Prime Minister Theresa May has backed the Women in Finance Charter, as over 200 companies sign.
A further 45 companies have signed up to the charter, including Goldman Sachs, UBS, Sainsbury’s Bank and Visa.
The charter now covers over 650,000 financial services employees in the UK. The announcement coincides with the launch of the first Women in Finance Charter Annual Review, which shows that, in the first year of the charter, positive progress is being made to improve gender balance in the industry.
HM Treasury’s Women in Finance Charter asks financial services firms to commit to four industry actions to prepare their female talent for leadership positions.
The review looks at the progress made by the first group of signatory firms in their first year. The review shows that just 28 per cent of signatories have already met their targets for female representation in senior management.
More than half of the signatories are on track to meet their future targets. More than three-quarters of signatories either increased or maintained the proportion of women in senior management in the reporting period.
The Prime Minister, Theresa May said, “More than 200 major financial institutions have now committed to improve the gender balance at the top of their organisation.”
“This is an important step forward, not just because this is about fairness, or simply about giving women an equal opportunity to get on, but because our workplaces are greatly enriched by different approaches.”
“Time and again, I have seen first-hand how women can bring fresh thinking and new perspectives.”
“And I know the commitment that women put into their jobs on a daily basis.”
“But, of course, there is still more to be done and I look forward to seeing these companies really delivering on their targets over the next few years.”
Jayne-Anne Gadhia, CEO of Virgin Money and the government’s Women in Finance Champion said, “The Women in Finance Charter now covers over 650,000 of those employed in financial services and I am delighted that the initiative is gathering real momentum.”
“Achieving a balanced workforce at all levels and offering fairness and equality of opportunity for both men and women will not only close the gender pay gap over time, it is an economic necessity if we are to drive innovation, power productivity and continue to compete on a global stage.”