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1、Years to achieve gender parity in leadershipomfif.orgGENDER BALANCE INDEX 2023235 Foreword6 Key findings12 Partners comment14 Chapter 1:Central banksWhile the number of female governors remains underwhelming,changes at executive and board levels are driving progress.22 Chapter 2:Central bank surveyA
2、 survey of 46 central banks shows gender balance is possible with a multi-pronged approach to providing flexibility and support.28 Chapter 3:Commercial banksOnly one region has managed to make progress on gender balance over the last 12 months by just 7 points in our index.4022341428Get your outputs
3、 and actions independently verified and attain EDGE Certification.Use EDGE Empower to measure,benchmark,plan and manage DE&I change.Use your EDGE Certified Seal to communicate your achievements andcommitment to DE&I progress.infoedge-cert.orgOur 3-Step Approach to EDGE CertificationEDGE Certificatio
4、n The Leading Certification for Workplace Diversity,Equity and Inclusion34 Chapter 4:Global public fundsWith some of the highest and lowest performers in this years GBI,global public pension funds and sovereign funds reveal encouraging signs of change.40Chapter 5:Views from industryChildcare require
5、ments,cultural biases and a lack of champions at the top are still the main barriers to women advancing their careers in finance.46Databankomfif.orgGENDER BALANCE INDEX 202345THINGS TEND to move rather quickly in the world of finance.Just ask any shareholder or AT1 bondholder in Credit Suisse,who st
6、arted March 2023 thinking they had a reasonably secure stake in a globally significant,160-year-old bank and ended the month realising that their investments were largely worthless.Unfortunately,speed is not a quality that you can easily associate with the progress of the worlds leading financial in
7、stitutions in achieving gender balance.2023 marks the 10th anniversary of OMFIFs Gender Balance Index.Over the past decade,the GBIs output has changed substantially.From an original focus on just central banks and their top leadership,the GBI universe now includes leading commercial banks and public
8、 pension and sovereign funds.It delves beneath the very top level of institutions to look at the layers below.And it includes annual surveys on key issues in the gender balance debate,with this years iteration looking closely at the key policies and programmes that central banks are using to promote
9、 diversity.Some things have barely changed at all.In 2013,21 of the worlds central banks had a female governor.By 2023,that number had risen to 22.Over the past two years,58 central banks have appointed a new governor.Just 10 of those appointed were women,equivalent to 18%.That is progress of sorts.
10、Across the 336 institutions analysed in our index,the proportion of female CEOs or equivalent remains stuck at 14%.Overall scores across the four classes of institutions covered rise by one or two percentage points this year.Of the 6,221 individuals that make up the GBI database,30%are women.These a
11、re just a few headline data points that show the challenges institutions face in improving the gender diversity of their organisations.This report is stacked full of other data points that should at least give pause for thought,but hopefully generate points for action.Of particular note is the analy
12、sis OMFIFs team carries out on the type of role held by senior women,which is a crucial indicator of whether they have the opportunity to reach the top of the institution.Unfortunately,there are no easy answers to resolving this issue of slow progress.Clearly,a proactive strategy should help.But the
13、re is no direct causality between mentorship programmes,quotas,parental leave policies and a better GBI score.This suggests that the key to success is less tangible perhaps it is as much about culture as anything,in an institution as well as in the country or society in which it operates.The presenc
14、e of female leaders has an important impact,though it will be refreshing when those leaders are celebrated purely for their talents and achievements rather than also for their gender.Only at that point where a woman being in charge is seen as nothing remotely unusual will the culture of financial se
15、rvices feel truly balanced.Our thanks go to the wide range of people and institutions that have contributed to this project.These include EDGE,our long-term partners who do important work with many institutions around the world on diversity.Thanks also to the 46 central banks that took part in our s
16、urvey,to the people who contributed to this report,either by writing an article or allowing us to interview them.And thanks to you for reading this in and of itself.That means you would like to see change,or help bring about change or hopefully both.Congratulations to those who score well in our ran
17、kings keep up the good work and help spread your knowledge and experience.For those who score less well what are you waiting for?The Gender Balance Index is described by many of us at OMFIF as a labour of love.One thing is for sure wed love to see the financial industry reach gender balance consider
18、ably earlier than the date of 2163 that our cover predicts!FOREWORDNOT MUCH ROOM AT THE TOPOver the past 10 years,the gender balance of global financial institutions has barely changed,writes Clive Horwood,managing editor and deputy chief executive officer,OMFIF.ONLY AT THAT POINT WHERE A WOMAN BEIN
19、G IN CHARGE IS SEEN AS NOTHING REMOTELY UNUSUAL WILL THE CULTURE OF FINANCIAL SERVICES FEEL TRULY BALANCED.2023 OMFIF Limited.All rights reserved.Strictly no photocopying is permitted.It is illegal to reproduce,store in a central retrieval system or transmit,electronically or otherwise,any of the co
20、ntent of this publication without the prior consent of the publisher.While every care is taken to provide accurate information,the publisher cannot accept liability for any errors or omissions.No responsibility will be accepted for any loss occurred by any individual due to acting or not acting as a
21、 result of any content in this publication.On any specific matter reference should be made to an appropriate adviser.Company Number:7032533.ISSN:2398-4236Official Monetary and Financial Institutions Forum 181 Queen Victoria Street,London,EC4V 4EGT:+44(0)20 700 27898enquiriesomfif.org omfif.orgABOUT
22、OMFIFWith a presence in London,Washington and New York,OMFIF is an independent forum for central banking,economic policy and public investment a neutral platform for best practice in worldwide public-private sector exchanges.AUTHORSClive HorwoodManaging Editor and Deputy Chief Executive Officer Nikh
23、il Sanghani Managing Director,ResearchTaylor PearceSenior EconomistJulian JacobsSenior EconomistArunima SharanSenior Research Analyst Katerina Liu Research AnalystEDITORIAL AND PRODUCTIONSimon HadleyDirector,ProductionWilliam Coningsby-BrownProduction ManagerSarah MoloneyChief SubeditorJanan Jama Su
24、beditorMARKETINGBen RandsDirector of Events and MarketingJames FitzgeraldDeputy Head of Events and MarketingAmy HolderEvents and Marketing CoordinatorOphelia MatherMarketing Coordinator Jessica Tate Events and Marketing CoordinatorBOARDDavid MarshChairmanPhilip MiddletonDeputy ChairmanJohn OrchardCh
25、ief Executive Officer Jai Arya,Maggie Mills,Mark BurgessADVISORY COUNCILMeghnad DesaiChairmanMark SobelUS ChairmanMarsha Vande BergDeputy ChairmanHani KablawiDeputy ChairmanFrank ScheidigDeputy ChairmanBen Shenglin,Chair,OMFIF Economists Network,Otaviano Canuto,Michael Cole-Fontayn,Aslihan Gedik,Zho
26、ngxia Jin,Prakash Kannan,Yougesh Khatri,John Kornblum,Norman Lamont,Rudi Lang,Oscar Lewisohn,Dennis Lockhart,Leslie Maasdorp,Nicolas Mackel,Timothy Massad,Brent McIntosh,Sheila MMbijjewe,Kingsley Moghalu,Rakesh Mohan,Clestin Monga,Nora Mller,ystein Olsen,Ila Patnaik,Danny Quah,Ludger Schuknecht,Anne
27、 Simpson,Christopher Smart,Marc-Olivier Strauss-Kahn,Niels Thygesen,Natacha Valla,William White,Andrew Wold,Janine von WolfersdorffABOUT EDGE CERTIFICATION EDGE Certification is an effective instrument for sustainable progress based on objective,measurable evidence of an organisations current status
28、 and progress;with clear standards of performance that create transparency and accountability for change in relation to workplace gender and intersectional equity.EDGE Certification brings internal and external credibility to an organisations DE&I progress through independently verified certificatio
29、n conducted by a third-party auditor.More than 230 large organisations in 50 countries representing 24 industry sectors have attained EDGE Certification at one of the three levels of EDGE Certification.For more information,please see:edge-cert.org 10TH EDITIONomfif.orgGENDER BALANCE INDEX 202367KEY
30、FINDINGSALL INSTITUTION GROUPS ARE MAKING SLOW PROGRESS ON GENDER BALANCE.In general,gender equality is improving in central banks,commercial banks,pension funds and sovereign funds.Average GBI scores rose for each of the four groups this year,although only by 1-2 points.Pension funds continue to ou
31、tperform with an aggregate GBI score of 50 out of 100 meaning they are just halfway to achieving gender parity.The global score for commercial banks and central banks is less than 40,and only 23 for sovereign funds.One small crumb of comfort is that,while coming from a low starting point,sovereign f
32、unds are making widespread progress.A net 27%of sovereign funds in the sample increased their GBI scores this year a higher share than for commercial banks(22%),pension funds(16%)or central banks(8%).AT THE CURRENT RATE OF PROGRESS,IT WILL TAKE 140 YEARS TO REACH GENDER PARITY IN LEADERSHIP POSITION
33、S.Across the 336 institutions covered in the GBI,only 14.0%are led by women.Thats up marginally from 13.7%in 2022 and 13.3%in 2021.At the current rate of progress,it would take over a century for there to be an equal number of women and men at the helm of central banks and major financial institutio
34、ns.Female representation lower down the ladder is better.Women make up 24%of deputy governors and C-suite staff and 30%of the 6,221 senior staff across all institutions in the index.However,at this stage,very few are able to break through the glass ceiling into top positions.The OMFIF Gender Balance
35、 Index scores institutions in central banks,commercial banks,pension funds and sovereign funds based on the ratio of women and men in their senior staff.This is weighted by seniority,with governors and chief executive officers given the highest weights.A score of 100 reflects a perfect 50-50 split b
36、etween women and men on this weighted measure.See p.54 for more information on the methodology.6,221 INDIVIDUALS ACROSS 336 INSTITUTIONS COVERED IN THE INDEX186 CENTRAL BANKS50PENSION FUNDS50SOVEREIGN FUNDS50COMMERCIAL BANKS41%OF INSTITUTIONS HAD AN INCREASE IN THEIR SCORE AND 27%SAW SCORES DECLINE1
37、9INSTITUTIONS HAVE MORE WOMEN THAN MEN IN SENIOR ROLES27INSTITUTIONS HAVE NO WOMEN IN THEIR SENIOR STAFFXomfif.orgGENDER BALANCE INDEX 202389OUR SURVEY OF CENTRAL BANKS FINDS THAT PAID PARENTAL LEAVE AND FLEXIBLE WORK ARE THE MOST COMMON POLICIES LINKED TO GENDER EQUALITY.Our survey shows that almos
38、t all central banks offer flexible work policies and paid parental leave.However,there is a disparity between maternity and paternity leave offered.Most respondents(59%)provide three to six months of paid maternity leave while the vast majority(83%)give three months or less as paid paternity leave.B
39、ridging this gap through policies that ease the burden of care for all staff,irrespective of gender,can drive progress towards gender parity.Our survey also reveals that central banks whose GBI scores have declined over the past five years are far less likely to have dedicated resources(including st
40、aff or financial resources)for gender equality,or leadership and mentorship programmes.Accordingly,these policies may be particularly effective in improving gender balance.ASIA PACIFIC IS THE MOST MALE-DOMINATED REGION IN THE INDEX.Asia Pacific scores poorly across the different institutions in the
41、GBI.Its regional score is 20 or below for central banks,pension funds and sovereign funds.And the score for commercial banks fell to 29,from 30 in 2022.By comparison,regional scores for North America and Europe are above 35 across all institution groups.It is notable that monetary authorities in thr
42、ee of the biggest Asia Pacific economies China,India and South Korea score 5 points or below.The Bank of Japan does little better with a score of 11,the lowest in the G7.Otherwise,four commercial banks in the region feature in the bottom 10 of the GBI rankings,including Japanese bank Mizuho with jus
43、t 1 point.Its not all bad news from Asia Pacific.Three out of the top 10 central banks this year come from the region:Reserve Bank of Australia,National Bank of Samoa and Central Bank of Myanmar.On the commercial bank front,OCBC Bank in Singapore jumped to second in the rankings this year.And for so
44、vereign funds,the Victorian Funds Management Corporation in Australia remains top of the table with a score of 97.COMMERCIAL BANKS ARE NOT YET WALKING THE WALK ON GENDER BALANCE.Commercial banks are taking one step forward and half a step back on gender equality.GBI scores increased in 57%of commerc
45、ial banks in our sample but fell in 35%.Regionally,scores only increased in Europe with notable progress at Standard Chartered,which leads the rankings with a score of 77.No other bank scores above 70.Unfortunately,women are still struggling to reach the highest positions in the banking sector.Admit
46、tedly,the number of female CEOs in the sample increased by one to eight this year,with Tarciana Paula Gomes Medeiros appointed as head of Banco do Brasil.But more than half of the commercial banks included in the index do not have any women in their C-suites.The banking sector therefore has a lot of
47、 work to do to reach gender parity.WHILE CENTRAL BANKS ARE HEADING IN THE RIGHT DIRECTION,THERE IS ONLY ONE MORE FEMALE GOVERNOR NOW THAN 10 YEARS AGO.The number of women heading central banks(including regional Federal Reserve banks and the European Central Bank)is 22,the highest number since the f
48、irst edition of the GBI 10 years ago.However,this is only one more than it was in 2014.Progress is slowing down.Among the 32 central banks that changed their leaders over the past year,only four appointed women(13%).The 2022 index recorded six women who became central bank governors out of 26 change
49、s(23%).More than half of the 22 women leading central banks today have spent their careers at institutions they lead,which underscores the importance of building a broad pipeline of female senior talent to progress into the top positions.Discouragingly,11%of central banks still lack any women in sen
50、ior staff positions.omfif.orgGENDER BALANCE INDEX 20231011GENDER IMBALANCES PERSIST IN EXCO ROLES.The pipeline of future leaders remains biased towards men.Only 22%of all C-suite members in commercial banks,pension funds and sovereign funds are women.Pension funds lead the way as the share of women
51、in C-suites increased to 30%this year,from 26%.But this proportion was broadly unchanged at less than 20%in sovereign funds and commercial banks.Looking one level lower,the share of women in executive committees across the GBI inched up to 29%from 28%in 2022.However,female executives are far less li
52、kely than their male counterparts to hold the revenue-generating roles which commonly feed into future leadership positions.In the GBI sample,62%of female ExCo members run a major business line,compared to 83%for men.This suggests that the representation of women in top positions is unlikely to incr
53、ease significantly in the near future.FINANCIAL INDUSTRY PARTICIPANTS HIGHLIGHT THE IMPORTANCE OF FEMALE REPRESENTATION FOR FIRM PERFORMANCE.Interviews with six financial industry participants highlight that womens representation in the sector is imperative for firms performance.It leads to higher r
54、eturns,lower risk and greater impact as stated by Heather Mae Kipnis from the International Finance Corporation(p.41).Many interviewees note progress in achieving gender balance at entry-level positions,but senior leadership continues to be predominantly male.All participants mentioned childcare res
55、ponsibilities as a key barrier to progress,and some noted a persisting cultural bias which dissuades women from entering the financial sector.Interviewees suggested several solutions,including more inclusive hiring processes,transparency of diversity data and mentorship schemes to improve gender bal
56、ance.They also highlighted the need for a broader culture shift within the industry.Addressing these issues and having more women in leadership positions can create a ripple effect leading to more representation and gender balance elsewhere in the firm,according to Kipnis.Improvement in gender balan
57、ce across all institutionsAggregate GBI scores(100=perfect gender balance)Source:OMFIF GBI 2018-23Note:Commercial banks were included in the index from 2021 onwards.The sample of pension and sovereign funds included in the index changed in 2022 to cover 50 of the largest institutions by AUM.FEMALE R
58、EPRESENTATION BY POSITION,%Source:OMFIF analysisRecord number of female central bank governors but only one higher than in 2014 Number of female central banks governorsSource:OMFIF analysis Note:Data includes presidents of regional Federal Reserve banks and the European Central Bank.05540
59、4550Sovereign fundsCentral banksCommercial banksPension funds20024 2015 2016 2017 2018 2019 2020 2021 2022 202320222023Governors/CEOsCentral banks1112Commercial banks1416Pension funds2624Sovereign funds1010Deputy governors/C-suiteCentral banks2627Commercial banks1819
60、Pension funds2630Sovereign funds1717Board of directorsCommercial banks3335Pension funds3333Sovereign funds2325Executive committeesCommercial banks2526Pension funds3435Sovereign funds2528BEST PERFORMING INSTITUTIONS THIS YEARScored out of 100CENTRAL BANKS:FEDERAL RESERVE BANK OF KANSAS CITYCOMMERCIAL
61、 BANKS:STANDARD CHARTEREDSOVEREIGN FUNDS:VICTORIAN FUNDS MANAGEMENT CORPORATION97PENSION FUNDS:CANADA PENSION PLAN INVESTMENT BOARD969477omfif.orgGENDER BALANCE INDEX 20231213THERE IS A strong body of evidence that supports the fact that diversity,equity and inclusion strategies contribute to a more
62、 prosperous and inclusive society,one which is committed to sustainable growth.The work of EDGE Certification shows that the measurable and accountable pursuit of workplace gender and intersectional equity correlates with better organisational performance,better labour market conditions,better corpo
63、rate citizenship and better conditions for employees that extend beyond the workplace.The business case for DE&I is strong.But as a business leader,how do you really know that your DE&I strategy is working and how can you tell it is having the impact you desire?The answer is to consider four key sta
64、keholders:your leadership team,employees,line managers and human resources professionals.Senior leadership teamThe senior leadership team plays a crucial role in driving the success of an organisations DE&I strategy.A successful DE&I strategy is evident when the senior leadership team is able to cle
65、arly articulate the importance of DE&I beyond the generic case that may be found in business magazines.The generic case for DE&I often reiterates the benefits of diversity for innovation or the importance of creating an inclusive workplace.However,a successful DE&I strategy goes beyond these common
66、arguments and considers the unique context and goals of the organisation.Senior leaders should be able to explain why the organisation is investing in DE&I and support this investment by recruiting the talents required for their DE&I success.Furthermore,the team should be motivated by personal exper
67、iences or aspirations and should devote energy towards supporting DE&I in the organisation.When senior leadership team members share their personal journeys and emotions,it is a sign that the DE&I strategy is working.It is important that the senior leadership team is clear about where the organisati
68、on currently stands and where it wants to go,while also being supportive of the main programmes running to achieve its DE&I goals.Additionally,the team should offer their own time,experience and energy to be sponsors and mentors for diverse talent,as well as being mentees in reverse mentoring progra
69、mmes.This demonstrates that they are willing to share their own experiences while also being open to listening to the challenges faced by others.Furthermore,it is crucial that the senior leadership team engages with and participates in DE&I-related internal and external conversations and events thro
70、ughout the entire duration,rather than just limiting their involvement to the opening speech.DE&I progress should be included in all important stakeholder briefings,alongside other critical areas of organisational sustainability.The importance of DE&I should be shared as one of the topics that deliv
71、ers shareholder value.Finally,the performance of the leadership team should be measured,in part,by their progress towards delivering the DE&I strategy,and they should be held accountable for it.EmployeesEmployees are a crucial stakeholder in any successful DE&I strategy.An effective DE&I programme e
72、nsures that all employees regardless of their gender,sexual orientation,race,ethnicity,nationality,dis/ability or age feel that diverse talent is given a fair opportunity to be hired,remunerated fairly and given an equal opportunity for career advancement.Employees should feel included in the decisi
73、on-making process within their own teams and the wider organisation.Inclusive decision-making processes ensure that employees feel heard and valued,leading to greater engagement and commitment to the organisations goals.This promotes a more diverse and inclusive workplace culture.HOW TO KNOW YOUR DE
74、&I STRATEGY IS WORKINGGlobal organisations are pursuing diversity,equity and inclusion strategies to bring about transformation in the workplace,writes Aniela Unguresan,founder and member of the EDGE Certified Foundation Board.AN EFFECTIVE DE&I PROGRAMME ENSURES THAT ALL EMPLOYEES REGARDLESS OF THEI
75、R GENDER,SEXUAL ORIENTATION,RACE,ETHNICITY,NATIONALITY,DIS/ABILITY OR AGE FEEL THAT DIVERSE TALENT IS GIVEN A FAIR OPPORTUNITY TO BE HIRED,REMUNERATED FAIRLY AND GIVEN AN EQUAL OPPORTUNITY FOR CAREER ADVANCEMENT.PARTNERS COMMENTEmployees should feel that they can have transparent conversations about
76、 pay equity,and that it is easy and natural to ask for a pay review without fearing negative consequences.Similarly,they should know what steps to take if they experience harassment or discrimination and should feel confident that appropriate action will be taken to address those concerns.Effective
77、communication of the senior leadership teams commitment to DE&I is essential to ensure that it is visible and recognised by employees.In our work,we often find that HR teams usually state that their leadership teams are committed to DE&I,but when employees are asked the same question,there is a nota
78、ble discrepancy.This is not necessarily due to a lack of authenticity,but perhaps because these commitments are not communicated effectively and are thus not visible to employees.In addition,employees should be able to highly recommend their organisation as a place to work to those with diverse back
79、grounds and identities.A successful DE&I strategy should enable the organisation to attract,develop,motivate and retain a diverse pool of talent.By achieving these goals,the organisation can ensure that its DE&I strategy is truly working for its employees.Line managersThe engagement of line managers
80、 is a key indicator of the success of your DE&I efforts.This group is responsible for directly managing employees and their support for DE&I is critical to success.A successful strategy can be identified when line managers are comfortable discussing DE&I topics with their teams,including pay equity
81、and career advancement for diverse talent,and there are clear processes for addressing any concerns raised.In addition,they should be knowledgeable about inclusive behaviours,model them and take action when non-inclusive behaviours are observed.Rather than just focusing on what constitutes bias and
82、discrimination,they should understand what inclusivity looks like and be committed to showing respect and dignity to all employees.Line managers should actively seek out and value the diverse perspectives and experiences of each team member,listen and respond to feedback in a constructive way and pr
83、ovide equal opportunities for growth and development regardless of background or identity.This contributes to creating a safe and inclusive work environment where everyone feels comfortable and respected.Finally,it is important to ensure that DE&I indicators are included in line managers key perform
84、ance indicators,demonstrating their recognition of the value that DE&I brings to the organisation.HR professionalsTo ensure that a DE&I strategy is working,it is important to assess the engagement of HR professionals.A DE&I strategy is effective when there is a deep and rich pipeline of diverse tale
85、nt across different levels of responsibility and roles,including colleagues in non-stereotypical roles and careers.Breaking down stereotypes and biases is a key step towards creating a more diverse and inclusive workplace as it can provide opportunities for individuals who may not have had access to
86、 certain roles or industries due to historical barriers and discrimination.HR professionals play a critical role in transforming the organisational culture to become more inclusive,and higher candidate engagement is evidence that an organisation is becoming more diverse.Additionally,the DE&I strateg
87、y is successful when there is good alignment between an organisations intention,the workplace experience of employees and the impact of programmes.Finally,DE&I results should withstand the scrutiny of impartial third-party verification and be made visible and credible through an independent certific
88、ation.Third-party certification is a valuable tool for organisations to validate the effectiveness of their DE&I strategies and to demonstrate their commitment to creating a diverse,equitable and inclusive workplace.Supporting your DE&I strategy EDGE Certification is an effective instrument for sust
89、ainable progress in DE&I based on objective,measurable evidence of an organisations status and progress.There are clear performance standards that create transparency and accountability for change in relation to workplace gender and intersectional equity.EDGE Certification brings internal and extern
90、al credibility to an organisations DE&I progress through independently verified certification conducted by a third-party auditor.EDGE-certified organisations place such high importance on becoming more diverse,equitable and inclusive workplaces that they have chosen to apply the same discipline and
91、rigour to DE&I that they would apply to their other business-critical missions.They have chosen to measure themselves against the EDGE Global Standards the internationally recognised highest standards in DE&I and to make DE&I progress visible to their employees,potential employees,investors,business
92、 partners and customers.omfif.orgGENDER BALANCE INDEX 20231415CHAPTER 1:CENTRAL BANKSWhile the number of female governors remains underwhelming,changes at executive and board levels are driving progress.CENTRAL BANKS INCH CLOSERTHE PAST YEAR has been one of slow progress in achieving gender balance
93、in central banks.The global GBI score increased to 33,from 31 in 2022.This measure is based on a GDP-weighted average to account for major central banks greater influence on the world economy.This is the highest global score since OMFIF developed the current methodology in 2017,but progress has not
94、been uniform.GBI scores increased in 35%of the 186 central banks in the index but declined in 28%.There are still 21 central banks(11%)that score zero with no women as a part of their senior staff.Digging deeper,there have been improvements in female representation across all levels of senior staff.
95、There are 22 women leading central banks today,up one from 2022.This is the highest this statistic has been in the 10 years of the GBI.But this is hardly a significant milestone:this number is only one higher than it was in 2014(Figure 1.1).Moreover,progress has slowed in recent years.Over the past
96、year,of the 32 central banks that have changed their leaders,four appointed women(13%)with three of these replacing men.In the preceding 12 months,six of the 26 central banks that changed governors had women replacing men(23%).KEY FINDINGS Central banks across the world are generally improving their
97、 gender balance,with the global GBI score rising to 33 this year,from 31 in 2022.This is the highest global score since OMFIF developed the current methodology in 2017.Large regional disparities persist,with North and Latin America faring best while Asia Pacific and the Middle East continue to lag.T
98、he Federal Reserve Bank of Kansas City tops the ranking and other regional Feds score highly,but national central banks of major economies tend to underperform.Three of the top 10 scores are small island developing states whose gross domestic product is less than$5bn.At 22,the number of women as hea
99、ds of central banks is the highest it has been in the 10 years of the GBI.This is,however,only one higher than it was in 2014.Over the past five years,changes in central banks GBI scores have been largely driven by changes at the executive and board level rather than governor positions,highlighting
100、the importance of building a broad pipeline of female senior talent.Among the four female governor appointments in the last year,two have been in regional Federal Reserve Banks Boston and Dallas.In the former,Susan Collins was appointed as only the second female president at the Boston Fed in its hi
101、story,and the first woman of colour to lead any of the 12 regional Feds.Its GBI score increased by 29 points to 68 this year,and it is ranked 32nd.Meanwhile,Meredith Black had been serving as interim president of the Dallas Fed until Lorie Logan was made permanent in this role in August 2022,becomin
102、g the first woman to hold this position.But the organisation added two men to its senior team,causing its GBI score to slip to 68 this year,from 80 last year.The Bank of Papua New Guinea and the Central Bank of Myanmar are the two national central banks that have appointed women as central bank gove
103、rnors for the first time.After 35 years of service,Elizabeth Genia was appointed as the acting governor in Papua New Guinea in January 2023,replacing Benny Popoitai.The Bank of Papua New Guineas GBI score rose to 71 from 0 last year,making it one of the biggest risers,and it now ranks 23rd in the in
104、dex.However,this improvement may be short-lived.Under the Central Banking(Amendment)Act in 2021,acting governors can only serve six months,suggesting Genias term is due to end soon.In Myanmar,Than Than Swe was appointed as the central bank governor in August 2022,replacing Than Nyein.Coupled with a
105、reshuffle in other executive positions at the bank,the change in leadership has made the Central Bank of Myanmar another one of the biggest risers in this years index,ranking ninth,compared to 102nd in 2022.One common trait among all four women who took over leadership positions this year is that th
106、ey spent a considerable part,if not all,of their careers working at a central bank.And looking at all 22 women who head central banks today,more than half had worked at the central banks they now lead.This suggests the pipeline of future female governors will probably come from within.Unfortunately,
107、looking at the current gender composition of central banks executives and boards,its unlikely the share of female governors will significantly improve in the coming years.Among the 3,059 senior staff members from 186 central banks(including regional Feds and the European Central Bank),just 30%are wo
108、men.And 27%of all deputy governors are women.These shares have increased in recent years(Figure 1.2)and are higher than the share of governors(12%).But it suggests gender parity at the highest position in central banks will remain a long way away in the absence of decisive action to build in-house f
109、emale 054 2015 2016 2017 2018 2019 2020 2021 2022 20231.1.Number of women heading central banks is the highest in a decadeNumber of female central bank governorsSource:OMFIF analysis Note:Data includes presidents of regional Federal Reserve Banks and the European Central Bank.21THERE ARE
110、STILL 21 CENTRAL BANKS(11%)THAT SCORE ZERO WITH NO WOMEN AS PART OF THEIR SENIOR STAFF.omfif.orgGENDER BALANCE INDEX 20231617talent.See Chapter 2 for the results from our survey of 46 central banks regarding the policies they are implementing to achieve gender equality.Non-linear progress in regions
111、While the global GBI score reached its highest ever level this year,there are stark differences regionally.Only Africa recorded its highest ever regional GBI score in 2023.Meanwhile,scores fell in Latin America and Asia Pacific this year.Accordingly,while many central banks are now moving in the rig
112、ht direction,there remains a risk that not all regions will follow the global trend towards gender equality.North America remains the top-performing region this year with a GBI score of 60,up from 55 in 2022.The increase is due to higher female representation among senior staff at the Bank of Canada
113、,pushing its score to 67 from 42 last year.The board of the Federal Reserve Systems score stayed at 59 this year but may decrease in the near future following the resignation of Lael Brainard as vice chair in February 2023.Latin America and the Caribbean is the second-highest performer with a score
114、of 44.It is also the most improved over the past six years,having scored just 5 points in 2017.This is mainly due to the historic appointment of three women as central bank governors in 2022 Rosanna Costa in Chile,Victoria Rodrguez Ceja in Mexico and Rebeca Patricia Santos Rivera in Honduras(two of
115、which were the first female governors in their respective institutions).However,the regions score edged down this year due to lower female representation in various central banks.And Joaqun Alonso Vzquez succeeded Marta Sabina Wilson Gonzlez as the governor of the Central Bank of Cuba in February 20
116、23.The regional score for Asia Pacific also fell to a EUROPES SCORE IS LOWER THAN IT WAS IN 2021 AND NOW ONLY ONE NATIONAL BANK FROM THE REGION MAKES IT TO THE TOP 10 THIS YEAR NORGESBANK.OF THE 17 NATIONAL CENTRAL BANKS WITH FEMALE GOVERNORS,FIVE HAVE A GDP OF LESS THAN$10BN(0.04%OF THE GDP OF THE
117、US).Senior staffDeputy governorsGovernors2017-22 average050231.2.Female representation is increasing in central banksShare of women by position,%Source:OMFIF analysis Note:Figures include the ECB and regional Feds from 2021 onwardscountries have a woman heading their central banks(ECB not
118、 included)Banco de Mxico and the Central Bank of the Russian Federation.In contrast,central banks in many smaller economies do well on this front.Of the 17 national central banks with female governors,five have a GDP of less than$10bn(0.04%of the GDP of the US).And three central banks in this years
119、top 10 are classified as small island developing states with a GDP of less than$5bn Central Bank of Seychelles,Bank of Cape Verde and Central Bank of Samoa.Some monetary authorities in advanced economies perform well in the GBI,particularly the regional Feds.The average score of the 12 regional Feds
120、 is 71,higher than that of their national counterpart the board of governors of the Federal Reserve System,which scores 59.Four of the 12 regional Feds have a female president.And a regional Fed has the highest score in the index for a third consecutive year.The Federal Reserve Bank of Kansas City c
121、laims the top spot this year,from 11th last year,with a score of 96.This rise is caused by a change of president of the institution.There had been a positive bias towards women in 2022 and,with former president Esther George being replaced by a male interim president,Kelly Dubbert,in January 2023,th
122、e institution is now closer to gender balance.GBI scores are based on how close institutions are to equal representation between men and women,rather than the absolute share of women.This is the reason why the Federal Reserve Bank of San Francisco,which topped the ranking in 2022 with a score of 97
123、last year,now scores 68.It added to its female senior staff,which now make up 60%of the total.Three other regional Fed banks also have a higher proportion of women than men among their senior ranks Chicago,Cleveland and Minneapolis.1.3 Progress outside Latin America and Asia Pacific283444
124、551314North AmericaEuropeAfricaLatin AmericaAsia Pacific Middle East2023 global score332022 global score3120232022Source:OMFIF GBI 2022-23Myanmar.Asia Pacific also has the second-highest number of female governors,tied with Latin America and the Caribbean with five each.Europe leads with six.There i
125、s a glimmer of hope for the future,with the appointment of female deputy governors at the Bank of the Lao PDR and Bangko Sentral ng Pilipinas this year,and a new female deputy governor in Bank Indonesia whose appointment to the board will make it gender balanced.Elsewhere,Europes score marginally ro
126、se to 35 in 2023 from 34 in 2022,largely due to improvements in gender balance at the Czech National Bank,Bundesbank and Banco de Portugal.However,the score is lower than it was in 2021 and now only one national bank from the region makes it to the top 10 this year Norges Bank.Its score remains at 8
127、4 following the appointment of Ida Wolden Bache as the banks first female governor last year.GBI scores for Africa and the Middle East also increased in the past year to 28 and 11,respectively,but both remain below the global average.The improvements in both regions stem from appointments of female
128、deputy governors Sauda Msemo at the Bank of Tanzania and Sahar al-Rumaih,who is the first woman in this position at the Central Bank of Kuwait.Regional Feds paving the wayLarge economies generally lag when it comes to diversity in senior staff.The Bank of England saw its score decrease to 18 from 23
129、 in 2022.The Bank has recognised the lack of diversity in its top positions and is targeting an increase in the proportion of female senior managers to 44%by 2028.In other G20 countries,there is surface-level progress as the average score for national central banks in these economies has increased o
130、ver the past five years to 33 in 2023 from 22 in 2017.However,only two measly 13 from 14 last year,making it the second-worst performing region.The score dropped due to lower female representation at the Peoples Bank of China and Reserve Bank of India,which were already poor performers.Alongside Sou
131、th Korea,they score 5 points or below this year.Japan does little better.The appointment of Kazuo Ueda as the Bank of Japans new governor in February,alongside two male deputy governors,means it continues to score 11 and ranks in 143rd place the lowest in the G7.There are,however,some strong perform
132、ers in the region.Three out of the top 10 institutions this year are in Asia Pacific Reserve Bank of Australia,National Bank of Samoa and Central Bank of BEING SURROUNDED BY MEN IS NOT SOMETHING NEW,BUT IT IS SOMETHING THAT IS ALWAYS DISAPPOINTING.CHRISTINE LAGARDE,PRESIDENT,EUROPEAN CENTRAL BANK,SP
133、EAKING TO A FINNISH NEWS OUTLETPhoto credits:left:Dirk Claus/ECB,top right:Bank of Japan,bottom right:Elif Miotti/Bank of Englandomfif.orgGENDER BALANCE INDEX 20231819public service,including the Bundesbank,should be women.Taking the long viewMuch of the attention in central banks goes to governor p
134、ositions,but the GBI considers all executive and board members at central banks.Thats because governors in central banks are usually appointed by governments and have fixed terms,while executive staff are more permanent features.Moreover,policies are not made solely by governors,rather they are a co
135、mbined product of different divisions.It is important to track and work towards achieving gender balance at all levels in the institution to ensure that monetary policy is determined by a diverse team of experts who reflect the society they serve.Examining changes over a longer time horizon shows wh
136、y this detailed approach is important.Comparing the 2023 GBI data to 2017,changes in the overall gender composition of senior staff members has more of an impact than the presence of a female governor.Even among the top 10 institutions today,only five are led by women meaning their high score reflec
137、ts gender balance across their senior team more broadly.This includes the Reserve Bank of Australia and the Bank of Cape Verde,which are among the biggest risers over time.The score for the Bank of Cape Verde has jumped 90 points since 2019.Changes in the executive team at the bank have driven the i
138、ncrease with 48%of the senior staff being women.The Reserve Bank of Australia is the only G20 country to be included in the top 10 this year,and its score has increased to 89 in 2023 from 12 in 2017.This follows the appointment of women as deputy governors and an increase in female representation at
139、 the board level.There is also a higher percentage of women in the senior staff 53%of the staff members included in the index this year are women.Equally,some of the biggest declines in scores over time have not been caused by changes in top leadership.The National Bank of the Kyrgyz Republic droppe
140、d by 64 points as two female deputy governors were replaced by men.Similarly,the Central Bank of Timor-Leste saw a decline in its score to 20 this year,from 59 in 2022 following the replacement of a female deputy governor with a man.The country has seen the score steadily decline from 61 points in 2
141、017 due to changes in the composition of senior staff at the central bank.And the Central Bank of Bosnia and Herzegovina has seen a sharp decline in the score,falling by 43 points from 78 in 2017,as three female deputy governors have been replaced by men.Overall,from 2017-23,out of 174 institutions
142、that have been included in the index each year,109(63%)have seen an increase in their GBI score,16(9%)institutions scores have remained unchanged and 49(28%)have deteriorated.This longer-term perspective shows many central banks are making strides towards achieving gender parity,but it also highligh
143、ts how much further progress is still needed.JEANETTE SEMELEERCENTRALE BANK VAN ARUBAYEAR APPOINTED 2008FIRST IN INSTITUTION YESCINDY SCOTLANDCAYMAN ISLANDS MONETARY AUTHORITYYEAR APPOINTED 2002FIRST IN INSTITUTION YESROSANNA COSTABANCO CENTRAL DE CHILEYEAR APPOINTED 2022FIRST IN INSTITUTION YESMALA
144、NGU KABEDI-MBUYIBANQUE CENTRALE DU CONGOYEAR APPOINTED 2021FIRST IN INSTITUTION YESREBECA PATRICIA SANTOS RIVERABANCO CENTRAL DE HONDURASYEAR APPOINTED 2022FIRST IN INSTITUTION NOANITA ANGELOVSKA BEZHOSKANATIONAL BANK OF THE REPUBLIC OF MACEDONIAYEAR APPOINTED 2018FIRST IN INSTITUTION YESNOR SHAMSIA
145、H BINTI MOHD YUNUSBANK NEGARA MALAYSIAYEAR APPOINTED 2018FIRST IN INSTITUTION NOVICTORIA RODRGUEZ CEJABANCO DE MXICOYEAR APPOINTED 2022FIRST IN INSTITUTION YESIDA WOLDEN BACHENORGES BANKYEAR APPOINTED 2022FIRST IN INSTITUTION YESELVIRA NABIULLINACENTRAL BANK OF THE RUSSIAN FEDERATIONYEAR APPOINTED 2
146、013FIRST IN INSTITUTION YESMAIAVA ATALINA AINUU-ENARICENTRAL BANK OF SAMOAYEAR APPOINTED 2011FIRST IN INSTITUTION YES CATIA TOMASETTIBANCA CENTRALE DELLA REPUBBLICA DI SAN MARINOYEAR APPOINTED 2018FIRST IN INSTITUTION YESJORGOVANKA TABAKOVINATIONAL BANK OF SERBIAYEAR APPOINTED 2012FIRST IN INSTITUTI
147、ON NOCAROLINE ABELCENTRAL BANK OF SEYCHELLESYEAR APPOINTED 2012FIRST IN INSTITUTION YESTHI HONG NGUYENSTATE BANK OF VIETNAMYEAR APPOINTED 2020FIRST IN INSTITUTION YESCHRISTINE LAGARDEEUROPEAN CENTRAL BANKYEAR APPOINTED 2019FIRST IN INSTITUTION YESLORETTA MESTERTHE FEDERAL RESERVE BANK OF CLEVELANDYE
148、AR APPOINTED 2014FIRST IN INSTITUTION NOMARY DALYFEDERAL RESERVE BANK OF SAN FRANCISCOYEAR APPOINTED 2018FIRST IN INSTITUTION NOCENTRAL BANK GOVERNORS SOURCE:OMFIF ANALYSIS NEW IN THIS YEARS INDEXSUSAN COLLINSFEDERAL RESERVE BANK OF BOSTONYEAR APPOINTED 2022FIRST IN INSTITUTION YESLORIE LOGANFEDERAL
149、 RESERVE BANK OF DALLASYEAR APPOINTED 2022FIRST IN INSTITUTION YESELIZABETH GENIA*BANK OF PAPUA NEW GUINEAYEAR APPOINTED 2023FIRST IN INSTITUTION YESTHAN THAN SWECENTRAL BANK OF MYANMARYEAR APPOINTED 2022FIRST IN INSTITUTION YES*ACTING GOVERNORThis is also the case in 11 national central banks(Figur
150、e 1.4).Most noticeably,70%of the senior personnel of the National Bank of the Republic of North Macedonia are women,including Governor Anita Angelovska-Bezhoska and two of three deputy governors,Emilija Nacevska and Ana Mitreska.This is similar for the Cayman Islands Monetary Authority,where 65%of t
151、he senior staff are women including Governor Cindy Scotland and two deputy governors.In contrast to the US,the ECB has a higher score than any of the countries within the euro area as its score remains at 71.The Bank of Finland is the best-performing national central bank in the euro area with a sco
152、re of 67.The ECBs score more than doubled from 27 in 2017,largely due to Christine Lagarde being appointed as president in 2019.Of the 20 countries in the euro area,none has a woman as central bank governor and only 50%have female deputy governors.This has remained relatively unchanged since Lagarde
153、s appointment.When speaking to a Finnish news outlet,she noted,being surrounded by men is not something new,but it is something that is always disappointing.New rules passed by the European Council in 2022 signal a potential increase in the score for euro area countries.While the directive which req
154、uires at least 40%of non-executive director positions in listed companies to be held by members of the underrepresented sex is aimed at the corporate sectors,countries are adopting similar measures for public institutions as well.Germany passed a law in 2022 mandating that half of all managers in th
155、e federal 1.4.Central banks with higher share of female staffSource:OMFIF GBI 2023Central bankShare of women in senior staff,%GBI scoreNational Bank of the Republic of Macedonia7043Cayman Islands Monetary Authority6555The Federal Reserve Bank of San Francisco6068Maldives Monetary Authority5970The Fe
156、deral Reserve Bank of Chicago5774National Reserve Bank of Tonga5679Central Bank of Aruba5582National Bank of Serbia5582The Federal Reserve Bank of Minneapolis5583Bank of Mozambique5583The Federal Reserve Bank of Cleveland5484Norges Bank5484Reserve Bank of Australia5389Central Bank of Seychelles5293C
157、entral Bank of Tunisia5294omfif.orgGENDER BALANCE INDEX 20232021OMFIF:In OMFIFs Gender Balance Index,African central banks have generally improved their score over the past five years,but the continent still lags behind the global average.Why do you think there is a particular lack of female represe
158、ntation in central banks in Africa?Sauda Msemo:Female representation in the financial sector,including central banks,is affected by several factors,but most importantly by the cultural background on the continent due to education gaps and women not taking up academic progression.However,we have witn
159、essed improvements in the representation of women in these important institutions in recent years.Tanzania has made significant strides in overcoming this particular challenge by building up the pool of potential leaders.At the highest level we have a female president and speaker of the national ass
160、embly.Under the exemplary leadership of Samia Suluhu Hassan,president of Tanzania,we have noticeable representation of female executives appointed to hold key positions in government institutions.Further,the governments interventions to promote girls education from primary to university level is bea
161、ring fruit.This intends not only to ensure improvement in the social wellbeing of our nation,but also helps to build a quality pool of future female leaders,including in the central bank.Tanzanias commitment to the Generation Equality Forums coalition on economic justice and rights,under the leaders
162、hip of the president,is a manifestation of efforts to spearhead the implementation of various initiatives aimed at achieving gender equality.To coordinate smooth implementation of the GEF commitment and streamline monitoring and reporting of progress,President Hassan constituted a National Advisory
163、Committee.I am a member of the committee and I advise the president on implementation progress.An enabling policy environment is imperative to closing leadership gaps in the financial sector.In this,I mean balanced policies that ensure merits are considered for gender balance in leadership positions
164、.I therefore commend the presidents leadership example,which is gradually being mainstreamed in public institutions,a good example being the Bank of Tanzania.OMFIF:You are only the second female deputy governor in the Bank of Tanzanias history.How would you describe your personal experience and jour
165、ney to reach this prominent position?SM:It is humbling to be referred that way,the second female DG.I would acknowledge the leadership for creating an enabling environment for professional growth in Tanzania that is not gender biased.I have personally grown through the ranks of the financial sector
166、over the years moving from the policy side to a regulatory apoint where I am today.And through all this process I have received professional mentoring and support from both male and female leaders.The process of leadership growth is based on readiness to learn,focus and hard work and it is on this b
167、asis that I have been able to succeed in a thriving environment that is promising to any aspiring young leader woman or man.OMFIF:How can gender balance in leadership positions contribute to better policy-making?SM:In several positive ways,but there are three main ones.First,through diversified appr
168、oaches to issues.Having a balanced gender leadership enables conversation with diverse views and perspectives to deepen policy approaches and allow for efficiency gains and effectiveness on potential interventions.This could mean considering dimensions that would have been missed by lacking a gender
169、 lens on societal or economic issues.Studies show that gender-diverse boards tend to have a wider range of backgrounds,experiences,perspectives and problem-solving skills,which may contribute to better monitoring of executive behaviour,including fostering closer scrutiny of the handling of conflicts
170、 of interest.Second,by promoting appropriate or tailored solutions to segments or sectors of the economy.In the context of inclusive finance,it is imperative that the gender lens is applied to ensure that access to and use of formal financial services and products are appropriate,targeted and tailor
171、ed to women and other segments of the economy.There is a need to adopt gender-inclusive perspectives in designing our regulations and policies to address gender gaps and PAVING THE WAYLast year,the Bank of Tanzania had no women in its leadership team and scored zero in the GBI.Now,Sauda Msemo is the
172、 banks second deputy female governor and the bank has risen to 31 points.She spoke to OMFIF about what the bank is doing to change the gender balance of the financial sector and pave the way for other women to follow.offer implementation solutions.Third,through widening the scope of discourse and ag
173、endas.The presence of balanced leadership offers an opportunity to consider a wider agenda that may go beyond the norm or business-as-usual issues,to include matters that affect the majority of the population or half of the population that is underserved,such as sustainability and investment in huma
174、n and social needs.OMFIF:What practical steps do you think need to be taken to overcome the challenges for women in reaching senior positions in central banks,both in Tanzania and globally?SM:I think first,in our context,is to continue building impetus on the current trajectory of promoting gender b
175、alance.Second,it is creating a conducive policy environment that allows more women in leadership,focusing on addressing underlying challenges from grassroots to breaking-the-ceiling issues.Third is monitoring and evaluating policy implementation of several government and institutional programmes tha
176、t promote gender equity.And finally,reviewing and crafting better informed policy from objective analysis of data.OMFIF:The first gender bond in Sub-Saharan Africa was listed in Tanzania last year.How significant was this step?And how can the Bank of Tanzania help to support gender equality in the e
177、conomy?SM:The issuance of the Jasiri bond is a tremendous step.It is welcomed and encouraged to be emulated by other financial service providers not only in Tanzania but across the continent and beyond.More than 50%of women in Tanzania are in micro-,small-and medium-sized businesses,with limited acc
178、ess to finance from formal financial services.The Jasiri bond is one such timely and appropriate initiative that aims to address access to finance for women MSMEs.Funds mobilised from the Jasiri bond were subsequently used to support activities targeting women.The Bank of Tanzania supports gender eq
179、uality and the economy in this quest in a number of ways.Policy interventions:Championing the national financial inclusion agenda,the bank collects gender-disaggregated data to propose solutions.For instance,the bank championed the second National Financial Inclusion Framework which provided a speci
180、al focus on gender gaps and the next iteration is currently being developed.NFIF 3 will focus on assessing the quality and impact of financial inclusion to enhance wellbeing and livelihood.Information for policy design:The bank supports the financial sector and policy-makers by conducting supply-and
181、 demand-side surveys that ensure gender gaps are identified as well as specific barriers to inclusion.This informs the design of policy interventions.Promoting gender-based financial products:These include the Jasiri bond and other women-centric financial services and products that promote womens in
182、clusion in the banking sector,such as the Malkia Account and 2jiajiri Womens Account.Leadership and governance roles:The bank has established a financial inclusion committee to advise the National Council for Financial Inclusion on womens needs and gaps,and on designing policy interventions that can
183、 be embedded in existing legal and regulatory frameworks.Financial consumer protection and regulatory interventions:The bank promotes digital financial literacy,effective market conduct interventions and complaints-handling procedures on consumer matters through cost-effective and efficient means,he
184、lping women to trust digital and other financial services.Finally,we also support government efforts for economic equality through direct participation in national committees and we run scholarship programmes for masters,PhD and leadership courses with gender balance perspectives.THE PROCESS OF LEAD
185、ERSHIP GROWTH IS BASED ON READINESS TO LEARN,FOCUS AND HARD WORK AND IT IS ON THIS BASIS THAT I HAVE BEEN ABLE TO SUCCEED IN A THRIVING ENVIRONMENT THAT IS PROMISING TO ANY ASPIRING YOUNG LEADER WOMAN OR MAN.OPINION omfif.orgGENDER BALANCE INDEX 20232223CHAPTER 2:CENTRAL BANK SURVEYA survey of 46 ce
186、ntral banks shows gender balance is possible with a multi-pronged approach to providing flexibility and support.BREAKING THE GLASS CEILINGIN THIS YEARS GBI,we conducted a survey of 46 central banks globally to uncover their human resources practices for enhancing gender equality.The findings give a
187、practical sense of the areas central banks can make improvements in hiring and promoting women,as well as creating an inclusive workplace.Figure 2.1 shows the GBI scores of respondents,which highlight a broad range of performance on gender balance within this sample.Backsliding central banks lack ke
188、y policiesThis years GBI survey covers a range of policies that central banks could implement to improve gender equality,but it can be difficult to delineate which ones are most effective.There was no clear correlation between the HR practices implemented by respondents and their 2023 GBI scores.How
189、ever,the change in scores across the last five years paints a clearer picture.The 16 central banks surveyed whose GBI scores have fallen since 2018 are less likely to have dedicated resources for gender equality,mentorship programmes or equal pay policies compared to the 30 central banks with improv
190、ed or unchanged GBI scores over this time(Figure 2.2).KEY FINDINGS Our survey of 46 central banks shows that almost all respondents offer paid maternity leave and flexible work arrangements to support female employees.Central banks that have been backsliding on gender equality over the past five yea
191、rs are far less likely to have dedicated resources for this objective,or mentorship and equal pay policies.While 60%of institutions surveyed have a specific policy regarding equal pay for equal work,a similar share is yet to conduct pay gap assessments to identify the blind spots in providing fair c
192、ompensation.Most surveyed central banks offer three to six months of maternity leave,while 83%offer less than three months for paternity leave.Narrowing this gap can help to ease the burden on women juggling childcare responsibilities and their careers.Having dedicated financial resources or staff m
193、embers for achieving gender equality ensures that central banks are taking a targeted approach to this goal.Many central banks mentioned they have appointed diversity officers whose function is to design and monitor measures for promoting diversity.Another respondent outlined a gender equality commi
194、ttee comprising of eight members from different areas and positions.The presence of such resources can be a powerful signal that the central bank is taking gender equality seriously,which can help the internal culture.It is worth specifying that 22%of respondents do not have dedicated resources for
195、gender equality but do have staff dedicated to a broader diversity goal.Another survey participant explained that diversity officers are not explicitly devoting their time to gender equality objectives,but rather about 15%of their time each.Meanwhile,most central banks with GBI scores that have fall
196、en since 2018 lack a specific policy ensuring equal pay for equal work.But 67%of those with improving or stagnant scores do have this policy.Such a policy can help to overcome possible gender biases that contribute towards 2.1.Most central banks score in the mid-range for gender balanceScore of GBI
197、survey respondents-591020-39150-198Source:OMFIF GBI survey 2023Source:OMFIF GBI survey 202335%RESPONDENTS OFFER GENDER BIAS AWARENESS TRAINING2.2.Central banks with falling GBI scores least likely to have gender policiesShare of respondents implementing gender-based policies,%Change in G
198、BI score since 2018Dedicated resources for gender equalityMentorship programmesEqual pay for equivalent workPositive/unchanged472767Negative31644Overall412060 omfif.orgGENDER BALANCE INDEX 20232425the gender pay gap.This in turn can foster a more equitable workplace,making female retention more like
199、ly.To ensure accountability,equal pay for equal work policies should be complemented by a pay gap assessment to identify blind spots in ensuring fair compensation for female employees.However,58%of all survey respondents do not implement this(Figure 2.3).Otherwise,15 of the 16 central banks surveyed
200、(94%)with lower GBI scores than in 2018 do not have a mentorship programme.This is not very common in general but is still provided by 25%of those with higher or unchanged scores.Mentorship programmes help forge networks where female staff can learn skills,build confidence and navigate barriers in t
201、heir careers as they rise through the ranks.One central bank respondent created a network for female employees,to promote support between them.This same respondent also has a programme involving networking and accelerated development of leadership skills,with case studies,classes,mentoring and coach
202、ing.The absence of these programmes may contribute to some central banks failing to attract,promote or retain women.Fixing the pipeline problemGender bias awareness training is another tool that central banks may use to help women rise into senior positions.It is adopted by 35%of respondents,a great
203、er share than those offering leadership or mentorship programmes(Figure 2.4).Gender bias training may improve the organisational culture,making it more inclusive for women.And it can help to level the playing field on interview or promotion panels if all employees are aware of the institutional barr
204、iers facing women.However,among the survey participants,43%do not offer any form of progression initiative,suggesting there is scope to do more to ensure that women are not left behind.It seems that central banks are taking a more bottom-up approach to improving gender equality.At the entry level,48
205、%of central banks ensure that female candidates are selected for interviews,while 13%of respondents go further and have a gender-based quota or target for junior staff.This typically aims for a 50-50 split.The shares for these policies at the senior level are much lower:31%of respondents have a poli
206、cy for interviewing female candidates at this level while 11%of respondents have a gender-based quota or target for the board of directors or monetary policy committee(Figure 2.5).With central banks concentrating their efforts at the entry level and continuing to lack policies targeting senior level
207、s,there is a clear risk that women may remain stuck under the glass ceiling.More could be done in the policies highlighted by survey respondents to fix the pipeline problem and ensure women are able to rise through the ranks.Some promise in easing burden of careCentral bank respondents do the most w
208、hen it comes to policies related to easing the burden of care,including parental leave,flexible work arrangements and child support.These policies impact a womans ability to navigate a career by granting them more flexibility and control.Institutions with more generous policies may be more likely to
209、 retain women and provide them with the opportunity to advance in their careers.A positive result from the survey is that all central banks that took part have a maternity leave policy which at minimum adheres to the legal requirement.And 31%go beyond the legal requirement.However,a breakdown of com
210、ments from survey respondents reveals a wide variety of time offered,ranging from two months to more than a year.It is equally important for central banks to consider paternal leave.Gender balance should provide men with more opportunities to provide childcare,allowing women to focus more on their c
211、areers.But almost all central banks are yet to consider this as an important avenue for improving gender equality.While 91%of respondents provide paid paternal leave,this is for significantly less time than given for maternity leave.Fathers in roughly a quarter of central banks 055404550M
212、entorshipprogrammesspecifically forfemale staffLeadershiptrainingsspecifically forfemale staffAwarenesstraining ofpotential genderbiases for all staffOtherNone007080900-3 months3-6 months6-9 months 9-12 months 1 yearMaternalPaternal020406080100Pay gap assessmentEqual pay for equal workYes
213、No2.4.Nearly half of survey respondents do not offer progression programmesDo you have any of the following programmes that encourage the upward progression of women within your institutions ranks?Share of respondents,%2.6.Male employees receive less paid leave than women in central banksWhat is the
214、 maternal/paternal leave policy in weeks/months of paid leave?Share of responses,%2.3.Inequivalent equal pay policiesDoes your organisation have a specific policy devoted to ensuring equal pay for equivalent work?Does your organisation conduct a pay gap assessment?Share of respondents,%Source:OMFIF
215、GBI survey 2023Source:OMFIF GBI survey 2023 Note:Out of 39 responses provided for maternal leave and 30 responses for paternal leave.Source:OMFIF GBI survey 202348%ensure that male and female candidates are selected for interviews13%have a gender-based quota and/or target for intake of entry-level s
216、taff31%have a policy to ensure that both female and male candidates are selected to interview for promotion to senior management vacancies57%have a programme that encourages the upward progression of women 11%have a gender-based quota and/or target for board of directors or monetary policy committee
217、2.5.Hiring and promotion policies along the career pipelineShare of responses,%91%WHILE 91%OF RESPONDENTS PROVIDE PAID PATERNAL LEAVE,THIS IS FOR SIGNIFICANTLY LESS TIME THAN GIVEN FOR MATERNITY LEAVE.15 OF THE 16 CENTRAL BANKS SURVEYED(94%)WITH LOWER GBI SCORES THAN IN 2018 DO NOT HAVE A MENTORSHIP
218、 PROGRAMME.omfif.orgGENDER BALANCE INDEX 20232627surveyed receive around two weeks leave,and it is as low as one day in some cases.More broadly,83%of respondents grant less than three months of paid paternal leave,compared to 8%for maternity leave.The majority(59%)offers three to six months of leave
219、 for mothers(Figure 2.6).Separately,96%of central banks surveyed offer flexible work arrangements which may support mothers in balancing their work and home responsibilities beyond parental leave.Remote work has remained a popular option,adopted by 83%(Figure 2.7).Flexitime where central banks may o
220、ffer flexible start and end times,compressed hours or staggered hours and part-time work continue to be the next two most popular options,offered by 72%and 48%of respondents respectively.These figures all dipped slightly in 2023 from 2021,when this HR-related survey was last conducted,which may refl
221、ect the return to the workplace following the easing of lockdown measures in the past year.Note that changes in the central banks in the sample across these years may contribute to the variation in these responses.Finally,many banks surveyed also offer child support to their employees,but less so th
222、an other policies relating to caring responsibilities.Almost half offer childcare subsidies such as paid benefits,childcare vouchers or coupons or tax relief while only 22%and 7%offer in-house or affiliate childcare facilities and provide information on child support respectively.A still significant
223、 20%of respondents do not offer any form of child support,even on a case-by-case basis(Figure 2.8).Interestingly,respondents who offer nine months or more of maternal leave days are far more likely to offer child support than those that offer less paid leave days.The only exception is a respondent w
224、ho offers up to three years of maternity leave.This suggests that some central banks are taking a multi-pronged approach to supporting women in the workplace.This underlines a broader point that there is no silver bullet for achieving gender balance.Rather than implementing one or two policies,vario
225、us practices and resources along with a conducive organisational culture is needed to effectively hire,promote and retain women.00708090100Remote workFlexitimePart-time workJob sharingNo standardpolicyNone20202020405060ChildcaresubsidyIn-house oraffiliatechildcare facilityInfor
226、mation on child supportWe do not?have astandard policyOtherNone2.7.Remote work and flexitime remain popular working arrangementsDo you offer any of the following flexible working arrangements?Share of respondents,%2.8.Half of surveyed central banks offer childcare subsidiesDo you offer any of the fo
227、llowing forms of child support?Share of responses,%Source:OMFIF GBI survey 2023 Note:This question was not asked in the 2022 GBI survey.Source:OMFIF GBI survey 2023FATHERS IN ROUGHLY A QUARTER OF CENTRAL BANKS SURVEYED RECEIVE AROUND TWO WEEKS LEAVE,AND IT IS AS LOW AS ONE DAY IN SOME CASES.MORE BRO
228、ADLY,83%OF RESPONDENTS GRANT LESS THAN THREE MONTHS OF PAID PATERNAL LEAVE,COMPARED TO 8%FOR MATERNITY LEAVE.I AM THE FIRST female governor of the Banco Central de Chile in its almost 100-year history.Before that,I was the second board member of this institution,and now,for the first time,women repr
229、esent 40%of the board.Over my career,I have walked in territories where women participated much less than men,where the gender gaps were much more significant and less visible at the same time.It has entailed the responsibility of being the first woman in important positions,which has meant unlockin
230、g doors and leaving them open for other women.I have strived to participate professionally,in a spirit of collaboration and in the knowledge that individual contribution to the collective outcome matters.While I sincerely welcome the progress and changes in terms of parity,there are still major chal
231、lenges ahead in terms of womens leadership and equal gender opportunities.I believe central banks have a vital role to play.First,we are interested in attracting top talent.If we do not include women,we would miss out a large part of our organisations talent and excellence.Second,we are integral to
232、economic and societal strategy and analysis.And third,we feel driven to set an example and implement measures around representation and inclusivity.At the Banco Central de Chile,the staff and I are committed to these changes.Female empowerment implies fairness,inclusion,respect and recognition of th
233、e benefits of diversity.We are not speaking only about positions,but about relationships too.On a deeper level,the challenge is to produce sustainable cultural change as we face deep-seated cognitive and cultural biases.We know the change must be mobilising,lived and felt by everyone.For some years
234、now,we have been working on a dynamic and burgeoning agenda to manage these challenges within the bank and society.In 2020,we incorporated the principle of diversity,inclusion and non-discrimination as one of the banks core values.We act with equal criteria and respect towards people,without distinc
235、tions of gender,age,social origin,religion,sexual orientation,race,marital status,unionisation,political preference,disability,nationality or ethnic group factors that might reflect any bias of discrimination or affect the fundamental rights of human beings.We believe inclusive institutions are bett
236、er connected to their stakeholders and,in terms of their objectives,are more efficient.We have incorporated gender balance practices in the recruitment process and integrated diversity,inclusion and gender issues in training all bank employees.We have promoted the participation of women in leadershi
237、p positions.We have accompanied their professional development with mentoring programmes,taking advantage of the presence of women in the highest ranks of the bank.It is also a way of generating belonging and community among peers with the same problems and concerns.We expect to create the condition
238、s for each woman to fully develop their potential and be confident in her abilities.We know that gender balance and inclusion must be tackled through education and information.We have an internship programme for female university students in careers,such as economics and finance,designed to motivate
239、 them and eliminate invisible barriers.In recent years,we have tried to incorporate a gender perspective into economic and financial reports when possible,and we have made progress in gathering and disseminating gender statistics.We collect information about womens role in the economy and provide th
240、e empirical background to design public policies that support their inclusion.Dimensions such as labour market participation,financial inclusion and contribution to unpaid work have been considered.We have been making progress,but we know we still have a long way ahead,so we will work with solid con
241、viction,striving to close the gender gap.EMPOWERING WOMEN FOR THE GOOD OF SOCIETYChange must come professionally,economically and culturally,writes Rosanna Costa,governor,Banco Central de Chile.FEMALE EMPOWERMENT IMPLIES FAIRNESS,INCLUSION,RESPECT AND RECOGNITION OF THE BENEFITS OF DIVERSITY.OPINION
242、 omfif.orgGENDER BALANCE INDEX 20232829CHAPTER 3:COMMERCIAL BANKSOnly one region has managed to make progress on gender balance over the last 12 months by just 7 points in our index.YET TO WALK THE WALKMANY OF THE WORLDS leading banks are dedicating greater resources to improving their gender balanc
243、e,including by setting up in-house diversity,equity and inclusion departments.This has yet to yield any significant results on improving female representation at a senior level.Of the 1,298 executive and board members in a curated group of 50 major global banks tracked by OMFIF,404 are women.That eq
244、uates to 31%,just one percentage point higher than in 2022.The story of tepid progress is underscored by the small improvement in the global commercial bank GBI score.It increases to 37 this year,from 35 in 2022 and 30 in 2021.This progress masks significant divergence under the surface.GBI scores i
245、ncreased in 57%of commercial banks but fell in 35%.Accordingly,its been a case of one step forward and half a step back for the industry.European banks showing progressRegionally,progress has only come in Europe over the past year.The average score of European banks in our sample rose to 41,from 34
246、in 2022.The regional score stagnated for emerging markets and fell in North America and Asia Pacific(Figure 3.1).At an institution level,four of the five biggest risers in the past year came from European banks.Standard Chartered is the highest climber,rising 42 points to 77,and leads the commercial
247、 bank rankings.Three women were added to the executive committee:Mary Huen as cluster CEO for Hong Kong,Taiwan and Macau,Sandie Okoro as general counsel and Sadia Ricke as chief risk officer.Standard Chartered have also added two female board members this year.The companys chief executive officer,ch
248、ief financial officer,chief operating officer and chair of board are still occupied by men,which weighs on their GBI score.Nonetheless,Standard Chartered is the only bank to have scored above 70 this year.Lloyds Bank is another high riser,increasing its score by 35 points to 60 and placing seventh i
249、n the rankings.The bank added four women to its executive committee and two women to the board in the past year.But,like Standard Chartered,there remain no women in its C-suite or as chair.Elsewhere,Swiss banks UBS and Credit Suisse rose by over 20 points in the index this year,to 11th and 16th resp
250、ectively.In the former,Sarah Youngwood was hired as the UBSs CFO in May 2022.Meanwhile,Credit Suisse became one of the three commercial banks in the sample with a majority female board.The only non-European bank among the five biggest risers is Banco do Brasil.It jumped 34 points to 63 and places si
251、xth this year.This came after Tarciana Paula Gomes Medeiros became the first female CEO in January 2023,having spent 22 years at the bank.She is the only woman to be appointed CEO in the sample in the past year,bringing the total to eight among the 50 commercial banks in the GBI(16%).Notably,three o
252、f the 10 emerging market banks in the sample are headed by women(30%)a higher proportion than in any other region.Alongside Medeiros at Banco do Brasil,Hana Al Rostamani is CEO of First Abu Dhabi Bank in the UAE and Miriam Olusanya leads Guaranty Trust Bank in Nigeria.However,for emerging market com
253、mercial banks,the progress at Banco do Brasil was offset by a drop in the GBI score for South African bank Absa.It has one less woman in its executive committee and Wendy Lucas-Bull,former chair of the board,was replaced by a man,Sello Moloko.Otherwise,the inclusion of PKO Bank Polski,which scores j
254、ust 2 points,in place of sanctioned Russian bank Sberbank,which scored 34 in 2022,has weighed on the overall EM score this year.North American commercial banks continue to score highest globally with an average of 44,but this is down from 46 in 2022.This reflects small declines in female representat
255、ion in major US banks such as JP Morgan,Goldman Sachs and KEY FINDINGS Commercial banks are inching towards gender parity with the average GBI score for 50 major banks rising to 37,from 35 in 2022.At a regional level,there has only been progress in Europe.GBI scores stagnated in emerging markets and
256、 declined in North America and Asia Pacific.The biggest riser is Standard Chartered,which now tops the rankings with a score of 77.No other bank scores above 70.While the number of female CEOs increased to eight,from seven in 2022,over half of commercial banks continue to have no women in C-suite po
257、sitions.Most increases in women-held positions have been for non-executive board members,suggesting banks are improving their gender balance by hiring from the outside rather than promoting women to senior executive roles from within.055404550Asia PacificEmergingmarketsEuropeNorthAmericaG
258、lobal2021202220233.1 European banks lead the global progressCommercial bank GBI scores by region(100=perfect gender balance)Source:OMFIF GBI 2021-23 omfif.orgGENDER BALANCE INDEX 20233031State Street.The 2022 highest scorer,Royal Bank of Canada,fell by 2 points and now ranks third in the GBI.The reg
259、ional score for Asia Pacific also declined to 29 from 30.This is due to drops for Siam Commercial Bank,Australia and New Zealand Bank and Commonwealth Bank of Australia.The region as a whole is the worst performer,with four banks featuring in the bottom 10 of the GBI rankings.Japanese bank Mizuho ra
260、nks lowest once again with a score of one,as there is just one woman among its 26 executive or board members.On the plus side,OCBC Bank jumped by 20 points to 68 and ranks second this year following the appointment of Goh Chin Yee as the companys CFO.It is only the second bank in the sample,alongsid
261、e NatWest,with both a female CEO and CFO.ExCo analysis paints a gloomy pictureThe representation of women in executive committees at commercial banks is ticking up.They make up 184 of the 705 ExCo roles in the GBI.This is only 26%,up from 25%in 2022.This share is highest among North America(30%)and
262、Europe(29%).But a closer look at these executive positions paints a gloomy picture.Women make up 19%of C-suite positions(such as CEO,CFO,COO),a minor improvement from 18%last year.Perhaps most revealing is that 27 of the 50 commercial banks in the GBI have no women in their C-suite.Thats a damning i
263、ndication that women are still struggling to break into leadership positions in the banking sector.To get a sense of whether this picture will change,its worth examining the types of roles women hold on ExCos.In general,it is more likely that executives in charge of major business divisions with pro
264、fit and loss accountability,rather than internal functions such as human resources or marketing,will emerge as future leaders of banks.Unfortunately,women are much less likely to hold such revenue-generating roles in ExCos than their male counterparts.And,if anything,this gender disparity is widenin
265、g.Just 108 of the 184 women in ExCo positions are in P&L-related roles(Figure 3.2),equivalent to 59%.Thats down from 62%a year ago.This share is 84%for men(439 of 521 men in executive roles),broadly similar to what it was last year.Another way to frame it is that women in P&L-related positions occup
266、y just 15%of all ExCo roles across the 50 commercial banks in GBI.Thats virtually identical to the share of women currently in CEO positions.Accordingly,with the likely pipeline of future leaders in major banks still heavily skewed towards men,it doesnt look like female representation in the top ran
267、ks will significantly change in the coming years.Banks and regulators prioritising boardsMuch of the improvement in GBI scores has come from banks adding women to non-executive boards.Among the 50 banks in our study,35%of board members are women,compared to 33%a year ago.As with ExCos,these shares a
268、re highest in North America(38%)and Europe(42%).Despite this progress,women remain underrepresented as chairs of boards.Just four banks have non-executive female chairs(9%),an even lower share than female CEOs(16%).Three are in emerging markets:Suzan Sabanci Diner at Turkeys Akbank,Nonkululeko Nyemb
269、ezi-Heita at Standard Bank in South Africa 16%of CEOs19%of C-suite positions35%of board members 15%of P&L positions on ExCos9%of non-executive chairs PERHAPS MOST REVEALING IS THAT 27 OF THE 50 COMMERCIAL BANKS IN THE GBI HAVE NO WOMEN IN THEIR C-SUITE.THATS A DAMNING INDICATION THAT WOMEN ARE STILL
270、 STRUGGLING TO BREAK INTO LEADERSHIP POSITIONS IN THE BANKING SECTOR.In the group of 50 commercial banks,women make up:LAST YEAR,THE UKS FINANCIAL CONDUCT AUTHORITY UPDATED ITS DIVERSITY AND INCLUSION POLICY TO REQUIRE UK-LISTED FIRMS TO DISCLOSE INFORMATION REGARDING THE GENDER AND ETHNIC MAKE-UP O
271、F THEIR BOARD AND EXECUTIVE TEAMS.3.3.Women are more likely to be on boards than ExCosWomen in executive or board positions,%Source:OMFIF analysis Note:some individuals(e.g.CEOs,CFOs)are in both executive committees and boardsNorth AmericaEuropeAsia PacificEmerging marketsGlobalExecutive committee30
272、29231926Board of directors3842252435All senior positions3436252131and Ida Aparecida de Moura Cagni at Banco do Brasil.The fourth is Kathleen Taylor at Royal Bank of Canada.Female representation,particularly at a board level,is coming into sharper focus for policy-makers.Last year,the UKs Financial C
273、onduct Authority updated its diversity and inclusion policy to require UK-listed firms to disclose information regarding the gender and ethnic make-up of their board and executive teams.Listed firms must now disclose on a comply or explain basis against two gender-related targets:having at least 40%
274、of the board made up of women and at least one female senior board position(for example chair,CEO,CFO).Of the five UK banks in our study,only NatWest complies with both of these targets.The EU has gone further than the FCA.In late 2022,the European Parliament formally adopted into EU law a directive
275、 requiring listed companies to have at least 40%of non-executive directors and 33%of all directors occupied by women by mid-2026.This is unlikely to move the needle for major European banks.Most of those in our study already meet the 40%threshold for female board members.Moreover,the new policies fr
276、om the FCA and EU do not focus on gender equality at an executive level where female representation is lagging.For all regions,the share of women on boards is higher than on ExCos(Figure 3.3).This suggests banks are preferring to appoint externally to their board,rather than promote or hire women to
277、 senior executive positions to organise their day-to-day operations.Tougher rules from policy-makers may be required to address this issue and improve the gender balance of banks at both an executive and board level.3.2.Men in revenue-generating roles dominate executive committeesNumber of men and w
278、omen in ExCos in GBI 2023 commercial bank sampleSource:OMFIF analysis Note:Administrative roles include HR,audit,legal and public affairs.Revenue-generating includes all non-administrative roles such as head of business divisions(retail,corporate,investment banking),wealth management and regional he
279、ads.43982Male revenue-generatingMale adminstrativeFemale revenue-generatingFemale adminstrative055404550Asia PacificEmergingmarketsEuropeNorthAmericaGlobal202120222023MenMale revenue-generatingMale adminstrativeWomenFemale revenue-generating Female adminstrative omfif.orgGENDER
280、 BALANCE INDEX 20233233Clive Horwood:Why has Standard Chartered been more successful than its global peers in promoting women to important senior roles?Jerry Zhang:For women to thrive,you need the right environment.We have a very strong culture at Standard Chartered.I have worked here for almost 30
281、years and one of the reasons I have chosen to stay is that,at each and every stage of my career,there is something interesting to grow into.Theres no glass ceiling here for women.Just over 70%of our workforce in China is made up of women,and 50%of our senior management in the country.So perhaps on t
282、he balance side,we need to do more for men!CH:What tools or policies do Standard Chartered use to promote the role of women?JZ:We have a number of intervention tools.We have our own initiatives such as our global womens network and our Women in Business Leadership Forum.We have strong connections wi
283、th a number of external associations.And we also invite our C-suite female clients to share their views with our own staff.CH:What role does mentorship play at Standard Chartered?JZ:A very important one.I am lucky to work for our Asia CEO Ben Hung,who is a tremendous mentor.Our senior leaders includ
284、ing CEO Bill Winters are always there to share ideas and find ways to help me.Earlier in my career,I was lucky to benefit from the support and experience of other female leaders,such as our former CEO for China,Katherine Tsang and our former Regional Head of Financial Institutions,Margaret Lee.These
285、 were women running important profit and loss businesses,who were both teachers and inspirations.CH:Whats the most valuable piece of advice you can share?JZ:There are a couple of pieces.First,dont set limits on your own ambitions and aspirations.If you think you can only do so much,then you limit yo
286、urself.Be confident in your own ability and the sky is the limit.Second,make sure you get your support system in place and work out how you can best take care of your family and your job.You need a stable background at home to help you focus on work.And dont be apologetic when it is time to do so.CH
287、:Do you believe that a diverse business is a better business?JZ:Men and women are different animals.Each has their own respective set of strengths.You need your team to have complementary skills and more diversity makes for a better team.CH:China is seen in much of the world as a country where men s
288、till dominate,whether in politics or business.Is this perception wrong?Does it make it harder for a woman?CELEBRATING SUCCESSFUL WOMENStandard Chartered tops this years GBI rankings as the most balanced commercial bank,climbing 26 places from last year.Jerry Zhang,chief executive officer,China,is on
289、e of a cadre of senior women leading important business lines at the bank.She spoke with OMFIFs Clive Horwood about the culture and approach that has enabled Standard Chartered to become a firm where women can thrive.JZ:Some aspects of Chinese society as in many other countries still have a male-led
290、 hierarchy.But I have found that,for the vast majority of my clients,they only care about the quality of the work and advice we give them.But we cant ignore the fact that for centuries,men had a dominant role,and some women continue to see their careers through the lens of how men view them.I rememb
291、er one member of my team,who was extremely successful and talented,but who left the bank because her husband demanded she stay at home.When her husbands business ran into difficulty,I suggested she come back.She did,and she continues to have a great career.CH:Is there more that Standard Chartered co
292、uld have done to keep her in the first instance?JZ:Perhaps.Today we have a sabbatical programme which is available to our highest achievers.It shows our commitment to,and investment in,those individuals.We also have much more ability to work remotely,especially since Covid-19,although we find that m
293、any of our colleagues want to be in-person with their teams as often as possible.CH:Investment banking,in particular,is a highly competitive industry in which work can be all-consuming.Does that rule out part-time work,which can be a useful way to keep women in the workplace?JZ:It is a competitive e
294、nvironment.In senior roles,we are completely occupied.My team expects me to give 100%at all times,and I expect the same of them.But just as important is that they feel they can achieve 100%of what is expected of them.And that requires the right working environment,which we try our best to create.CH:
295、Have you ever felt being a woman has held your career back?JZ:In this bank,no.My bosses have always been supportive and understanding,creating the right environment for me to be successful in work and supported at home.Its also about mindset.I want to achieve more in my career.There is no glass ceil
296、ing here just look at the number of women in senior positions.Of course,there are questions I ask myself.Am I of the right calibre to step up to the next level?Do I have enough experience internationally?Have I worked in a broad enough range of business lines?But this is nothing to do with gender.JU
297、ST OVER 70%OF OUR WORKFORCE IN CHINA IS MADE UP OF WOMEN,AND 50%OF OUR SENIOR MANAGEMENT IN THE COUNTRY.SO PERHAPS ON THE BALANCE SIDE,WE NEED TO DO MORE FOR MEN!DONT SET LIMITS ON YOUR OWN AMBITIONS AND ASPIRATIONS.IF YOU THINK YOU CAN ONLY DO SO MUCH,THEN YOU LIMIT YOURSELF.BE CONFIDENT IN YOUR OW
298、N ABILITY AND THE SKY IS THE LIMIT.OPINION omfif.orgGENDER BALANCE INDEX 20233435CHAPTER 4:GLOBAL PUBLIC FUNDSWith some of the highest and lowest performers in this years GBI,global public pension funds and sovereign funds reveal encouraging signs of change.PENSION FUNDS CONTINUE TO OUTPERFORMKEY FI
299、NDINGS Public pensions funds continue to fare best among all institutions in the GBI with a score of 50,while sovereign funds lag with a group score of 23.North American,Australian and European public funds perform best on gender balance.Despite a few standouts,emerging market funds generally underp
300、erform particularly those in the Middle East and North Africa.Pension and sovereign funds have both improved their scores compared to last year.While coming from a low starting point,sovereign funds are making widespread progress when compared with other institutions.Women are being added to positio
301、ns of influence.For pension funds,improvements in scores mostly reflect improved gender balance at the C-suite level,while much of sovereign funds progress has come from adding female executives in revenue-generating roles.PUBLIC PENSION and sovereign funds represent the highs and lows of gender bal
302、ance among the institutions in the GBI.Pension funds continue to score best with an aggregate score of 50,up from 47 in 2022.Sovereign funds score just 23,up from 21,and are still the lowest-scoring group among all institution types analysed(Figure 4.1).The global pension and sovereign fund aggregat
303、es are based on the average GBI score of 50 major organisations in each group,from a broad geographic mix,weighted by their assets under management.Regional disparities go a long way to explaining the variation among pension and sovereign funds.Many of the largest public pension funds lie in North A
304、merica,Europe and Australia which generally fare well on gender balance.In total,11 out of the 50 pension funds included in the index scored above 70,all of which lie within these three areas.Encouragingly,none of the 50 pension funds scored zero,meaning they all have at least one woman in their sen
305、ior leadership teams.The Canada Pension Plan Investment Board ranks first among public funds with a score of 94,up by 42 points,with Kristina Fanjoy replacing Neil Beaumont as chief financial and risk officer.Canada 00Sovereign fundsCentral banks Commercial banks Pension funds202220234.1.
306、Pension and sovereign funds score highest and lowest respectivelyAggregate gender balance score(100=perfect gender balance)Source:OMFIF GBI 2022-23 AISHA DAHIR-UMARNATIONAL PENSION COMMISSIONANJA MIKUSKENFOANNETTE MOSMANAPGCASSANDRA LICHNOCKCALIFORNIA STATE TEACHERS RETIREMENT SYSTEMDEANNE STEWARTAW
307、ARE SUPERDORIS BIANCHIPENSIONSKASSE DES BUNDES PUBLICAEVA HALVARSSONAP2GAIL WERNER-ROBERTSONNEBRASKA INVESTMENT COUNCILKATE GALVINVICTORIAN FUNDS MANAGEMENT CORPORATIONKIRAN AHUJAFEDERAL EMPLOYEES RETIREMENT SYSTEMKRISTIN MAGNUSSON BERNARDAP1MARCIE FROSTCALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEMM
308、ARJUT FALKSTEDTEUROPEAN INVESTMENT FUNDNEELAM SHAMI RAOEMPLOYEES PROVIDENT FUND ORGANISATIONRACHAEL ETEBARBRITISH TRANSPORT POLICE FORCE SUPERANNUATION FUNDRACHAEL EUBANKSSTATE OF MICHIGAN INVESTMENT BOARDYU-CHING SUBUREAU OF LABOR FUNDSWOMEN CEOs IN PUBLIC FUNDSNONE OF THE 50 PENSION FUNDS ANALYSED
309、 IN THE INDEX SCORED ZERO,MEANING THEY ALL HAVE AT LEAST ONE WOMAN IN THEIR SENIOR LEADERSHIP TEAMS.omfif.orgGENDER BALANCE INDEX 20233637Pension Plan Investment Board was closely followed by Dutch fund APG and California Public Employees Retirement System,which score marginally lower when looking t
310、o one decimal point.At CalPERS,Michael Cohen was replaced by Michele Nix as acting CFO and Nicole Musicco replaced Christian Farland as chief investment officer,increasing the pension funds score to 94 from 62.Ontario Teachers Pension Plan and Dutch fund Pensioenfonds Zorg en Welzijn round out the t
311、op five pension funds(Figure 4.2).Meanwhile,many of the largest sovereign funds lie in emerging markets,which tend to underperform on gender balance.There are six sovereign funds which score zero meaning they have no women in senior positions all based in the Middle East and North Africa.Their colle
312、ctive assets under management total$1.8tn,equal to 17%of the total AUM across the 50 sovereign funds in the GBI.Elsewhere,China Investment Corporation,the second-largest sovereign fund with over$1.2tn in AUM,replaced a female board director with a man,dropping the CICs score by 2 points to just 9.Th
313、is is not to say all emerging market sovereign funds score poorly.Chilean fund Fondo de Estabilizacin Econmica y Social is a standout among this group.Its score increased by 58 points to 85 the biggest riser among public funds this year.Two male finance committee advisers,Martn Costabal Llona and Ma
314、uricio Villena,were replaced by Jennifer Soto Urra and Marcela Valenzuela Bravo.FEES now ranks third among sovereign funds.It is surpassed by Australias Victorian Funds Management Corporation and the Texas Treasury Safekeeping Trust Company,which once again take the top two spots with scores of 97 a
315、nd 89 respectively(Figure 4.2).Such high scores are rare for sovereign funds.Just four funds score above 70,which is fewer than those that score zero.Accordingly,there is a lot of work to be done to improve gender equality among this group of investors.Year-on-year trends are mixed While there is a
316、long way to go,sovereign funds are generally heading in the right direction on gender balance.A net 27%of sovereign funds improved their GBI score from last year(42%increase while 15%decrease),more than any other institution group covered in the index(Figure 4.3).FEES in Chile was the biggest riser,
317、while the score for Luxembourgs European Investment Fund jumped by 38 points,to 53,landing it in the top five.This is owed to the appointment of Marjut Falkstedt as CEO.However,as was the case last year,there are only five female leaders among sovereign funds in the GBI(10%)as Valerie Mertz was repl
318、aced by Deven Mitchell as the Alaska Permanent Fund Corporations CEO.Elsewhere,the Alberta Investment Management Corporation saw its score increase by 31,to 57,as four men on the executive team were replaced by women.-40-200204060Central banksPension funds Commercial banks Sovereign fundsImprovedFel
319、lNet4.3.Sovereign funds achieve highest net improvementShare of institutions with higher or lower GBI scores versus 2022,%Source:OMFIF GBI 2023 increase was driven by stand-out funds like CalPERS and CPPIB.This is an encouraging trend as it indicates that more women are entering positions of real in
320、fluence.For sovereign funds,only 10%of CEOs are female and just 17%of C-suite positions are held by women.These low shares are unchanged from 2022.Board positions improved to 25%from 23%,although this is mainly through non-executive appointments from the outside.Much of the sovereign fund progress t
321、his year came from adding to ExCo positions.The share of female executives increased to 28%from 25%last year,suggesting that progress has been made in hiring or promoting women to senior positions internally.This was driven by funds like Alberta Investment Management Corporation,which added four wom
322、en to its executive team to nearly reach gender parity among executives.FEES and Bpifrance each added two women to their executive teams.Encouragingly,sovereign funds made significant progress this year in diversifying the types of roles female executives hold beyond administrative roles.The share o
323、f women in roles with profit and loss accountability increased to 68%from 59%last year.This nine percentage point increase may contribute to a more balanced leadership pipeline over the long term.By adding women in P&L-related executive roles,it is much more likely that they will join the ranks of t
324、he C-suite in the future.Pension funds also modestly increased the share of women in P&L-generating roles to 63%from 61%last year.Admittedly,the gender gap between administrative and profit-generating roles remains pronounced.Over a third(37%)of female executives at pension funds hold administrative
325、 roles versus just one-fifth(22%)of male executives.For sovereign funds,the share of women in administrative roles(32%)is twice that of men(15%).But,on the whole,this year has shown positive trends towards gender balance across global public funds,with women being added to positions of great influen
326、ce on ExCos and C-suites.Source:OMFIF GBI 2023 4.2.European,North American and Australian funds top the rankingsTop scoring global public funds(see p.52 for complete tables)RankPension fund Country GBI score202320222023Change119Canada Pension Plan Investment BoardCanada944229APGNetherlands9413315Cal
327、ifornia Public Employees Retirement SystemUS943144Ontario Teachers Pension PlanCanada89456Pensioenfonds Zorg en WelzijnNetherlands830RankSovereign fund Country GBI score202320222023Change11Victorian Funds Management CorporationAustralia97022Texas Treasury Safekeeping Trust CompanyUS890326Fondo de Es
328、tabilizacin Econmica y SocialChile855848Oregon Investment CouncilUS7118528European Investment FundLuxembourg6338There were also double-digit increases in scores for Bpifrance,Oregon Investment Council and the Sovereign Fund of Egypt this year.Meanwhile,a net 16%of pension funds increased their score
329、s(46%increase while 30%decrease).While this was less than sovereign funds and commercial banks,there is more widespread improvement than shown for central banks(Figure 4.3).The largest increase was witnessed by Swedish AP3,which rose by 47 points to 80.Interestingly,this improvement did not come thr
330、ough adding women to its senior ranks.It was the opposite.The fund previously had considerably more women than men in leadership positions.When Kerstin Hessius was replaced by Staffan Hansn as AP3s CEO,this reduced its GBI score.It also dropped the share of female CEOs among all pension funds in the
331、 GBI sample to 12(26%),from 13(28%)last year.AP3 remains one of a handful of global public funds with positive bias towards women in senior positions(Figure 4.4).Eight out of 15 of its executive or board members are women(53%).This share is also above 50%for the Federal Employees Retirement System(5
332、7%)and,most strikingly,the Taiwanese Bureau of Labor Funds(67%).The latter has a female CEO and deputy CEO,Yu-Ching Su and Keng-Wei Hsu.But this high concentration of women weighs on its GBI score:it ranks 31st with just 42 points.Otherwise,among sovereign funds,the highest-ranked institution in the
333、 index,VFMC,is the only one with more than 50%of their senior positions occupied by women.Silver linings from ExCo analysisWhen examining more closely the breakdown of what kinds of leadership positions women hold,there are a number of silver linings.Admittedly,the share of female pension fund CEOs dropped to 24%from 26%last year when Hansn became AP3s CEO.But across the C-suite more broadly,the s