Deborah Goldberg, Emilie Ninan are 2022’s Freda Johnson award winners

Emilie Ninan, partner at Ballard Spahr and co-chair of the firm’s Finance Department, and Deborah Goldberg, treasurer of the Commonwealth of Massachusetts, have been named the private and public sector winners of 2022’s Freda Johnson Award for Trailblazing Women in Public Finance.

The Freda Johnson award is named for Johnson, a founding board member of the organization and executive vice president and public finance division head at Moody’s Investors Service for nearly two decades. It is given annually to trailblazing women — one in the private sector and one in the public sector — who exemplify the qualities the person brings to the industry.

Along with Ninan and Goldberg, 12 other honorees from the public and private sectors were chosen by the Northeast Women in Public Finance as Trailblazing Women in Public Finance.

Johnson and the Northeast Women in Public Finance will formally present the awards at The Bond Buyer’s Deal of the Year Awards Gala at Guastavino’s in New York City on Dec. 6.

The date marks the 12th anniversary of the Freda Award and the eighth year the Northeast Women in Public Finance, along with The Bond Buyer, expanded it to cover two public finance professionals, one each from the public and private sectors.

Johnson called the this year’s winners “power houses in their respective careers,” noting that mentorship is important to both recipients.

“Emilie has had such an outstanding career. She is such a fabulous role model … and a mentor at her firm, and also on a more informal basis, specifically for women and associates of color,” Johnson said.

“Mentoring is also very important to [Deborah]. She’s really demonstrated commitment not just to public finance, but also the women in the industry,” through the creation of the Massachusetts Women+ in Finance Fellowship, she said.

Ninan said she was honored and surprised to be one of 2022’s awardees.

“It means a lot to be selected,” she said. “To me, this was an opportunity to reaffirm my commitment, to provide an example to other young lawyers, women and people of color in public financing and to help those entering the law to find a home in public finance.

Goldberg said she was humbled and appreciative to be selected.

“To receive an award named after someone who was a tremendous trailblazer who overcame incredible barriers is an unbelievable honor,” Goldberg said. “She exemplifies everything about staying the course persevering, hanging in there, and then succeeding. So being awarded the Freda Johnson award is thrilling.”

While progress has been fostering diversity over the past few decades, it has been slow.

Ninan remembers not being recognized as the lawyer on deals with many thinking she was the court reporter or too young to understand how a deal works.

Goldberg recalls seeing many of her fellow female classmates at Harvard Business School leave public finance because it was “difficult to survive on the battlefield.”

“I see it incrementally improving year after year, in the same way I see it in other areas, whether it’s major accounting firms, law firms, political office,” Goldberg said. “We’re succeeding despite the barriers put on our way.”

Ninan said there is more hiring and retention of women and women of color in the industry, something that’s reflected in the working groups on the deals.

“We have all these women in public finance groups. We see people in leadership, in firms and banks and our governmental entities. So all of that is positive, reflective of change,” Ninan said.

However, Ninan does look forward to the day where diversity and inclusion of women and women of color don’t have to be talked about anymore, noting the industry isn’t quite there yet.

And while public finance has been “one of the toughest areas to crack,” it’s important to have women in the industry, Goldberg said, because they bring a multitude of capacities to every challenge.

Having other points of view and life experiences, Goldberg said, makes organizations and companies more successful.

Ninan said women are needed in leadership roles to bring the projects integral to public finance to fruition, from hospitals to highways and universities to airports.

For young women coming into the field or who are still relatively new, Ninan and Goldberg offered some words of advice.

Ninan said it’s important to speak up as an advocate for yourself and others.

“Find your voice and use it to speak out against the injustice you see around you. Whether in our larger community, your organization or even your own home. Don’t let your silence be mistaken for your approval of the status quo,” she said.

Goldberg said the most important lesson she’s learned is to pick yourself back up after setbacks.

“It is critically important to not let others get in the way of your dreams, that you need to keep your eye on the prize,” Goldberg said. “No matter what comes in your way, stay focused, persevere, and … hang in there.”