Independent broker Mortgages for Business is among 67 new signatory companies to sign up to HM Treasury’s Women in Finance Charter.
The Charter reflects the government’s aspiration to see gender balance at all levels within firms operating in the financial services sector.
Commenting on the announcement, Jenny Barrett, Director of Marketing & Research at Mortgages for Business said:
“According to the 2017 World Economic Forum’s Global Gender Gap Report, although 46% of employees within financial services are women, only 15% are working at the executive level. Clearly this needs to change and I’m very excited to be leading the initiative here at Mortgages for Business.”
Steve Olejnik, COO at Mortgages for Business said:
“Within our firm, I can reveal that 25% of the board is made up of women. Whilst this might be a higher percentage than the average, in reality, that is just two women and we are mindful that over time the figure needs to rise. We are all committed to making it happen and ensure that we have a gender balance throughout the business.”
In addition to Mortgages for Business, new signatories to the Women in Finance Charter, include J.P. Morgan, Admiral Group, Equifax, Investec Asset Management, and Yorkshire Building Society, taking the total number to 272.
This means that the Charter now covers over 760,000 financial services employees in the UK.
John Glen, Economic Secretary to the Treasury said:
“From banking to asset management, too few women get to the top in financial services. That’s why it’s so important that firms sign our Charter and commit publicly to take action. It’s not just the morally right thing to do - a balanced workforce is good for business, for customers, and for profitability too.
“I commend our new signatories for taking a step in the right direction. I urge firms who’ve not already signed our Charter to join us in building a more representative and inclusive industry.”
As recommended in Jayne-Anne Gadhia’s review into the representation of women in financial services, the Women in Finance Charter asks firms to commit to four industry actions to prepare their female talent for leadership positions:
- Having one member of a senior executive team who is responsible and accountable for gender diversity and inclusion
- Setting internal targets for gender diversity in their senior management
- Publishing progress annually against these targets in reports on their website
- Having an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity.
Jayne-Anne Gadhia, CEO of Virgin Money and the government’s Women in Finance Champion said:
“I am delighted we have more than 270 companies committed to HM Treasury’s Women in Finance Charter. Gender equality and diversity
is integral to creating a fairer, more prosperous society. But there’s still more to do and we will keep going until every organisation is signed up.”