72 finance companies sign new Charter to bolster gender diversity at top levels

72 finance companies sign new Charter to bolster gender diversity at top levels

Major financial corporations have signed up to a government charter to support the progression of women in the sector into senior roles.

The Charter signatories, including Barclays Bank Plc, EY, PwC, Cicero Group, Thomson Reuters, Santander, London Stock Exchange Group plc and Credit Suisse, were unveiled at the London Stock Exchange, where Economic Secretary Harriet Baldwin opened the markets to commemorate widespread commitment to the Charter.

The Women in Finance Charter is a pledge by HM Treasury and the firms to unite in building a gender diverse finance industry. As part of their commitment organisations will: appoint one member of the senior executive team to be responsible for gender diversity and inclusion; set internal targets for gender diversity in senior management; publish annual progress reports against set targets; and have the intention to ensure the pay of the senior executive team is linked to delivery against these internal targets.

These commitments are based on the recommendations set out in Jayne-Anne Gadhia’s review, published in March, into the representation of women in financial services which found that female representation in the UK Financial Services was around 23 per cent on boards, but only 14 per cent on executive committees.

Jayne-Anne Gadhia, the Chief Executive of Virgin Money, said: “I am delighted by the large number of financial services firms who have signed the HMT Women in Finance Charter. They include firms from across the UK financial services sector, with large investment banks, retail banks, asset managers and insurers amongst the signatories. I am convinced that the large number, as well as the diversity of firms who have signed the Charter, marks a significant turning-point in the battle for a more balanced and fair industry.”

Harriett Baldwin, the Economic Secretary to the Treasury 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. 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.

Firms can sign the Charter and formally commit to implement these recommendations by visiting this website and completing the online form.

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