by Bryce Wilcock
Originally published: July 11, 2016
Some of the world’s largest financial services firms have signed up to a new government charter designed to improve gender diversity in senior positions within the sector.
A total of 72 firms have signed up to the charter, employing over half a million people spanning across the breadth of the financial services sector.
Insurers are leading the charge with over 15 firms committed to the charter, including the two largest insurance companies in the UK.
A number of retail banks, asset managers and mutuals have also pledged to improve gender diversity in their companies, with specialist industries such as FinTech also represented.
The Women in Finance Charter commits financial service firms to link the remuneration packages of their executive teams to gender diversity targets.
It also commits firms to set internal targets for gender diversity in their senior management, publish progress reports annually against these targets, and to appoint a senior executive responsible for gender diversity and inclusion.
Harriett Baldwin, the economic secretary to the treasury, said: “It is fantastic that 72 firms have signed up to the Women in Finance charter.