New Women in Finance Charter aims to move the dial in improving gender balance in financial services
Ireland’s first Women in Finance Charter for financial services sector is launched
This Charter will help move the dial by improving gender balance in financial services in Ireland.
On Wednesday 27 April 2022, Minister of State at the Department of Finance, Sean Fleming TD joined over 40 financial services signatories to launch Ireland’s Women in Finance Charter under the Ireland for Finance strategy. Speaking on behalf of industry at the launch, Cecilia Ronan, CEO, Citibank Europe Plc & Citi Country Officer, Ireland and FSI Chair reflected that “Today’s announcement is vitally important for our sector and the economy. Greater gender balance leads to a wider talent pool and diversity of thought, innovation and creativity and better decisions. We have made substantial progress over the last few years but there is still a long way to go. This Charter, supported by the Government and the ESRI, will strengthen our collective efforts to move forward and make our industry reflective of our customer base and wider society.”
While female representation in the general population of financial services firms tends to be equally balanced, significant differences emerge in the progression to more senior levels. A Central Bank demographic analysis on Pre-Approval Controlled Function (PCF) roles within Regulated Firms published in March 2022 reports that from a low base, female applicants for PCF roles accounted for 31% of the total applicants in 2021 (up from 16% in 2012). Across the financial services sector the pronounced gender imbalance for board level applications is showing progress, with female applications for these positions increasing from 22% in 2020 to 28% in 2021. Females continue to be underrepresented in revenue generating roles such as CEOs and head of business lines, of which 84% of roles were held by men as of December 2021 (no change on 2020).
Fostering and harnessing the talent and experience of all women in financial services is crucial in developing a strong pipeline of talent. Over the past two years, the Charter, guidance note and reporting templates have been developed by industry – specifically by Financial Services Ireland (part of Ibec), BPFI, Insurance Ireland, and Irish Funds, supported by the Department of Finance, Department of Enterprise, Trade and Employment, and Balance for Better Business, as well as people from industry and experts in the area such as the 30% Club, 100 Women in Finance, and 100 Women in Finance Early Career. The aim of the Charter is to assist firms to foster and harness the talent and experience of all women in financial services, which is crucial in developing a strong pipeline of talent. This will lead to greater diversity of thought, experience and leadership styles in decision-making processes, for the economic benefit of the business and the wider community as a whole.
An independent data partner, the Economic Social and Research Institute (ESRI), has been funded by industry to collect and report on data to ensure independent, credible analysis on an annual basis. A Steering Group has been established for ongoing governance of the Charter with representation from the public sector and industry.
Financial services firms and professional services firms based in Ireland are still welcome to sign up to this Charter. For more information on the Charter, please click here or email 'info@fsi.ie'.
