"I am convinced that the large number, as well as the diversity of firms who have signed the Charter, marks a significant turning-point in the battle for a more balanced and fair industry."
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.
The firms that have signed up to the Charter employ over half a million people. Insurers are currently leading the way with over 15 firms committed.
HM Treasury, the FCA and other financial services trade bodies are also backing the Charter.
The full list of signatories is available here.
The commitments are based on the recommendations of Virgin Money CEO Jayne-Anne Gadhia. Her review into the representation of women in financial services was launched at the Bank of England in March and found that in UK financial services female representation was around 23% on Boards, but only 14% on Executive Committees.
Jayne-Anne Gadhia said: "I am delighted by the large number of financial services firms who have signed the HMT Women in Finance Charter. They include firms from across the UK financial services sector, with large investment banks, retail banks, asset managers and insurers amongst the signatories.
"I am convinced that the large number, as well as the diversity of firms who have signed the Charter, marks a significant turning-point in the battle for a more balanced and fair industry. It demonstrates that a growing number of Chief Executives and Boards within the sector are taking the issue seriously and recognise the strong link between greater gender balance and improved productivity and performance."
