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Fewer than 25% of promotions to higher positions in the city are women

Fewer than 25% of promotions to higher positions in the city are women

The study counts only 1,365 women out of 5,815 promotions and 23.5% of those hired for senior positions in the UK financial services last year. However it is slightly better than 2020 (21%), referring to Fox & Partners.

“Women are at the bottom of the senior executive level, but, even more worrying, even in new appointments to senior management positions,” said Katriona Watt, a law firm partner.

“Important” cultural changes

He therefore points out that “significant” cultural changes are needed to accelerate the journey towards equality. “The percentage of women in senior leadership positions must increase dramatically, or we will not be able to achieve leadership balance in this generation,” she warns.

According to a recent study by Fox & Partners, male directors of financial institutions on the FTSE 350, the broadest index of the London Stock Exchange, will earn two-thirds more than women sitting on the same board in 2021 – 5 689,550 against 235,075. On average.

The company recommends guidelines and measures to support women who may be candidates for these positions, and the companies promise to follow the recommendations of the Charter for Women at the expense of the British Treasury. These include appointing at least one senior executive member responsible for diversity, setting senior management balance goals, publishing an annual report to assess progress, and incorporating compensation for diversity objectives.

Still a significant delay

Among the FTSE-100 organizations, the number of women on boards has increased from 12.5% ​​to almost 40% in ten years, thanks to the criteria published so far only by the voluntary and government-mandated organization in assessing equality in listed companies.

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As shown in the Fox & Partners study, delays in senior management positions and equal pay for men and women are even more significant.

The FTSE-100, which includes the top 100 ratings in London, has less than a dozen female CEOs, including Amanda Blanc on Aviva but Caroline McCall on ITV, Allison Rose on the Northeast, Emma Walmesley on the GSK, Albright Britney on the Widfred or Live Garfield. In the Severn Trend.

The UK Markets Regulation Agency (FCA) has recently stepped up pressure for greater diversity among UK-listed companies, now seeking ‘explanations’ if the board fails to meet certain limits, including 40% women.