UK finance sector gender parity to take 30 years at current pace -study

Workers cross London Bridge during the morning rush hour, on the anniversary of Britain’s first coronavirus disease (COVID-19) lockdown, in London, Britain, March 23, 2021. REUTERS/Toby Melville

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  • Proportion of women in senior roles up 1% to 32%
  • Woman in Finance Charter calls for ‘urgent action’
  • Calls for CEOs to have hiring targets linked to pay

March 7 (Reuters) – The number of women employed in senior management of the UK financial sector will take 30 years to reach parity with men at the current pace, a UK government-backed initiative said on Monday as it announced steps to kick start “urgent action”.

The Woman in Finance Charter (WIFC) was founded in 2016 by the Treasury in the form of a voluntary agreement among over 400 institutions, including the Bank of England, to push for equal gender representation in the financial sector.

Yet the proportion of women in senior management roles has increased by only 1% to 32% in the two years to 2020, said Amanda Blanc, chief executive of British insurer Aviva (AV.L) and “champion” of the initiative.

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“Progress towards gender equality in the financial sector remains frustratingly low,” Blanc said. “Women, companies and society cannot afford to wait 30 years when we can achieve this in 10.”

In a paper co-published with Bain & Co on the eve of International Women’s day, the WIFC, drawing on the results of a survey issued…

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