BPFI welcomes the publication of the second annual report of the Women in Finance Charter which shows that the proportion of women across senior levels at financial services firms has been steadily increasing in recent years.
The Charter is an initiative that seeks to improve female representation in financial services firms operating in Ireland. There are now 91 signatory firms to the Charter, up from 56 in 2022, which account for over 65,000 employees in the financial services sector.
Compiled by the ESRI in collaboration with financial services industry representative bodies, the annual report outlines the progress that signatories have made towards increased gender balance. Among the original signatories, female representation on boards increased to 39pc at the beginning of this year, up from 33pc at the same time in 2022. On executive committees, the figure increased to 37pc, up from 33pc in 2022. 25pc of CEOs among these first firms are female, an increase of four percentage points since 2022.
Fiona Gallagher, CEO of Wells Fargo Bank International and Chair of the Women in Finance Charter steering group, said: “The statistics included in this latest report on the Women in Finance Charter show that tangible progress is being made in making the financial services industry more diverse. It is important that the industry, and Government, builds on this progress and continues to invest in the Charter to reap the benefits.”
Female career development identified as most effective action to improve gender balance
Signatories were asked to choose the actions they had found most effective for improving gender balance with more than a third of all signatory firms identifying ‘female career development/leadership training’ as the most effective action, closely followed by ‘better gender balance in succession planning’.
Mags Fullen, member of the Women in Finance Charter Steering Group and Head of Mortgages & Business Banking at BPFI stated: “It is really encouraging to see the upward growth in female representation across financial services firms, demonstrated through the results of this year’s Women in Finance Charter report. Having greater gender balance, particularly in senior level roles, ensures more diversity of thought, better decision making and better outcomes for firms and for society. It is important that we build on this momentum and continue to foster more inclusive work cultures as well as provide opportunities for women to further develop their careers and be in the mix when it comes to succession planning.”
Calling on more organisations to sign up the Charter, Ms Fullen added: “Ireland’s Women in Finance Charter is a first step for firms who want to seriously demonstrate their commitment to achieving greater gender diversity. With 91 firms, representing over 65,000 employees already signed up to the Charter, today we’re calling on more organisations to sign up.”
The Charter, which launched in 2022, assists firms to foster and harness the talent and experience of all women in financial services and commits organisations that sign up to the Charter to improve the number of women in management and board level positions.
The lead organisations are: Banking and Payments Federation Ireland, Financial Services Ireland (part of Ibec), Insurance Ireland, and Irish Funds, with support from the Department of Finance, the Department of Enterprise, Trade and Employment, Balance for Better Business, and experts in the area including the 30% Club, 100 Women in Finance and 100 Women in Finance Early Career.
More details on the Charter, including contact details, can be found here.
/ENDS
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Fiona Murphy, Head of Communications, 087 9740046, fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, 087 9016880, jillian.heffernan@bpfi.ie.
