INDEX 2022 GENDER BALANCE - 14%FINANCE'S - OMFIF
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14%
FINANCE'S
LEADERSHIP
IMBALANCE
LAID BARE
GENDER BALANCE
INDEX 2022
2 OMFIF GENDER BALANCE INDEX 2022 omfif.org 3
GENDER BALANCE
INDEX 2022
CONTENTS
Official Monetary and Financial
Institutions Forum
AUTHORS
Natalia Ospina
Cole-Fontayn, Otaviano
Canuto, Aslihan Gedik,
5 Foreword
Building back equal
14
6-9 Snow Hill, London, EC1A 2AY Deputy Head of Research Prakash Kannan, Yougesh
Markus Leitner, Ambassador of Switzerland to the UK
Khatri, John Kornblum,
T: +44 (0)20 700 27898 Clive Horwood
Norman Lamont, Rudi Lang, 6-7 Executive summary and key findings
enquiries@omfif.org Managing Editor and Deputy
Brent McIntosh, Kingsley 14% is nowhere near good enough
CEO Moghalu, Rakesh Mohan,
omfif.org
Taylor Pearce Célestin Monga, Nora 8-11 Year in review
Economist Müller, Ila Patnaik, Oystein Taking action on equality
About OMFIF
Kat Usita Olsen, Danny Quah, Ludger
With a presence in London, Singapore, Washington Schuknecht, Anne Simpson, 12-13 Partner’s comment
Managing Director, Research
and New York, OMFIF is an independent forum Christopher Smart, Niels Measure it, talk about it, close it
for central banking, economic policy and public Paolo Tejano
Thygesen, Natacha Valla, Aniela Unguresan, founder, EDGE Certified Foundation
investment — a neutral platform for best practice Research Consultant
William White, Andrew Wold,
in worldwide public-private sector exchanges. 14-21 Central banks
Janine von Wolfersdorff,
ADDITIONAL RESEARCH Historic highs, persistent lows
Zhongxia Jin
22
Rico Mirti
22-25 ExCo analysis
Research Analyst
Moving beyond the 30% Club
Mausi Owolabani
Policy Analyst ACKNOWLEDGMENTS 26-30 Commercial banks
Signs of progress
OMFIF thanks officials from
EDITORIAL AND
the co-operating countries 32-35 Pension and sovereign funds
PRODUCTION
and cities for this publication, US funds lead the way on diversity
Simon Hadley which will be joining us in launch
Director, Production partnerships around the world. 36-41 2022 GBI survey
About EDGE William Coningsby-Brown We are grateful to many other Central banks have the tools to empower women
Production Manager associates and colleagues for
Our vision is a more inclusive, equitable and 42-50 Databank
Sarah Moloney their assistance and guidance.
prosperous society powered by gender and The world's institutions ranked
intersectional equity. Subeditor
Our mission is to measure, accelerate and Fergus McKeown
certify gender and intersectional equality in the Subeditor
workplace.
Launched at the Annual Meeting of the World
MARKETING 26 32
Economic Forum in 2011, EDGE assessment James Fitzgerald
methodology and certification were developed Marketing Manager
by the EDGE Certified Foundation. The
Foundation continues to act as the guardian BOARD
of the EDGE methodology and certification David Marsh
standards while its commercial arm, EDGE Chairman
Strategy, works with companies to prepare them
Philip Middleton
for the EDGE Certification.
Deputy Chairman
edge-cert.org
John Orchard
Chief Executive Officer
Jai Arya, Maggie Mills ,
Mark Burgess
© 2022 OMFIF Limited. All Rights Reserved.
Strictly no photocopying is permitted. It is illegal
to reproduce, store in a central retrieval system
ADVISORY COUNCIL
Meghnad Desai
36 42
or transmit, electronically or otherwise, any of Chairman
the content of this publication without the prior Mark Sobel
consent of the publisher. While every care is taken US Chairman
to provide accurate information, the publisher Marsha Vande Berg
cannot accept liability for any errors or omissions. Deputy Chairman
No responsibility will be accepted for any loss Hani Kablawi
occurred by any individual due to acting or not Deputy Chairman
acting as a result of any content in this publication. Frank Scheidig
On any specific matter reference should be made Deputy Chairman
to an appropriate adviser.
Ben Shenglin, Chair, OMFIF
Company Number: 7032533. ISSN: 2398-4236 Economists Network, Michael
omfif.org 5
MEASURE
ACCELERATE &
GET CERTIFIED FOREWORD
in Gender & Intersectional Equity
BUILDING BACK EQUAL
Markus Leitner, Ambassador of Switzerland to the UK, explains how
Covid-19 widened gender inequality at home and in the workplace,
EDGE Strategy offers and how much needs to be done to rectify this.
a holistic approach
DURING the Covid-19 pandemic, we stood outside Development member countries and around 18% of
to measure clapping our hands to express our appreciation for engineering entrants. However, in a digitally changing
Representation the work of health and care workers, of which over
70% worldwide are women. However, our gratitude
world, technology plays an increasingly important
role and jobs in STEM offer attractive and well-paid
has had little impact on the fact that remuneration in employment prospects in the long term.
Pay Equity traditionally female-dominated jobs – as evidenced
here in the health and social sector – tends to be
A 2020 study from Unicef has shown that women’s
under-representation in STEM careers is shaped by
Effectiveness of
lower than in male-dominated professions. gender stereotypes and lack of role models which
Even worse, besides the devastating health and affect girls’ interest in STEM subjects from an early
economic crisis, the pandemic has exacerbated age. Gender bias at work also discourages women
Policies & Practices persisting gender gaps in the world of work as
well as at home. According to the International
from entering or remaining in STEM jobs, while lack of
confidence in their own abilities prevents them from
Inclusiveness
Labour Organization, the pandemic has caused performing at a high level.
unprecedented job losses. This hit women the Since the introduction of women's suffrage in 1971
hardest and led to an increase in gender gaps in and the adoption of the equality article in the Federal
of the culture in the workplace employment ratios in 2020. Constitution in 1981, Switzerland has made a lot of
Many women and men have also seen an increase progress in gender equality. But further proactive
in unpaid care work as a consequence of the limited measures are needed to address the different
availability – if any – of care services following the causes of inequality. As a country with hardly any
adoption of lockdown measures. Women have natural resources, Switzerland focuses on investing
shouldered most of this extra care work with a in its people with open, flexible and well-funded
negative impact on their career opportunities. education, research and training systems. We have to
The Covid-19 recovery is proving both uneven and make sure that we are not wasting (female) talents.
3 LEVELS OF CERTIFICATION gender-unequal, as women’s employment recovery is In Switzerland, increasing the percentage of
lagging behind men’s. women in STEM fields is a top priority of the Gender
ASSESS – In contrast to their representation in the health Equality Strategy 2030, adopted in 2021. It is the
and social sector, young women remain under- first national strategy of the Swiss government with
MOVE – represented in science, technology and engineering. the aim of promoting gender equality in a targeted
Women account for less than 20% of entrants manner. It focuses on promoting professional
LEAD – into tertiary-level computer science programmes equality and better work-life balance, combatting
in Organisation for Economic Co-operation and discrimination, sexism and violence.
& EDGEPLUS for intersectionality This year the Swiss embassy in London is hosting
the launch of the annual Gender Balance Index for
the second time, having hosted the event in 2019.
And not without reason. Gender equality is a key
WOMEN ACCOUNT FOR LESS THAN 20% priority for our President, Ignazio Cassis, who is also
our foreign minister. In our eyes, OMFIF’s work on
OF ENTRANTS INTO TERTIARY-LEVEL gender balance is a very important and valuable
COMPUTER SCIENCE PROGRAMMES IN contribution to documenting the progress of gender
balance in the financial sector, as well as to the
OECD MEMBER COUNTRIES AND AROUND debate on how to make progress. Because progress
I N F O @ E D G E - S T R A T E G Y . C O M
18% OF ENGINEERING ENTRANTS. is surely needed. •
6 OMFIF GENDER BALANCE INDEX 2022 omfif.org 7
EXECUTIVE SUMMARY GBI SCORES
BY CONFRONTING 2018-22
35
PEOPLE WITH THE
14% IS NOWHERE
47.9
2022
NUMBERS, WE HOPE TO 20.9
31.3
MOBILISE DECISION-
NEAR GOOD ENOUGH MAKERS TOWARDS 29.9
46.9
2021
IMPROVING RESULTS 18.6
27
AND MEASURING
PROGRESS. 46.3
2020 16.2
The path for women to reach the top of leading financial institutions is slowly 27.5
opening up, but the industry still falls far short of where it needs to be.
41.3
2019 16.8
OMFIF’s Gender Balance Index 2022 reveals gradual no women in senior management or board positions. levels of senior female leadership, but the proof that 24.8
but not fundamental progress in the representation of The GBI exposes another disappointing finding collective as well as individual efforts are paying
women in the upper echelons of global finance. that afflicts all four parts of the financial industry: the dividends will only become apparent if CEO/governor 39.6
The GBI, now in its ninth year, tracks the number higher up the organisational ladder you go, the less numbers grow into the 20% to 30% range in the next 2018 12.6
19.5
of senior positions held by women at central banks, likely you are to be a woman. Of the 335 institutions three to five years.
public pension funds, sovereign funds and commercial ranked in the GBI just 46 – or 14% – are run by women. The types of roles held by senior women is
banks. It assigns scores to individual institutions The exclusive club is at least growing. First-time important as well. This year, we expanded our 0 10 20 30 40 50
based on the number of women and men in senior female governors have been installed over the past research to look at whether women on executive
Commercial banks Pension funds* Sovereign funds* Central banks
management or board positions, with greater value 12 months in the Democratic Republic of Congo, committees (or the equivalent) held internal or
*Note: This year's indices for sovereign funds and public pension funds cover a selection
given to the top roles such as governor or chief Honduras, Mexico and Norway, although only 11% of external-facing roles at pension funds, sovereign
of the 50 largest institutions. Source: OMFIF GBI 2022
executive. A score of 100 means an organisation has central banks are run by women. The ranks of female funds and commercial banks. Between 34% and 41%
achieved gender balance (see methodology on p.50). CEOs at commercial banks have grown to 14% from of women on executive committees have internal
All four groups advanced their GBI scores over the 6%, although no new female CEO in our group of 50 roles, compared to 16% to 17% of men. If you are a man
29% 10%
past 12 months. Pension funds collectively continue banks has been appointed since July last year. Pension on an ExCo, there’s a five-in-six chance that you will
to have the most diverse senior teams, although their funds are clear leaders in this regard, with 26% of the be running a major division or business line.
score rose by the smallest margin this year – to 47.9 50 global funds analysed having female executive The GBI aims to encourage the institutions it
from 46.9. Commercial banks made up the most leaders. analyses to do better in promoting women. The
PERCENTAGE OF PERCENTAGE OF
improved sector, with the score for a curated group of This year’s GBI extends its analysis of the executive presence of senior female leaders brings kudos to
WOMEN IN SENIOR INSTITUTIONS THAT SCORE
50 banks globally rising to 35 from 29.9. Central banks’ level to just below CEO or governor – deputy those individuals and institutions, but also serves as
MANAGEMENT OR 0 – NO WOMEN IN THEIR
score rose by 4.3 points to 31.3. Sovereign funds are governors in the case of central banks and the C-suite an inspiration to others, both internally and at peer
BOARD ROLES SENIOR MANAGEMENT OR
the least-balanced group, with a score of just 20.9. for other institutions. Our findings suggest a slightly organisations. As always, by confronting people with
ON THEIR BOARD
Last year’s GBI highlighted the fact that fewer than healthier pipeline of future female leaders: 23% of this the numbers, we hope to mobilise decision-makers
1% of institutions covered by OMFIF’s research had group across all institutions are women, with central towards improving results and measuring progress.
45.3% 5,951
achieved gender balance – or a score of 100. This year banks leading the way at 27%. This year’s research identifies the banks and funds
that figure falls to 0% – none of the 335 organisations In total, OMFIF’s research team built a database leading the way. Among central banks, the leader this
have achieved gender balance. A small number miss of 5,951 individuals holding positions in either senior year is the Federal Reserve Bank of San Francisco
out on balance because they have more women in executive management or at board level. Of these, with a score of 97. Three others score more than 90.
senior roles than men. Just 14 institutions have a 29% are women. That also bodes well for future Among pension funds, Australia’s Aware Super scores PERCENTAGE OF NUMBER OF INDIVIDUALS
greater number of women than men: seven pension highest with 94. Also from Australia, the Victoria INSTITUTIONS THAT INCLUDED IN THE GBI
IMPROVED THEIR GBI ANALYSIS (1,724 ARE
14%
funds, six central banks, one sovereign funds and no Funds Management Corporation leads the sovereign
commercial banks. fund ranking with a score of 97. Among commercial SCORE THIS YEAR (27.5% WOMEN)
Taking a more inclusive approach, a score of banks, Royal Bank of Canada climbs 18 places to top OF SCORES FELL)
70 suggests that an institution has a achieved the ranking, but with a relatively poor score of 68.
a reasonable balance. The picture here is PERCENTAGE OF INSTITUTIONS RUN BY WOMEN Alongside our rankings of senior female leadership,
underwhelming. Just 13% of our sample scores 70 or (46 OF 335 INSTITUTIONS) this year the GBI incorporates a survey of central
higher. Almost a quarter of pension funds achieve an banks and other supervisory authorities looking
A-grade, but none of the commercial banks analysed at their policies on financial inclusion and the LAST YEAR’S GBI HIGHLIGHTED THE FACT THAT
31.3
reached the 70-threshold mark. empowerment of women. It finds that they are in a FEWER THAN 1% OF INSTITUTIONS COVERED BY
In fact, far more institutions score just less than 10 unique position to help increase women’s access to
in our analysis. Some 19% of the organisations covered financial products and services, if they take advantage
OMFIF’S RESEARCH HAD ACHIEVED GENDER
by the GBI score lower than this already subterranean of the data they collect from the firms they supervise, BALANCE – OR A SCORE OF 100. THIS YEAR
benchmark. Almost half of these score zero. Central AGGREGATE SCORE OF 185 CENTRAL BANKS IN and use this information to understand why so many THAT FIGURE FALLS TO 0% – NONE OF THE 335
banks are the worst offenders in this regard: 15% have THE GBI 2022 (+4.3 YOY) women are financially excluded. • ORGANISATIONS HAVE ACHIEVED GENDER BALANCE.
8 OMFIF GENDER BALANCE INDEX 2022 omfif.org 9
YEAR IN REVIEW
TAKING ACTION ON EQUALITY
KEY SPEECHES AND REMARKS WOMEN AT THE FOREFRONT OF FINANCIAL INCLUSION
Central bankers stated the need to address gender inequality from the top-down and These women have spearheaded financial inclusion initiatives
the bottom-up. They acknowledged the economic burden borne disproportionately by around the world in both the private and public sectors.
women, noting the potential for financial inclusion initiatives to help alleviate some of
these disparities. Central bankers also hope to see better gender diversity at leadership
positions within the field of economics.
Ophelia Ama Oni (1) is co-founder of the
Financial Inclusion Forum Africa. Oni has worked
2
in the banking sector for over a decade on
issues of e-banking, mobile money and financial
inclusion. The goal of the forum is to provide
‘Since our inception, we have pushed for ‘One of our core organisation access to financial services for the unbanked and
more diversity in the management bodies values is respect for diversity. underbanked across Africa.
of European banks through our ongoing In our experience, a policy
supervision. The European banking of respect for diversity, Magda Bianco (2), head of the directorate
general for consumer protection and financial
landscape is beginning to include more meritocracy and transparency education of the Banca d’Italia, has been
women, but progress is still too slow.’ works best to alleviate appointed co-chair of the Global Partnership for
Frank Elderson, Vice Chair, and Elizabeth McCaul, concerns across genders… I Financial Inclusion for the period 2021-23. Bianco
is an economist and public servant with years of
Member, European Central Bank Supervisory Board, hope that there will be many 1
experience working on consumer protection and
15 June 2021 more women governors to anti-money laundering. The GPFI is a platform
come!’ for G20 countries and relevant stakeholders to
carry forward work on financial inclusion, including
Nor Shamsiah Mohd Yunus implementation of the G20 Financial Inclusion
Governor, Bank Negara Malaysia, Action Plan.
1 February 2022
Maha Bahou (3) is CEO of the Jordan Payments
and Clearing Company. Before joining JoPACC in
2018, Bahou worked at the Central Bank of Jordan
‘As households and the economy for 30 years, most recently as executive manager
continue to recover, the lessons of the payments systems and domestic banking
operations and financial inclusion department. 3
learned during this era will help Under her leadership, JoPACC partnered with
inform how policy-makers and ‘Digital financial services have the the Central Bank of Jordan and all financial 4
communities work to bridge potential to make a significant institutions in the market to expand access to
those [gender] gaps. Long- difference in bridging the gender gap digital financial instruments and develop online
payments infrastructure.
standing disparities weigh on in access to finance… DFS can help
the productive capacity of our bridge the gap in account ownership, Announced by Citi CEO Jane Fraser (4) in August
economy, which can only realise increase women’s participation in the 2021, Citi and the US International Development
its full potential if everyone has a financial system and give them the Finance Corporation have partnered to launch a
microfinancing initiative in southern Mexico. The
solid chance to contribute to, and opportunity to save formally or access $15m loan programme aims to boost lending to
to reap the benefits of, broad-
Ph. by LowneyJen
credit.’ over 40,000 small- and medium-sized enterprises
reaching prosperity.’ across nine states, especially those owned by
Elsie Addo Awadzi women. After nearly 20 years at the bank, Fraser
Jerome Powell Second Deputy Governor, Bank of Ghana, 8 became Citi’s first female CEO last year and the
Chair, US Federal Reserve, 8 November 2021 March 2022 first woman to run a major US bank.
10 OMFIF GENDER BALANCE INDEX 2022 omfif.org 11
2
1
3
FIRST FEMALES
These women have recently been appointed to key positions in their institutions.
The OCBC Bank appointed Helen Annette Mosman became the first Cassandra Lichnock was appointed
Wong as its first female CEO and female CEO of APG, the largest pension the first female CEO of the California
the first woman to head a bank in fund by assets under management in State Teachers’ Retirement System,
Singapore. Wong’s career spans the Netherlands. She has been with a 108-year-old pension fund. She
nearly 40 years in banking and finance APG since 2018, prior to which she previously served as chief operations
throughout China, Hong Kong and worked in the private sector in both officer of CalSTRS, which is the largest
Singapore. consultancy and financial services. educator-only pension fund in the world.
6
4
5
NEW PROGRAMMES
Hana Al Rostamani has become the Guaranty Trust Bank appointed Miriam Ida Wolden Bache became New initiatives were announced to improve gender balance in central banking.
first female CEO of First Abu Dhabi Olusanya as its first female managing Norway’s first female central bank
Bank, the UAE’s largest commercial director. Olusanya worked for over governor. Wolden Bache has served
bank. Al Rostamani has over 20 years’ 20 years in the banking sector across as deputy governor of Norges Bank In April 2021, the Bank of England (1) launched programme for gender equality in labour,
experience in the finance services various units prior to her appointment as since 2020 and has been at the bank the 'meeting varied people' initiative, aimed at employment and production which aims to reduce
industry. She was one of three women head of GTBank, a retail and investment since 1998. engaging with a more diverse range of individuals and structural gender gaps and segregation.
(out of 100) on Forbes’ 2021 Top CEOs bank headquartered in Nigeria and institutions within the financial sector. As part of the
in the Middle East list. operating across the African continent. programme, the BoE is working with members of the In March 2021, the UAE Central Bank (4)
money markets and FX joint standing committees to initiated a programme aimed at advancing female
diversify their membership and ensure women are representation in leadership positions. Partnering with
represented in senior roles. a third-party social enterprise, the two organisations
will promote the exchange of information and
The State Bank of Vietnam (2) has partnered with build a strong pipeline of female talent among the
the International Finance Committee to promote boardrooms of public and private sectors throughout
women’s leadership in the banking sector. Over an the country, including the central bank.
18-month period which began in March 2021, the
organisations will work with lenders in Vietnam to The Bank of Ghana (5) has developed new data
Rosanna Costa was named the first Victoria Rodriguez Ceja became the Susan Collins was appointed the first understand and alleviate barriers to progression. systems to improve financial inclusion among women
female governor of the Banco Central first female governor of the Banco woman of colour to oversee one of through a gender-disaggregated data portal which
de Chile. She has served as a board de México. Prior to her appointment, the 12 regional federal branches of the The Central Bank of Argentina (3) announced collects information on digital finance.
member of the BCC since 2017. Prior she served as the undersecretary US Federal Reserve System. She will in October 2021 a comprehensive plan for gender
to joining the BCC, she worked for the of expenditures at the Ministry of join the Boston Fed in July 2022 after equality, including projects and activities to increase In partnership with the World Bank, Bank al-Maghrib
Ministry of Finance as national budget Finance and Public Credit. she leaves her post as provost and the participation of women and LGBTQIA+ people (6) launched the Greenback Initiative Morocco on
director and has also worked as an executive vice president for academic in management positions. The directorate for the International Women’s Day, an innovative training
economist and researcher on fiscal and affairs at the University of Michigan. promotion of gender policies, safeguarding respect programme intended to improve access to financial
labour policy and capital markets. and labour coexistence is part of the national services for women and young people. •
12 OMFIF GENDER BALANCE INDEX 2022 omfif.org 13
SOME ORGANISATIONS FEAR, WRONGLY, THAT
TALKING ABOUT OR CONFRONTING THE SUBJECT
OF GENDER PAY CAN LAND THEM IN TROUBLE. THE
REALITY IS, HOWEVER, VERY DIFFERENT.
PARTNER’S COMMENT
MEASURE IT, TALK
regular intervals, at least annually. External the unknown and putting in place a proactive and
certification, such as EDGE certification, brings curative programme to remove risk entirely.
credibility to this process as it is underpinned by In the short term, organisations must
ABOUT IT, CLOSE IT independently verified equity analysis.
TALK ABOUT IT
systematically implement measures for individual
gender pay gap cases that are detected. This will
require a specific remediation process and budget
to do this as part of the regular salary review
Closing the gender pay gap requires organisations to be open and Measurement should be done openly and process.
transparently. Anything otherwise will result in a Steps should also be taken to maintain pay
transparent about the problem, explains Aniela Unguresan, founder
process that is so opaque that no one will know equity. These can include monitoring starting
of the EDGE Certified Foundation. how it’s being run, how the issue is considered and salaries to ensure there is no discrimination based
treated by the upper echelons of management and, on gender from the outset, and questions about
just as importantly, how findings are dealt with and current salary during the interview and selection
THE concept of equal pay for equivalent work gaps, talking about the findings and then taking remediated. process should be prohibited. The promotion
is hard to argue with: it makes legal, moral and steps to remediate. The more transparent an organisation is when process should include an individual salary review to
commercial sense. However, agreement with the having these conversations, the more its people will identify whether there is an opportunity to correct
concept does not remove gender pay gaps from MEASURE IT trust the system. Better still, when disparity arises, any historical inequality. Policies should also be put
our workplaces. employees will be more inclined to have meaningful in place to ensure that periods of parental leave do
Last year’s Gender Balance Index found that The essential first step for any organisation conversations inside the organisation first rather not adversely affect an employee’s normal salary
a large number of institutions, based in countries in addressing the gender pay gap is to gather than to seek legal redress. progression.
that have legislation for upholding the right to objective evidence on where it stands. There are Dealing with the issue proactively means telling It is also important to provide training and clear
equal pay for equivalent work, shy away from two main ways of measuring the pay gap, both of employees why and how the gender pay gap is guidance about pay equity for line managers and
understanding the gender pay gap within their which are important. being measured, that it is being measured each year all those involved in determining remuneration.
own organisations. A surprisingly high 67% of The first one looks at the average or median pay and that there’s a specific process and a budget Employees should be given the opportunity to
the GBI participants responded that they didn’t for men and women (the gross gender pay gap) allocated to the remediation of gaps found. At the request a pay equity review without any suggestion
measure gender pay gaps. When asked if they and often reflects the extent to which the senior, same time, employees should be provided with of discrimination, in the same way that they can seek
believed in the concept of equal pay for equivalent higher-paid positions in the organisation are held opportunities to ask questions and understand the a performance evaluation or a development plan.
work in their organisation, an overwhelming 90% by men. Solutions to closing the average gender basic concepts and terminology. Publishing data, In the medium to longer term, to close the gross
responded that they felt no need to collect such pay gap may be longer term, such as investing in externally as well as internally, on the gross gender gender pay gap, it is crucial to have a strategy,
data. Instead, they trusted that all was well and that talent management policies and practices that pay gap and the unexplained gender pay gap action plan, policy and practices to ensure a strong
no action was necessary. secure a pipeline of female talent to fill senior and setting out an action plan to address this, for pipeline of talented women who can fill senior roles
In the 2022 Gender Equality Global Report & positions. example in the annual report, has proven to have a in the future.
Ranking, Equileap researched and ranked 4,000 The second one looks at the unexplained crucial impact on tackling the problem. Any remediation strategy will inevitably come
public companies using its gender equality gender pay gap based on a regression analysis with a profit and loss implication and some
scorecard. Published in March, the report found which accounts for certain objectively justified CLOSE IT organisations will be unable to cover this cost
that 99.5% of public companies surveyed had a factors. This gives an overall picture of whether immediately. For them, the solution is to measure
gender pay gap and only a miniscule 0.5% had men and women in the organisation are being paid Some organisations fear, wrongly, that talking the gender pay gap, identifying extreme cases that
closed their gap. equally for equivalent work. Drilling down further about or confronting the subject of gender pay can need urgent remediation and those areas that can
Equileap’s report cited data from the World with an ‘outlier’ analysis will show whether there are land them in trouble. The reality is, however, very be reviewed over time, possibly over two or three
Economic Forum’s Global Gender Gap Report specific individual cases of unequal pay which need different. financial years.
2021 which says that the global wage gap between to be addressed immediately. It must be remembered that legal liability is It’s clear that gender pay gaps exist. But
women and men is estimated to be between Importantly, measurement should not be taken not triggered solely by an organisation measuring uncovering the truth is not the end of the matter as
23% and 37%. While these estimates do vary, the with reference to the overall market, but instead its gender pay gap and finding that it cannot be remediation is possible. Ultimately, to break down
sources agree that progress to close the gender to gender and value. Measurement should seek to explained by any other factor than gender. Rather, the walls of pay inequity, organisations must create
pay gap remains painfully slow. qualify if individuals, when compared with others legal liability is triggered by the existence of a pay a world of open discussion and education that is
So, what can be done to close the gap? How can in similar positions with similar qualifications, skills gap that cannot be justified, and where no plans are genuine, open and transparent.
we get it as close to zero as possible? and competence, are being paid equally. in place to remediate the gap. Let’s all act now to measure, talk about and close
The answer, lies in first measuring gender pay This measurement should be repeated at Closing the pay gap is about understanding the gender pay gap. •
14 OMFIF GENDER BALANCE INDEX 2022 omfif.org 15
HISTORIC HIGHS
Ida Wolden Bache, right,
governor, Norges Bank.
The bank was Europe's best
performer in this year's index.
CENTRAL BANKS
HISTORIC HIGHS,
PERSISTENT LOWS
More women are running central banks than ever before, and senior
female representation has risen in most regions. But some seem to
be struggling.
A week before International Women’s Day, Ida however, it is much less likely for women to finish
Wolden Bache became the first female governor in their central banking career at the top. OMFIF’s
Norges Bank’s 206-year history. Her appointment Gender Balance Index for central banks is based on
was no surprise; she was widely considered to be a a database of each institution’s most senior officials,
strong contender for the post after her predecessor including members of monetary policy committees
Øystein Olsen announced his intention to retire and governing boards. Out of 2,714 individuals in
nearly a year before his second term was up. this year’s index, only 29% are women. This figure
Wolden Bache joins a disproportionately small decreases with seniority: women make up 27% of
group of women who run the world’s central banks. deputy governors and only 11% of governors. Sarah Devany, left, vice
Out of 185 that OMFIF tracks, only 21 are female led. president, The Federal
Reserve Bank of San
While this is a low number, it is also the highest it has FINDING THE WOMEN
Francisco, which claimed top
ever been. As recently as 2018, there were only 13. spot in this year's index.
Today, there are 16 national central banks headed by Norway is the best-performing European central
women, along with the European Central Bank and bank in the GBI see rankings on p.42). With a score
four of the Federal Reserve regional banks. of 84, it ranks ninth. It is one of only 10 institutions
It has been an unprecedented year for female where the gender imbalance is in favour of women,
appointments. Out of 26 central banks that changed meaning females represent either a higher number
chiefs in the past year, six had women replacing men, or a greater level of seniority within the group
three of which are in Latin America: Chile, Honduras considered.
and Mexico. This is a significant improvement from Along with Wolden Bache’s appointment,
the preceding year, when there was only one female Norway’s good standing reflects a wider effort within
appointment out of 31. the Norges Bank to increase gender diversity at
Deputy governor since 2020, Wolden Bache every level of seniority. The bank publishes granular
is a career central banker, having first joined the statistics on the gender composition of its workforce.
bank as a research assistant in 1998. She went on At the end of 2020, women represented only 18%
to head the macroprudential unit, then the financial of department directors and 33% of the workforce
stability department, and later the monetary policy
department. Save for a stint as a senior economist
at Handelsbanken Capital Markets and some brief
academic engagements, she has devoted nearly her
entire professional life to Norges Bank.
97/100
Wolden Bache’s rise to the top may seem like the THE FEDERAL RESERVE BANK OF SAN FRANCISCO
natural progression for someone who has been in the CLINCHES THE TOP SPOT WITH A SCORE OF 97,
same institution for over two decades. Statistically, MOVING UP FROM 17TH LAST YEAR.
16 OMFIF GENDER BALANCE INDEX 2022 omfif.org 17
FEMALE CENTRAL BANK GOVERNORS overall. It hopes to improve this using targeted,
long-term initiatives, including strengthening its
recruitment of external female candidates for
THE FEDERAL RESERVE THE FEDERAL RESERVE BANK NORWAY
Ida Wolden executive positions. The bank also has educational
BANK OF KANSAS OF CLEVELAND
Bache programmes to encourage secondary school pupils
Esther L. George Loretta J. Mester
to study economics.
The Federal Reserve Bank of San Francisco
clinches the top spot with a score of 97, moving up
from 17th last year. In December, Sarah Devany joined
the regional bank as first vice president, boosting
its score from 74. The position, which includes being
the bank’s chief operating officer, is usually filled by
veteran Fed officials. Devany’s selection, along with
that of New York Fed’s Naureen Hassan last year, are
EUROPEAN CENTRAL BANK examples of the regional banks’ effort to consider
Christine Lagarde external women for senior roles.
San Francisco unseats its Richmond counterpart,
SAN MARINO
which topped the index last year with a perfect score
Catia Tomasetti
of 100. The Richmond Fed maintains a high score
RUSSIA of 94 and ranks third, but loses points from minor
Elvira Nabiullina changes in its board composition. Six of the 12 Fed
regional banks score over 70, and only two are below
THE FEDERAL 50. The Board of Governors, scored separately,
RESERVE BANK SERBIA scores 56 and ranks 52nd. This is expected to go up
THE FEDERAL RESERVE
OF SAN Jorgovanka Tabakovic next year after the confirmation of Governor Lael
BANK OF DALLAS
FRANCISCO Brainard as vice chair and economist Lisa Cook as a
Meredith N. Black
Mary C. Daly NORTH MACEDONIA new member.
Anita Angelovska-Bezhoska The three Latin American central banks with new
CUBA
Marta Sabina Wilson female governors have the most-improved scores
González and ranking in this year’s index. Banco Central de
MEXICO Honduras gained the most from the appointment
Victoria Rodriguez Ceja ARUBA VIETNAM
of Rebeca Santos as president. Santos was selected
Jeanette R. Nguyen Thi Hong
for the role by the country’s first female president,
Semeleer
Xiomara Castro, whose husband Santos served
HONDURAS
Rebeca Patricia Santos Rivera as finance minister over a decade ago. The BCH
rises 126 places to fourth with a score of 92, further
improved by an additional female appointment to its
MALAYSIA
board under the new government.
Nor Shamsiah binti
CAYMAN ISLANDS Mohd Yunus
Cindy Scotland SIGNIFICANT FIRSTS
CHILE
DEMOCRATIC Earlier this year, Rosanna Costa and Victoria
Rosanna
REPUBLIC OF Rodriguez Ceja became the first female central bank
Costa
THE CONGO governors of Chile and Mexico, respectively. Costa
Malangu Kabedi SEYCHELLES
was already on the Banco Central de Chile’s board
Mbuyi Caroline Abel
prior to her appointment. Like Norway’s Wolden
Bache, she first joined the central bank very early
in her career, starting as an economist in 1984. She
went on to work at a think tank, before returning
to public service as national budget director in the
finance ministry in 2010 and subsequently sitting on
16
SAMOA the boards of government commissions. Similarly,
Maiava Atalina Banxico’s Rodriguez has extensive experience in
Ainuu Enari
budget and finance, holding different federal and
city posts over 20 years.
TODAY, THERE ARE 16 NATIONAL CENTRAL BANKS HEADED BY WOMEN, Two other central banks saw the appointment
ALONG WITH THE EUROPEAN CENTRAL BANK AND FOUR OF THE of their first female chiefs: Banque Central du
FEDERAL RESERVE REGIONAL BANKS.
18 OMFIF GENDER BALANCE INDEX 2022 omfif.org 19
Congo and the Dallas Fed. Malangu Kabedi-Mbuyi monetary authority of eight island economies in
2. MORE WOMEN THAN EVER ARE LEADING CENTRAL BANKS 3. CENTRAL BANKS’ GBI SCORES REACH NEW HIGH
assumed her role in July 2021 after a long career in the region, increases its score to 72 from 29. Valda
Number of female central bank governors Scores by region
the International Monetary Fund. She was with the Henry was appointed deputy governor following
lender for 32 years, leading staff missions and acting 25 a varied career as a finance and human resources
as representative in different African nations. She is professional. Similar to other new female appointees, 70
expected to implement reforms in the Democratic 21 she is not new to central banking; she previously
60
Republic of Congo’s central bank as part of the worked as a senior investment officer at the ECCB in
20
country’s agreement with the IMF. 18 1994.
50
The Dallas Fed has never had a female president. 17 17 17 17 17 The Middle East finally reverses its downward
However, Meredith Black, who was due to retire at slide, albeit marginally. It scores 7, up from 6 last year. 40
15 14
the end of 2021 from her post as first vice president, 13 Since 2019, it has been the only region without a
is interim president. A search for a permanent single female governor. The appointment of Naomi 30
replacement is underway, following Robert Kaplan’s Feldman, a former Fed economist, to the Bank of
unexpected early departure in October. Like most 10 Israel’s monetary policy committee is one of a few 20
of the other first vice presidents of the Fed regional small changes that helped improve the region’s
10
banks, Black has been with Dallas for her entire score.
career, starting in 1983. 5 Despite better performance in a number of
0
The Boston Fed, which is this year’s lowest ranking central banks, Asia Pacific stays at 14 because
Africa Asia Europe Latin Middle North Global
Fed regional bank, can expect its score to increase of persistently low scores in some of the larger Pacific America East America
significantly. Susan Collins has been chosen as its economies. India loses points from additional male Caribbean
0
next and first female president. She is scheduled executives and directors, offsetting improvements
2014 2015 2016 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
to start her term in July after she ends her tenure elsewhere. The biggest riser in the region was the
as provost and executive vice president of the Source: OMFIF analysis Reserve Bank of New Zealand, increasing its score Source: OMFIF analysis
University of Michigan. She previously sat on the by 24 points to 61 after introducing new assistant
Chicago Fed’s board for nine years. In the Fed’s 109- governor positions that have been filled by women.
year history, Collins will be the first non-white woman of vice chairs Randal Quarles and Richard Clarida. The Reserve Bank of Australia promoted Michele and its director generals. It achieves a score of 71 and
to lead one of the regional banks, and only the fourth Meanwhile, the Bank of Canada welcomed Senior Bullock to deputy governor and Michelle McPhee to ranks 25th.
person of colour. The first, Minneapolis’ Narayana Deputy Governor Carolyn Rogers and Deputy assistant governor, also helping its score. This adjustment in approach did not benefit
Kocherlakota, was appointed just 13 years ago. Governor Sharon Kozicki, more than doubling its Europe as a whole. The ECB’s score is carved out
These pioneering women, despite having varying score to 42 from 19. MEANINGFUL MEASUREMENT from the region’s score, and only those of the
backgrounds and hailing from different parts of the Before joining the central bank, Rogers was national central banks’ form part of the calculation.
world, disprove the notion that central banking is a secretary-general of the Basel Committee on The index has been refined to be as inclusive as Europe is the only region where scores fell, and in
male profession. Whether they started in their central Banking Supervision, following federal and provincial possible in reflecting the leadership of each central several cases this was from the inclusion of more
bank or elsewhere, they have clear track records in roles in financial regulation. Kozicki, on the other bank. Some central banks consider senior leadership individuals in director-general roles. This is true for
economics, finance and public policy. Central banks hand, is a long-time central banker who has also to include only deputy governors, while others Germany and Spain, whose scores fall by 31 and 34
working to improve the intake of female graduates worked in different parts of the Federal Reserve provide details of executives up to a rank or two points, respectively. Overall, Europe’s score fell to 34
are on the right path; they need to build and nurture System. below this level. In most cases, a central bank’s score from 42.
their in-house talent. However, the length of time it Latin America and the Caribbean is the second- would reflect what the central banks themselves label In other cases, scores declined from actual changes
takes to be promoted to the most senior posts points best performing region, achieving a score of 43 as their senior or executive leadership. This approach in personnel. The Bank of England welcomed another
to the urgency of interventions to increase diversity thanks to the top risers. This is the region’s strongest inevitably creates discrepancies that stem from woman to its monetary policy committee, Catherine
in the short-term. This includes actively searching performance since the GBI’s current methodology varying organisational structures, but the index aims Mann. This was, however, offset by Ben Stimson
for qualified women elsewhere, as some of the top- was applied in 2017, when it was the lowest scorer, to give a meaningful sense of how diverse central replacing Joanna Plaice as chief operating officer. The
scoring institutions have done. earning five points. Back then, only Aruba and the banks are, and how this might be improving over time. Bank of England’s score falls to 23.
Bahamas had female chiefs. Now, the region ties with The European Central Bank is a case in point Africa continues its slow and steady improvement,
UPWARD SWINGS Europe for the most number of female governors at where refinements in scoring proved necessary and moving up two points to 27. The region benefits from
six. This is despite the fact that Belize and Ecuador practical. The ECB has been one of the most vocal the inclusion of more senior executives in the scoring,
With more women leading central banks than ever both replaced female governors with men in the past proponents of the need to increase gender diversity although male departures in several instances also
before, the global GBI score is also the highest it’s year. in central banks and the economics profession as a helped.
ever been. Central banks achieve a weighted average The Eastern Caribbean Central Bank, the whole. It has diversity networks for its employees, Recognising the power of role models and
score of 31.3, up from 27 last year. This reflects including one focused on women in leadership and establishing precedence, the GBI is deliberately
improvements across the board, notably in larger gender balance in management. Despite an overt based on information from central bank websites
29%
economies that include eight of the G20. Scores focus on diversity, the ECB persistently scored and annual reports, in part to encourage institutions
increased for 72 central banks but went down for 47. poorly on the GBI because its governing council to publish the composition of their leadership and
It stayed the same for the rest. includes the 19 male governors of the euro area policy-setting bodies. By releasing this information,
Global and regional scores are weighted by gross countries. especially when they have women in key positions,
domestic product to account for a central bank’s OUT OF 2,714 INDIVIDUALS IN THIS YEAR’S CENTRAL BANK Governments select their central bank governors, central banks can help change the mindset that theirs
influence on the world economy. North America’s INDEX, ONLY 29% ARE WOMEN. THIS FIGURE DECREASES not the ECB. To have a better picture of how the ECB is a field only dominated by men. This could support
score jumps to 55 from 30. The Fed Board’s score WITH SENIORITY: WOMEN MAKE UP 27% OF DEPUTY is performing on diversity as an institution, its score what central banks need to be doing anyway: attract
spikes to 56 from 31, mainly due to the departure GOVERNORS AND ONLY 11% OF GOVERNORS. is now based on the members of the executive board female talent. •20 OMFIF GENDER BALANCE INDEX 2022 omfif.org 21
I FEEL RESPONSIBLE FOR CULTURAL
AND ETHICAL CHANGES, SO I MAKE
EFFORTS TO CREATE WORKPLACES
WHERE DIFFERENCE IS CELEBRATED,
RESPECTED AND ENCOURAGED
AND WHERE EQUALITY, DIVERSITY
AND INCLUSION IS AT THE HEART OF
EVERYTHING I DO.
OPINION
EMBRACING THE
MASCULINE AND FEMININE
Different leadership styles are crucial for reaching gender equity, writes
Catia Tomasetti, president, Central Bank of the Republic of San Marino.
GENDER balance means fair treatment of women intuition and social responsibility have been
and men according to their respective needs. This prioritised. These attributes are typically
may include equal treatment or treatment that connected with women, which illustrates that many
is different, but which is considered equivalent feminine qualities contribute to the efficacy of
in terms of rights, benefits, obligations and leadership.
opportunities. In recent years, the status of I’m fully convinced that, for sustainable masculine and feminine approaches extend across 3. ENSURE FULL PARTICIPATION IN
women in leadership roles has taken on renewed development, workplaces need to move on a continuum, with each of us falling somewhere on LEADERSHIP AND DECISION-MAKING
importance and urgency. In my view, a culture of from a one-gender leadership style (masculine the spectrum.
gender balance is the key to ensuring more women or feminine) and embrace both styles. Despite Absence of gender equality in leadership positions
become leaders. barriers, women are rising into leadership roles 2. CREATE AN INCLUSIVE AND not only hampers progress in every sphere but also
I am the first female president of the Central in many nations’ organisations and governments. COLLABORATIVE CULTURE costs the global economy substantially. Central
Bank of the Republic of San Marino. However, Even though women typically face more challenges banks need the best leaders and this is not possible if
three brilliant and successful women have been than men in vying for leadership roles, there are Addressing the barriers and experiences of women are excluded. Central banks should carry out
nominated to our board of auditors and women signs of change. women requires involvement from the top. This a thorough analysis of their power structures and take
make up 51% of our workforce. Since I took office, As leaders, women’s sociopolitical attitudes may involve multi-phase learning on topics immediate measures to ensure gender equality. Equal
female office managers have increased by around tend to be more inclusive, other-orientated such as unconscious bias and style differences. opportunity planning should be based on concrete
80% in various offices with different skills. These and egalitarian than men’s and may place more Building a more inclusive workplace for women goals and measures as well as following up on their
are positive developments, but still there is a lot to emphasis on the public good. This is the concept is a core part of my mission. But gender balance success. Women should not be ignored only because
be done to really achieve equality. of gender-fluid leadership, and it shows that is not just a women’s issue and gender equity they are women.
Over the years, I’ve discovered that the cannot happen without men. I feel responsible for While progress has been made in many workplaces,
following three elements are key to promoting cultural and ethical changes, so I make efforts to where women now outnumber men, the finance and
gender balance in an organisation. create workplaces where difference is celebrated, business sectors remain male-dominated. Though
respected and encouraged and where equality, the percentage of men and women entering the field
1. BE MINDFUL OF GENDER FLUIDITY diversity and inclusion is at the heart of everything is roughly equal, women typically do not apply for
I’M FULLY CONVINCED THAT, FOR I do. top positions. No women have applied to our recent
I believe that there are two different leadership
styles – masculine and feminine – but it is an
SUSTAINABLE DEVELOPMENT, I’ve promoted the creation of our diversity and
inclusion committee. I have always worked towards
opening for director general of the central bank.
In my experience, being aware of gender
ever-evolving situation. Traditionally, the most WORKPLACES NEED TO MOVE ON an inclusive leadership and focused on the creation stereotypes, avoiding them and educating others
appreciated leadership characteristics such as FROM A ONE-GENDER LEADERSHIP of the committee because I believe it is necessary about them is key to achieving the gender balance
assertiveness, individualism and task orientation to support talent. At the same time, inclusive goal. Whenever you see or become aware of
were associated with men. But over the past few
STYLE (MASCULINE OR FEMININE) AND leadership encourages co-operation among discrimination, whether in the workplace, streets,
years, traits such as collaboration, empowerment, EMBRACE BOTH STYLES. employees and values diverse qualities. home or the online space, raise your voice against it. •22 OMFIF GENDER BALANCE INDEX 2022 omfif.org 23
ExCo ANALYSIS
MOVING BEYOND THE
30% CLUB
Institutions across the board are struggling to break through
the 30% female senior representation threshold, while the type
of roles held by women deserves greater scrutiny.
IN 2010, leading UK asset management chief 23%. It’s a similar story on ExCos. Pension funds
Helena Morrissey launched the 30% Club, a group lead the way here, with women accounting for 31%
of senior British leaders looking to increase of ExCo members, compared to 28% of banks and
female representation on the boards and 25% of sovereign funds.
management committees of its top companies. All three groups do worse on gender balance
The aim was to ensure that at least 30% of FTSE the higher up the leadership tree you go. In
100 board members were women. They helped the C-suite, 26% of pension fund executives
achieve that goal in 2018. are women, compared to just 18% and 17% in
Many sections of the global financial services commercial banks and sovereign funds. Pension
industry are still struggling to reach that mark, as funds also outperform their peers in the chief
the latest GBI findings reveal. This year we have executive’s office, at 26% versus 14% for banks
extended our research into the type of roles held and 10% for sovereign funds.
by senior women in commercial banks, sovereign
funds, pension funds and – where applicable –
central banks. In each of the first three groups,
we curated a list of 50 institutions that provided
a representative global view of that sector, with a
broad geographic mix. Our research also included REPRESENTATION OF WOMEN
every central bank in the world. IN BOARDROOMS AND ON
Representation of women in boardrooms and
on executive committees is relatively consistent
EXECUTIVE COMMITTEES IS
by industry type and region. For now, 30% is RELATIVELY CONSISTENT BY
the benchmark. One in three board members of INDUSTRY TYPE AND REGION. FOR
both commercial banks and public pension funds
globally is a woman. Sovereign funds lag behind at NOW, 30% IS THE BENCHMARK.24 OMFIF GENDER BALANCE INDEX 2022 omfif.org 25
OPINION
Central bank representation of women
COMMITTING TO DIVERSITY at the top of the institution matches
that of commercial banks. Of the 185
ExCo GLOBAL ANALYSIS:
MEANS INVESTING IN WOMEN
central banks covered by the GBI, 21 had
female governors – or 11%. In the central Representation of Proportion of women on
bank equivalent of the C-suite (namely women governors/ executive committees with
governors and deputy governors), women CEOs: internal/admin roles:
account for 27% of the positions. Commercial banks: 38%
Maria Angelica Perez, global head of DEI, and Mike Simonton, social value Central banks: 11%
On a regional basis, North American Sovereign funds: 41%
collaborations, DEI Council member, Fitch Group, explain how the journey institutions are leading the way. Taking
Commercial banks: 14%
Pension funds: 34%
to achieving equality requires developing talent pipelines. a combined view of C-suite, ExCos and Sovereign funds: 10%
boardrooms, North American firms Pension funds: 26% Proportion of men on
score on aggregate above 30% female
executive committees with
FITCH Group is at an inflection point in our relatively 97%, and 90% have been promoted, are currently representation in all three sectors.
Representation of internal/admin roles:
nascent diversity, equity and inclusion journey. It nominated for promotion or have increased their job Pension funds in the region are the
began in earnest just over five years ago in 2017 with responsibilities. In 2019, ForwardPath Learning Series leaders globally, with 39% of senior roles
women in C-suite: Commercial banks: 17%
the formation of a DEI steering group, which was launched, which is a three-month series of workshops being taken by women. Europe’s pension Central banks: 19% Sovereign funds: 17%
chaired by our CEO. The initial focus was on gender in which 233 women have participated. funds also perform well at 37%. None of Commercial banks: 18% Pension funds: 16%
representation and inclusion, primarily in developed With these foundational elements, we are taking the groups in Asia Pacific scores above
Sovereign funds: 17%
markets. We made commitments and investments the next steps towards gender equity and have 30%.
Pension funds: 26% Proportion of women on
across the talent life cycle. broadened our focus to race, ethnicity and sexual This year, the GBI has extended its
executive committees with
Through our paths to the future programmes, we orientation. In 2021, we hired our global head of analysis to include the type of roles held
P&L/revenue-generating
have worked towards gender equality by developing DEI, Maria Angelica Perez, and DEI non-executive by senior women. Our research shows Proportion of women
our pipeline, focusing on graduate recruitment, adviser, Andrew Johnson. Both are experts in the that a lot of work needs to be done in
roles:
on board of directors:
promoting learning and development and holding field and are working to support the development of all three sectors in this regard. Whether Commercial banks: 62%
Commercial banks: 33%
leadership accountable to these commitments. In corporate DEI strategy and governance. you work for a bank, pension fund or Sovereign funds: 59%
our robust early talent programme (internship and In 2022, with the help of Perez and Johnson, a sovereign fund, if you are a woman in a Sovereign funds: 23%
Pension funds: 66%
entry-level), we achieved a 50-50 gender balance in cross-functional, cross-regional DEI council was senior position, you are much more likely Pension funds: 33%
recruitment. established with the support of our CEO. The Global to hold an administrative or internal-
Our Fitch CreditPath programme serves financial DEI Council will be responsible for the development facing role than if you are a man.
Proportion of men on
Proportion of women executive committees with
services professionals who are ready to re-enter of a new DEI strategy with high-reaching objectives The picture is remarkably consistent on executive
the workforce after taking career breaks. These and high-level targets that will be communicated and shows where a lot of work needs to
P&L/revenue generating
committees: roles:
individuals are looking for positions in credit analysis later this year. The Global DEI Council is committed be done if representation at the upper-
and research and they serve to fill an important to educating our colleagues on gender biases most executive level is to improve. Commercial banks: 28% Commercial banks: 83%
mid-level gap at Fitch. Throughout the inception through training, inclusive leadership and a focus on Between 34% and 41% of women on Sovereign funds: 25% Sovereign funds: 83%
and development of this returnship programme, we progress. ExCos have internal roles, compared Pension funds: 31% Pension funds: 84%
have made 25 offers and expanded the programme’s To effect long-term change, we believe it’s critical with 16% to 17% of men. If you are a man,
reach to military veterans. The programme seeds the to integrate the achievement of those goals into there’s a five-in-six chance that you will
talent pool and feeds the talent pipeline for more leaders’ objectives. be running a major division. •
senior positions. Our DEI efforts are a natural evolution and
Our Fitch ForwardPath programme is a 12-month manifestation of our people strategy, aligning with REGIONAL COMPARISONS:
investment and is targeted at our high-performing our core values of integrity, objectivity, transparency Proportion of women on
female talent base to broaden the leadership and independence. This is an exciting journey that executive committees
and boards:
pool. Since its inception in 2018, 47 women have
completed the programme with a retention rate of
provides a very human connection point with our
stakeholders. Now, more than ever, our stakeholders
BETWEEN 34% AND
expect our leadership and staff to reflect the 41% OF WOMEN ON North America:
demographics of the markets where we provide EXECUTIVE COMMITTEES Commercial banks: 34%
products and services.
Having more diversity within our teams not only HAVE INTERNAL ROLES, Sovereign funds: 32%
makes us stronger and more collaborative, but also COMPARED WITH 16% TO Pension funds: 39%
HAVING MORE DIVERSITY WITHIN OUR increases our employees’ sense of fulfilment in their
17% OF MEN. IF YOU ARE Europe: Asia-Pacific:
roles. As defined in our Global DEI Council vision,
TEAMS NOT ONLY MAKES US STRONGER ‘by embracing the different cultures, backgrounds, A MAN, THERE’S A FIVE- Commercial banks: 32% Commercial banks: 25%
AND MORE COLLABORATIVE, BUT ALSO and championing diverse perspectives represented IN-SIX CHANCE THAT Sovereign funds: 26% Sovereign funds: 23%
across our global footprint, we will foster innovation,
INCREASES OUR EMPLOYEES’ SENSE OF deepen our understanding of global issues affecting YOU WILL BE RUNNING A Pension funds: 37% Pension funds: 29%
FULFILMENT IN THEIR ROLES. the financial markets and improve decision-making.’ • MAJOR DIVISION.You can also read
