London Stock Exchange welcomes the launch of the Women in Finance Charter
The Economic Secretary to the Treasury, Harriett Baldwin, opened the market today to celebrate the success of the HM Treasury Women in Finance Charter, which asks firms to commit to four key industry actions to improve gender diversity in financial services.
Last year the Economic Secretary asked Jayne-Anne Gadhia, CEO of Virgin Money, to lead a review into the representation of women in senior managerial roles in financial services. This work complements the government’s wider programme of work to tackle gender inequality and support women in the workplace. Financial services is the highest paid sector in the UK economy, where the gender salary gap for full-time employees is at its most stark. Jayne-Anne’s review looked at the issue of unequal gender representation in the financial services sector that worsens as employees rise into more senior positions.
In response to Jayne-Anne’s review, the government launched the Women in Finance Charter in March, which asks firms to commit to improving gender diversity by:
• having one member of the senior executive team who is responsible and accountable for gender diversity and inclusion;
• setting internal targets for gender diversity in senior management;
• publishing progress annually against these targets in reports on their website;
• Having an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity.
Today the government published the first full list of Women in Finance Charter signatories. An enormous range of firms have committed to implement the Charter’s recommendations – from global banks to credit unions, the largest insurance firms to small fintech start-ups. Together these firms employ over 530,000 people in the UK.
Today’s list marks the beginning of the sector’s collaborative efforts to drive meaningful and permanent change in the representation of women in financial services, to ensure women everywhere are able to fulfil their potential. The government looks forward to working with all signatory firms on this important initiative.
The Economic Secretary said:
“It is fantastic that 72 firms have signed up to the Women in Finance Charter. By signing the Charter, firms are committing to driving change at the senior levels of the male-dominated financial services industry.
“Such widespread commitment to the Charter will make a genuine difference to gender diversity in financial services and I am delighted to celebrate this today.
“This is just one part of the government’s broader ambition to tackle gender inequality in the workplace and ensure that women everywhere are able to fulfil their potential.”