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Some 13 finance firms aim for gender parity by 2021

HR News |  14/10/2016
A total of 13 finance companies have said they aim to have an equal amount of men and women in senior roles by 2021, according to the government.

Companies such as Virgin Money, the Financial Conduct Authority and Legal and General are committed to “complete gender parity in senior roles”.

The UK Treasury said that as part of its Women in Finance Charter, 72 firms agreed to publish annual data on their progress towards gender balance. The department said that of these firms, 60 have committed to having at least 30 per cent of senior roles filled by women by 2021.

This includes 15 banks and 13 insurers. Together, these companies employ more than 375,000 people in the UK.

Prime minister Theresa May welcomed the news, saying that the UK is a word leader in the financial industry but that “the sector could do even better if it made the most of many talented women who work in finance”.

Ms May went on to say: “Too few women get to the top and many don’t progress as quickly as they should or they leave the sector completely.

“So it is good news that so many firms have signed the Women in Finance Charter and are now dedicating themselves to tackling gender inequality. They recognise the business case for doing so and with ambitious targets to deepen the female talent pool, these firms are leading the way.”

As part of the Charter, firms also agreed to make an individual executive responsible for its commitments. The government said that as a result, a total of 20 firms have named their chief executive as the senior executive accountable for progress against their targets.

The Treasury said that alongside gender diversity targets, firms have also set out their strategies for how they intend to achieve them. These include improving flexible working, making recruitment gender neutral and distributing high-profile work more fairly.

Financial services is the country’s highest paid sector, according to the government, but has the widest gender pay gap, at 39.5 per cent, compared with 19.2 per cent across all sectors.

By Diccon Lynes

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