional representations of women which contribute to the
gendering of organisations. From a critical perspective the claim that annual reports portray
neutrality is clearly undermined by these gender representations (Benschop & Meihuizen,
2002). These representations are also reflected in wider society where women have unequal
social, economic and political status when compared with men.
Media portrayals of corporate management usually do not consider women, and as
such, this reinforces the ‘think business – think male’ model (McGregor, 2000). Even when
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
women have made it to top management (for example, in 2006 the Prime Minister, the
Governor-General, the Speaker of the House of Representatives, the Chief Justice and the
Chief Executive Officer of New Zealand’s largest company were women), this does not
necessarily accurately reflect the actual participation of women in senior roles. Additionally,
the media frequently frames news content around their gender and private life. As McGregor
(2000, p. 296) notes, “such journalistic lines of inquiry reflect a news media mired in an
outdated mythology about women’s place in a society, a mythology entwined with hearth and
home”.
Women have as much potential and expertise as men to succeed in organisations and
the public sector but there is always the issue of discrimination based on gender. Gender
biases are apparent and hinder the objectivity in decision making in regards to women’s work
life or private life. Benschop and Meihuizen (2002) argue that visual (re)presentations found
in the annual reports assist in maintaining gender biases. It is unfortunate that in the twenty
first century, these media forms still reinforce the traditional gender role images. Through
this analysis, an inequality in the representation of men and women in annual reports has
been identified. To assist in dismantling traditional stereotypes there needs to be a change in
how women are portrayed in annual reports.
Conclusion
The aim of this paper was to establish whether the representation of men and women in
annual report photographs contributes to the gendering of organisations. To achieve this, the
paper replicated a portion of the Benschop and Meihuizen (2002) study. The paper shows that
New Zealand women are under-represented in annual report photographs when compared
with men. In addition, the traditional sexual stereotypical portrayals of women act to
reinforce the hierarchal gender-order in organisations. Photographs of women are more likely
to show them as organisational outsiders, dressed informally, in non-work locations or using
their sexuality to seduce customers into purchasing products. Photographs of men, on the
other hand, are more likely to depict them as powerful and influential. Male directors and
senior managers are usually shown in business suits or work-appropriate clothing. This acts
to reassure stakeholders of the reporting entity’s governance and operational expertise. Even
with the existence of Equal Employment Opportunity policies, in New Zealand conventional
representations of gender continue to be found in annual reports. This supports Broadbent’s
(1998) contention that men have more legitimacy in annual reports which reflects the
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Shen, J. and G. Samkin/FRRaG (Financial Reporting, Regulation and Governance) 2008, 7:1
masculine logic of accounting. The findings of this study are broadly consistent with those of
Benschop and Meihuizen (2002).
Women generally face more obstacles and barriers in the workforce that constrain their
abilities and opportunities in their careers, than their male counterparts. This gendered
division of labour is further reinforced and recreated through various media forms including
annual reports that establish it as a social norm. The photographs of women in annual reports
can be interpreted as social constructions of reality which may act to impede career
opportunities within the organisations. These photographs also have wider social, economic
and political implications as the visual representations continue to reinforce the hierarchical
gender order. To portray women’s abilities in a more positive light and ensure that equal
opportunities are made available to them, stereotypical and sexist images of women need to
be identified and replaced with more favourable impressions.
Despite 47 per cent participation by women in the New Zealand workforce, these
proportions are not reflected in the photographs of women in annual reports. This suggests
that reporting entities contribute to gender stereotyping in that the annual reports associate
men with paid employment, while women are linked with non-paid employment. To enable
women to be free from these artificial constraints there needs to be a paradigm shift to one
where women are portrayed as equal to men. Annual reports are a statement of a reporting
entity’s philosophy and activities and, as such, are the public face of the organisation. A more
balanced representation of the sexes by annual report authors would contribute to ensuring
that existing stereotypes of women are not perpetuated.
A study such as this is subject to a number of limitations. This report is limited to New
Zealand companies listed on the NZSX. Furthermore, the sample size is small and based on a
non-random sample of companies. As the research is based on thirty companies, there is an
unequal representation of companies from all industries. For example, there is more
representation from the energy sector than any others and this may not generate a fair
analysis of women in the entire workforce. These limitations mean that the study cannot be
generalised to the population as a whole. Additionally, as New Zealand companies do not
provide a breakdown of employees by gender this has impacted the depth of analysis that can
be performed.
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Appendix 1 Scorecard: Images of people
1. Does the annual report contain visual material? Yes/no
2. In which form is the visual material presented? Photographs and/or drawings with or
without individuals
3. How many main characters are depicted? One/two/more than two
4. What is the gender of the main characters? Male/female/both/undetermined
5. When multiple characters are portrayed, how is the proportional presentation of women
and men in the picture? Only men/only women/majority men/majority
women/balanced/undetermined
6. In what role is the main male character depicted? Employee/client/other/undetermined
7. In what role is the main female character depicted?
Employee/client/other/undetermined
8. In which setting are the main male characters depicted? In professional environment/ in
non-professional environment/undetermined
9. In which setting are the main female characters depicted? In professional environment/
in non-professional environment/undetermined
10. How are the main male characters dressed? Job appropriate clothing/
formal/casual/other/undetermined
11. How are the main female characters dressed? Job appropriate clothing/
formal/casual/other/undetermined
12. Who is depicted as talking? Man/woman/both/none/undetermined
13. Who is depicted as smiling? Man/woman/both/none/undetermined
14. When both men and women are depicted, how do the women’s physical positions relate
to the men’s? Women higher/women lower/equal/undetermined
15. When both men and women are depicted, how does the picture area covered by women
relate to the area covered by men? Woman larger/women smaller/roughly
equal/undetermined
Adapted from Benschop, and Meihuizen (2002, p. 634)
