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The review found that the proportion of women in senior finance roles rose for the seventh straight year in 2023 to 35%, up from 34% in 2022. Some 36% of signatories to the charter, which aims to achieve a gender balance in the finance sector, have met targets for female representation in senior management; a further 40% are on track to meet targets with future deadlines.
The finding follows the publication of the Commons Treasury Report Sexism in the City, which concluded that efforts to tackle the issue are moving at a “snail’s pace”. It found a “shocking” prevalence of sexual harassment and bullying, and a culture that is “holding back women”.
The committee found that 70% of complainants within financial services were victimised, dismissed or felt resignation was the only option. In response, MPs demanded legislation to give strong protections to whistleblowers and ban the use of non-disclosure agreements in sexual harassment cases.
They also argued that the threshold for gender pay gap reporting regulations in the financial sector should be reduced from companies with 250 employees to those with 50 employees, and that businesses with a wide gender pay gap must be forced to “explain the disparity” and publish an action plan.
The committee recommended that regulators drop “costly” proposals for businesses to report data and set targets on diversity, which would not cover “the many smaller firms that have some of the worst cultures”. Instead, MPs said boards and senior leadership should take “greater responsibility for improving diversity and inclusion”.
Image credit | iStock
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