Women's representation in the senior management of financial institutions such as banks and insurance firms continues to rise, but the growth is slowing down, and only 16% of such companies had a female CEO in 2023.
This is according to the annual report of Wo.Men in Finance, a network promoting diversity, equality and inclusion in the financial sector.
According to the report, "there is still growth in female representation at all levels of management in 2023, but it has slowed down over the past year."
There is still a ‘glass ceiling’ as, only 16% of the 63 members of Wo.Men in Finance - which represents more than 90% of the financial sector - had a woman as CEO by 2023, for example. "A minority group can ideally develop its full potential if it reaches at least 30 to 35%," the report notes.
The representation of women ranges from 42.1% in boards, where quota rules apply, to 33.2% in senior management and 25.7% in executive committees. In addition, the report notes that more women resigned voluntarily at senior management level and the proportion of newly appointed women at that level went down.
"We are at a crucial turning point," say Claire Godding, co-president of Wo.Men in Finance, and Nathalie Delaere, co-author of the report. "Our findings show that real progress on gender diversity and inclusion goes beyond numbers or quotas; it's about an inclusive corporate culture.
"Companies need to consciously invest in a culture where more women are not only willing to take on leadership roles, but also feel really good about it."
