Treasury Select Committee Highlights Lack Of Diversity16 April 2010
A new Treasury Select Committee report titled “Women in the City” found that women are in the minority at senior levels of financial institutions. FTSE 100 banks have only 9% female boards and 1-2% women executive directors.
It has been suggested by Professor Charles Goodhart that
“greater female representation at senior levels would have made the banking crisis less likely.”
The report places the responsibility for change on the City and not just the introduction of a quota system. The report urges the City to demonstrate that it is committed to improving the representation of women at senior levels within the industry. It is clear however that the pressure for regulatory change will intensify should the industry fail to act. The Minister for Women and Equality stated she was working with the CBI.
“to develop a pledge, so each company will pledge to increase the number of women it has at the top level and ensure that there is more equality of opportunity within their company”.
Furthermore, the Government Equalities Office called for the requirements in terms of the selection of new directors to the board to be reinforced to ensure there is no bias against underrepresented applicants.
To read the full report, click here.