Women in Finance Charter

Women in Finance Charter

Women in finance

50% of finance sector now covered by Women in Finance Charter

As the first anniversary of the Women in Finance Charter approaches, the Government has revealed that almost half of UK financial services staff now work for companies who have signed up to the Charter.

122 companies, that collectively employ some half a million people, have now signed up to the commitments required under the Charter. 77 of these companies have committed to having at least 30% of senior roles being filled by women by 2021; while 23 companies have promised to achieve a 50/50 split of men and women in senior roles, again by 2021.

Companies that have signed the Charter include major retail banks Barclays, HSBC, Lloyds and RBS; large investment banks Bank of America Merrill Lynch, Morgan Stanley and BNY Mellon; trade associations such as the British Bankers Association; financial regulators such as the Financial Conduct Authority; and insurers such as Aviva and Zurich. In addition to its own commitments regarding appointing women to senior roles, Aviva has said it will terminate contracts with suppliers that fail to promote enough women.

Any company that signs the Charter is making four pledges to promote gender diversity:

  • Appointing a member of its senior executive team to be personally accountable for improving gender diversity and inclusion
  • Setting targets for how many of its senior management will be women
  • Publishing annual reports on its website showing the progress it is making towards these targets
  • Committing to linking the remuneration of its executive team to delivery of these targets

The Commercial Secretary to the Treasury, Baroness Neville-Rolfe, said on behalf of the Government:

“I know how difficult it can be for a woman to get the recognition she deserves and achieve her potential. And in financial services particularly, women progress too slowly or they leave the sector completely.

“We have made a strong start – the first anniversary of the Women in Finance Charter sees 122 firms seizing the competitive advantage by tackling sex inequality head on.”

Jayne-Anne Gadhia, CEO of Virgin Money and the Government’s Women in Finance Champion, said:

“I am delighted with the strong and ongoing momentum of the Women in Finance Charter. A truly diverse financial services sector will drive productivity and underpin the UK’s position as a strong and competitive economy. There is still further to go and I urge more businesses to commit to the charter so that they can play their part in building an economy that works for everyone.”

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