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Updated January 15th, 2024 at 18:33 IST

EU financial sector faces hurdles as women's board appointments dip to 44%

EU financial firms experienced a setback in meeting diversity targets as women's board appointments declined from 51% to 44% over the past year.

Business Desk
Representative
Representative | Image:Pixabay

Gender diversity decline: The progress towards achieving gender diversity on boards at major financial services firms in the European Union faced a setback last year, according to a survey by EY consultants released on Monday. The European Financial Services Boardroom Monitor revealed that the percentage of women appointed to board-level positions decreased from 51 per cent in 2022 to 44 per cent in the past year. This decline poses a challenge for the sector in meeting the European Union's diversity target.

The survey highlighted that 31 per cent of listed European financial services companies still have less than 40 per cent female representation on their boards. The EU's "Women on Boards" regulations mandate companies to achieve a minimum of 40 per cent female representation on non-executive boards or 33 per cent for all board members by June 2026.

Omar Ali, Managing Partner for EMEIA Financial Services at EY, emphasised that the 40 per cent target should be viewed as a starting point rather than a final goal. Despite efforts to improve gender diversity, female directors in European financial services continue to lag behind their male counterparts in terms of experience in c-suite roles like CEO or CFO, as well as holding senior board positions, as per EY's findings.

(With Reuters Inputs)

Published January 15th, 2024 at 18:33 IST

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