Last year, the government asked Jayne-Anne Gadhia, CEO of Virgin
Money, to lead a review into the representation of women in senior
managerial roles in financial services. Jayne-Anne’s review
looked at the issue of unequal gender representation in the
financial services sector, particularly at senior levels, and made
the following recommendations:
firms should have one member of the
senior executive team who is responsible and accountable for gender
diversity and inclusion;
firms should set internal targets for
gender diversity in senior management;
firms should publish progress
annually against these targets in reports on their website;
firms should have an intention to
ensure the pay of the senior executive team is linked to delivery
against these internal targets on gender diversity.
HM Treasury subsequently launched the Women in Finance Charter,
and has now published high level guidance in an attempt to
encourage more firms to commit to these recommendations.
The Charter is aimed at all financial services firms with
significant operations in the UK but is primarily aimed at firms
with over 250 employees. On 11 July 2016, HM Treasury announced
that 72 firms had signed up so far. These firms employ over 530,000
people in the UK.
The guidance can be found at:
The Charter comes at a time when gender inequality in the
workplace is high on the agenda. Look out for our updates on the
gender pay gap reporting requirements that are due to come into
effect from October 2016.
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