The Treasury has today announced the launch of its second Women in Finance Charter annual review, produced in collaboration with think-tank New Financial.
36 new firms have signed the charter, including New Model Adviser® cover star firm Addidi Wealth. This brings the total number of signatories to more than 330.
Anna Sofat, managing director of Addidi Wealth, said: ‘Today we see 36 new signatories on the women in finance charter and I’m proud to say Addidi is one of them who already meets the criteria. With the latest gender pay gap reports from the city showing it is widening in our industry, this is welcomed news and shows just how important it is that equality is at the top of our priorities.’
The Women in Finance Charter, launched in March 2016, commits firms to improving gender equality by setting and publishing internal targets, and ensuring executive pay is linked to this; and electing a member of senior staff to oversee diversity and inclusion.
The second review shows that the number of women in senior management roles at firms who have signed the charter is rising. 86% of firms signed up have increased or maintained the number of women at the top of their companies.
It highlights 10 areas where improvements have been made. Read them here.
Economic secretary to the Treasury and City minister John Glen revealed the number of new signatories at an event in Guildhall this morning. In a statement on the Treasury's website he said: 'Without the committed women and men championing the gender agenda at every level in their firms, we would not have seen the fantastic progress that we have today.
'But, we will only see long-lasting change with consistent action, so we’ll continue to monitor the progress of the sector closely to ensure it keeps up the momentum. If progress slows, we can and will take further action.'
Yasmine Chinwala, partner at New Financial and co-author of the report, said: 'When the Charter launched in March 2016, the idea of targets was quite shocking for the financial services industry. The review shows that in in just three years targets are now widely accepted as a crucial mechanism for increasing female representation.
‘I am hopeful that the industry will be open to embrace the next phase of radical actions that will deliver the genuine sustainable change we all want to see.'
Other new signatories include Aegon UK, Triodos Bank and Ark Wealth.