Just over one year ago, 122 forward thinking finance companies signed the government’s Women in Finance Charter, which asks firms to commit to implementing 4 key industry actions.
The government says that the charter reflects its aspiration to “see gender balance at all levels across financial services firms”, and requires signatories to promote gender diversity by having at least one member of their senior executive team who is “responsible and accountable for gender diversity and inclusion”, setting internal targets for gender diversity, publishing details of progress on an annual basis, against targets, and “having an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity.
Noble pledges indeed, and so far, the response has been heartening; The Memo reports that 33 more companies, including Fintech challenger firms like Monzo, Azimo and Starling, Nutmeg, Ratesetter, FINTECH Circle and Scalable Capital, have joined the likes of Atom Bank, by pledging to commit to the charter.
Other new signatories include law firm Pinsent Masons, startup Yoyo Wallet, and financial bigwigs Alliance Trust Savings and the Royal bank of Canada.
Existing signatories’ pledges can be found here and you have to applaud the transparent and open way that companies have embraced the charter, from RBS, who are working towards having at least 30% senior women in their top three leadership layers across each of their businesses, to Atom Bank who are targeting equal pay across all genders, a board that is at least 33% female, and a permanent staff that consists of at least 45% females.
The government has also published detailed guidance for those who want to get involved, based on a report conducted by Jayne-Anne Gadhia, the CEO of Virgin Money; Empowering Productivity: Harnessing the talents of women in financial services.
“A truly diverse financial services sector will drive productivity and underpin the UK’s position as a strong and competitive economy. There is still further to go and I urge more businesses to commit to the charter so that they can play their part in building an economy that works for everyone”, says Gadhia.
The new signatories have until June to announce their new targets.