According to a study published on Monday, women in the upper reaches of the city are still very under-represented. This lack of parity also applies to new appointments.
According to a survey published by the law firm Fox & Partners on Monday, women make up less than a quarter of promotions for senior positions in British finance. Last year’s survey included only 1,365 women out of 5,815 promotions and jobs to senior positions in British financial services, up 23.5%. However, it is slightly better than in 2020 (21%).
“Women are still under-represented in senior management, but even more worryingly, in new senior management positions,” said Catriona Watt, a law firm partner. He notes that “significant” cultural changes will therefore be needed to speed up the march towards parity. “The percentage of women in senior management positions will have to increase dramatically, otherwise we are unlikely to reach leadership parity in this generation,” he warns.
Three times less paid
Recent Fox & Partners studies also show that male executives in financial companies on the FTSE 350, the broader index of the London Stock Exchange, received benefits two-thirds higher than women who sat on the same boards. in 2021 – 689 550 pounds (834 818 Swiss francs) compared to 235 075 pounds (284 682 francs) on average.
The firm recommends mentoring and measures to support women who may be candidates for these positions and to commit companies to complying with the recommendations of the UK Treasury’s Charter for Women. These include the appointment of at least one senior management person to be responsible for diversity, the setting of senior management parity objectives, the publication of an annual progress report, the linking of compensation for diversity objectives, etc.
Accounts to be executed
In FTSE-100 companies, the number of women on boards of directors has increased from 12.5% to almost 40% in ten years, thanks to criteria that have so far been voluntary and published only by the listed parity authority. However, the delay is still significant for senior management positions and for equal pay for men and women, as shown by the Fox & Partners study.
The FTSE-100, which includes the 100 largest awards in London, has less than ten general managers, including Amanda Blanc of Aviva, but also Carolyn McCall of ITV, Alison Rose of NatWest, Emma Walmsley of GSK, Alison Brittain of Whitbread and Liv. Garfield in Severn Trent. The UK market regulator has recently increased the pressure for greater diversity among listed British companies and is now demanding “explanations” if they do not meet certain thresholds, including 40% of women on the board.