Press release
Ireland’s Women in Finance Charter records increase in female representation across financial services sector
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Published on
Last updated on
The proportion of women across senior levels at financial services firms has increased year-on-year in Ireland’s Women in Finance Charter signatory firms, according to updated statistics from the initiative published today.
The findings are contained in the second annual report on Ireland’s Women in Finance charter. The report has been compiled by the ESRI in collaboration with financial services industry representative bodies. The Charter is an industry initiative supported by government under the Ireland for Finance Strategy that seeks to improve female representation in financial services firms operating in Ireland.
Signatories to the Charter commit to setting targets for increased female representation. There are now 91* signatory firms to the Charter, which account for over 65,000 employees - representing half of all employees in the financial services sector.
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 original firms are female, an increase of four percentage points since 2022.
Looking at the Charter signatories as a whole, female representation has grown at senior management level (37pc to 41pc), Executive Committee level (30pc to 34pc), CEO (22pc to 26pc), and Board level (35pc to 39pc). Encouragingly, the increase in female representation is not only confined to the highest echelons of a firm. For example, those firms who have signed up to the Charter in 2023 have recorded improvements at junior management level, with representation increasing from 43pc at the start of 2023 to 52pc at the start of 2024.
The Minister of State for Finance with responsibility for Financial Services, Credit Unions and Insurance, Neale Richmond TD, said:
“I welcome the findings of the annual report, which show female representation in financial services is increasing. Launched in April 2022 as part of the Ireland for Finance strategy, the Women in Finance Charter model serves as an clear exemplar to other industries in their efforts to increase female representation. I would encourage firms who have not yet signed up to the Charter to do so to continue to build on this positive progress.”
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, with continued government involvement, builds on this progress and continues to invest in the Charter to reap the benefits.
“Increased participation of women at all levels within the industry makes good business sense and the work done by the signatory firms thus far has to be commended. The data highlights an increase in participation across many levels in the sector, and this, we hope, will pay dividends in future years as females in the junior and middle levels progress to senior management and beyond with less barriers than before.”
Dr Helen Russell, research professor at the ESRI and one of the report’s authors, said:
“Setting targets and publicly communicating progress is an effective means of influencing change within organisations. The targets set by signatory firms are ambitious and have the potential to influence the opportunities facing women in the financial services sector in Ireland. The report provides examples of what is working within firms to promote greater gender equality, which may be useful for organisations in the wider economy facing the same issues.”
Note to editor:
The 91 figure includes the 10 new signatories that have signed up so far in 2024. The second annual report is based on signatories that signed up in 2022 (N=56) and 2023 (N=25). Not all signatories completed all surveys so numbers vary across responses.
The report draws on a baseline survey with the original signatories in 2022, a follow-up survey carried out in early 2023, and a third survey conducted in early 2024. New signatories that signed up in 2023 completed a baseline survey in 2023 and a follow-up survey in early 2024.
Respondents were asked to choose the actions they had found most effective for improving gender balance. In last year’s report, flexible working was the most common action highlighted by firms. Data from this year’s report has highlighted that more than a third of all signatory firms believe that ‘female career development/leadership training’ is the most effective action to improve gender balance.
Reflecting a more forward-looking approach, ‘better gender balance in succession planning’ is also listed among the most effective actions. 31 firms mentioned these actions amongst the most effective.
Remote working practices have now become a standard approach across signatory firms, and almost all operate a hybrid work policy. The most common pattern is a minimum of two days a week in the office, which is reported by almost 30 firms (37%). In two-thirds of firms the dominant pattern at senior management level is to work remotely for half, or more than half, the week. This trend is observed across middle and junior management grades. Other forms of flexible work and family friendly policies are widespread amongst signatories, together these have the potential to enhance gender equality and work-life balance, especially when available at all levels of the organisation.
About the Women in Finance Charter Ireland’s Women in Finance Charter has been led by industry, and supported by the Government of Ireland under the ‘Ireland for Finance’ Strategy to assist firms foster and harness the talent and experience of all women in financial services. ( Ireland for Finance Action Plan 2022 ; Update to Ireland for Finance Strategy , October 2022) The lead organisations are: Financial Services Ireland (part of Ibec), Banking and Payments Federation Ireland, Insurance Ireland, and Irish Funds, with active participation from the Department of Finance, the Department of Enterprise, Trade and Employment, Balance for Better Business, Enterprise Ireland and experts in the area including the 30% Club, 100 Women in Finance and 100 Women in Finance Early Career. 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. Its core membership is drawn from the main finance industry associations and organisations working to support the advancement of women in firms, and they are supported by the public sector. IFS Skillnet sponsored the lunch at the launch today.
For more information, and to register their interest in signing the Charter, firms can visit: https://www.betterbalance.ie/partners/
List of Charter Signatories in 2024
Acorn Life
AIB
Airbus Financial Services Ltd
Allianz
Allianz Darta Savings
An Post
Apex Fund Services (Ireland) Ltd
Avant Money
Aviva
AXA Insurance
AXA Life Europe
Bank of America Europe DAC
Bank of Ireland
BBPM Life dac
BCM Global
Blackrock
BNP Paribas
BNY Mellon
Brown Brothers Harriman
CACEIS
Canada Life Assurance Europe plc
Chaucer
Citibank
ClearStream Global Securities Services Ltd
CNP Santander Insurance
CPA Ireland
Crédit Agricole Creditor Insurance
Crestbridge Fund Administration Services Ltd
cubematch
Decare Dental
Dechert
Deloitte Ireland
Deutsche Bank
Ecclesiastical Insurance
Elavon Financial Services DAC
Elkstone Partners
Europ Assistance
Exela Technologies
FBD
ffh Management Services
Fidelis
Fidelity International
GAM Fund Management Ltd
Grant Thornton
Grenke
Hannover Re
HDI Reinsurance
Hedgeserv Ltd
HSBC Ireland
Invesco Investment Management Ltd
IPB Insurance
Irish League of Credit Unions
Irish Life Group
K&L Gates
KPMG
Laya Healthcare
Maples Group
Matheson
McCann Fitzgerald
Mediolanum International Funds Ltd
Mercer Global Investments Europe Ltd
Monument Life Insurance
Motor Insurers’ Bureau of Ireland
New Ireland
Nofrixion
Northern Trust
OFX Payments Ireland Ltd
Ogiers Leman Solicitors
Pepper Advantage Ireland
Permanent TSB
PGIM Ireland
Prescient
Prudential International Assurance (M&G) Plc
PwC
Rabobank
Revolut Bank - Ireland Branch
Royal London Ireland
RSA Ireland
S&P Global
SCOR Global Reinsurance Ireland
Seb Life International
Sedgwick
Simmons & Simmons
St. James's Place International plc
Standard Life International dac
State Street International (Ireland) Ltd
Utmost International
W&W Asset Management Dublin Dac
Wells Fargo
William Fry
Zurich Ireland