German finance boards are the least gender-diverse in Europe, EY data show
According to an analysis of 87 companies by EY, only 29% of German financial services board members are women, compared to 37% on average across Europe.
Switzerland ranked lowest among the 13 countries in EY’s survey, with 33% female, whereas Italy ranked highest with 44%. EY’s European Financial Services Boardroom Monitor reported 38% in Britain and France, two major European economies.
As a result of investor and regulatory pressure, companies have been working to make their boards more diverse.
“Incoming regulation that will mandate equal gender diversity in the EU and the UK is positive, but if firms are to achieve this aim, further action is needed now,” said Omar Ali, EMEIA financial services managing partner at EY.
“Like other sectors, financial services companies need to up their game.”
Companies have made progress, however, EY said, with 48% of female board members appointed in the past three years, compared with 32% of male board members over the same period.
According to an EY survey of 300 European and UK-based fund managers who have actual or potential exposure to European financial services companies, 44 percent of investors say gender diversity in the boardroom influences their decision to invest in a financial services company “significantly,” while 16 percent say it doesn’t influence their decision at all.
Source- Reuters
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