Rise of women to top of UK finance is ‘stagnating’

The Metropolis of London financial district is witnessed in London, Britain, Oct 22, 2021. REUTERS/Hannah McKay

LONDON, June 23 (Reuters) – Britain’s 6-yr push to increase the range of women of all ages in senior management at economical corporations is “stagnating” for the first time, a critique for the finance ministry reported on Thursday.

The ministry launched its voluntary Women of all ages in Finance Charter in 2016 and additional than 400 corporations have now signed up.

A critique by New Economic think tank uncovered that 78% of signed-up corporations are conference or are on track to meet up with their targets, up 5% on past calendar year.

The normal degree of female illustration in senior management remained flat at 33% in 2021 in contrast with 2020, the overview stated.

Virtually 50 percent of corporations have fully commited to have 40% of their boardroom designed up of women.

“I am concerned to see development stagnating,” Women in Finance Champion Amanda Blanc reported.

“Frankly, up to now there has been as well a lot tinkering at the edges and not adequate essential change,” claimed Blanc, who is also main executive of insurer Aviva.

“There are some glimmers of hope with extra formidable targets becoming set and fulfilled. But for the sake of females, companies and society, we have received to get the job done a lot quicker and harder.”

Signatories concur to support the development of ladies into senior roles by location targets to boost range and publicly report on their progress.

“I welcome this year’s progress, but configurations targets is just just one part of the process – I am these days contacting on firms to double-down on their to commitments and proceed to provide bigger gender-equality in the workplace,” Britain’s money companies minister John Glen mentioned in a assertion.

Pension Bee, Yorkshire Setting up Society and American Categorical headed the checklist of 33 signatories that have satisfied their own inside targets ahead of deadline.

There were being 31 firms who skipped their have targets for 2021, nevertheless 19 of them ended up shut, citing factors this kind of as restructuring, low turnover in senior administration, and COVID-19.

Reporting by Huw JonesEditing by Elaine Hardcastle

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