HM Treasury – Women in Finance Charter
Last year the government asked Jayne-Anne Gadhia, CEO of Virgin Money, to lead a review into the representation of women in senior managerial roles in financial services. Financial services is the highest paid sector in the UK economy, where the gender salary gap for full-time employees is at its most stark. Jayne-Anne’s review looked at the issue of unequal gender representation in the financial services sector that worsens as employees rise into more senior positions. The review, ‘Empowering Productivity: Harnessing the talents of women in financial services’ was published on 22 March, and makes four recommendations to industry to improve gender diversity in financial services, which have received widespread support from the sector.
In response, we launched the HM Treasury Women in Finance Charter which asks firms to commit to implement these recommendations. On 8 November the government announced that 93 firms across the financial services sector have signed the Charter. Firms of all shapes and sizes have signed up, with headquarters in the UK, USA, Europe and Asia. The first cohort of signatory firms have now published their gender diversity targets on their individual websites – details can be found on the gov.ukwebsite.
Angel Academe makes angel investing easy, rewarding and fun for women. We’re an award-winning angel network helping more women (and men) enjoy the benefits of angel investing and, at the same time, helping the best UK tech startups access the capital and “smarts” women bring. We believe that diverse investor and startup teams make better decisions, are more capital efficient and give better return on investment. Our goal is to have increased the proportion of women angel investors from a very measly 14% to 30% or more by 2020.
SavvyWoman is a money website aimed at helping women everywhere become a little richer. It’s the brainchild of Sarah Pennells, who is a well known personal finance journalist and broadcaster. SavvyWoman has been named as 5th in ‘The Times’ newspaper list of ‘50 top websites to save you money’. Sarah Pennells realised early on that women make different choices about money. Women tend to retire on less than men, feel less confident about taking risks with their money than men, worry more about their debts (and often have debts that charge a higher rate of interest) than men. She also realised that a lot of the widely available financial information was written with men in mind, which is why Savvywoman is different.
Voice at the Table
Voice At The Table is a diversity and inclusion consultancy with the core aim of providing companies and their workforce with the tools to progress and contribute authentically and improving the representation of women at all levels. The consultancy takes a two-pronged approach: it aims to transform corporate culture in order to facilitate women’s particular talents, to uncover the potential to deliver a stronger business with more women in leadership; and to change the model of leadership to a more collaborative style with emphasis on emotional intelligence for leaders and to promote an adaptable working environment for both women and men.
Wealth Management Association
The Wealth Management Association (WMA) was created as a trade association in 1990 out of the London Stock Exchange and exists to support its members and their clients. It is an advocate for the sector with governments, regulators and the wider financial services community. WMA facilitates the sharing of good practice, provides research and acts as a thought leader by leading and stimulating debate; making members aware of emerging trends; and challenging and provoking change. Its 180 full and associate members look after in excess of £825 billion of the country’s wealth or provide supporting services to the industry.
Women in the city
Founded in 2003, Women in the City is a dynamic, highly respected, award-winning organisation that promotes, recognises and rewards female talent. Women in the City works to empower, inspire and motivate professional businesswomen; acknowledge their success to date; celebrate their leadership skills; increase each woman’s impact and visibility in her organisation and sector and more.
The 30% Club is a global campaign that signs up Chairs and CEOs to take action to create a better balance of men and women at all levels of their organisations as a business imperative rather than a ‘women’s issue’.The Club launched in the UK in 2010 with a target of a minimum of 30% women on FTSE 100 boards by 2015. The proportion of female FTSE 100 directors has risen from 12.5% to 27%. As of 2016 the scope of the original target was extended and the goal is now a minimum of 30% women on FTSE 350 boards by the end of 2020. The Club is now also firmly focused on driving change at senior management level and throughout the pipelines of organisations and has introduced a new target of 30% women at senior management level of FTSE 100 companies by 2020.