Women are making hardly any progress in landing top jobs in the global finance industry, despite a steady drumbeat of pledges to diversify, according to a new report.
The Gender Balance Index by the Official Monetary and Financial Forum rates 335 institutions. This year, its ninth running, more than half saw their scores drop or stagnate. As a result, women lead just 14% of the world’s biggest central banks, sovereign wealth funds, commercial banks and public pension plans. In fact, one in 10 institutions had no women at all in senior management or in the boardroom.
“The higher up the organizational ladder you go, the less likely you are to be a woman,” the report found, echoing earlier findings by OMFIF and other organizations that indicate women continue to struggle to make inroads into the highest levels of the finance industry.
OMFIF tracks senior positions held by women and awards scores of 0 to 100, reflecting no to complete gender balance. Last year, fewer than 1% reached the top score. This year, none did, while just 13% achieved a score of 70 or above, indicating a “reasonable balance.”
Still, there was some good news for diversity: The average score for each of the industry’s four corners did inch forward, suggesting some institutions are making strides. Public pension funds retained their lead, at 47.9, and banks reported the biggest improvement, creeping up to 35.
The index also provided its first ranking of management levels below the C-suite, showing 23% were women. The result indicated “a slightly healthier pipeline of future female leaders,” the report’s authors said.
