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32%
30%
30%
26%
26%
23%
20%
14%
12%
12%
27%
10%
15%
24%
16%
19%
18%
30%
19%
10%
7%
Banks
Pensions funds
Investment banks
Asset Managers
Regulation andpolicy
Average
Central banks
Stock exchanges
Trade bodies
Law firms
Hedge funds
Private equity
Fig. 1 Counting every woman
Average female representation at the highest levels across the European capital markets industry*
Boards
Excos
2014 data
* Law firms, hedge funds and private equity were excluded from the board count due to inadequate data. For hedge funds and private equity, we also added FCA registered senior management, directors, partners and CEOs as a proxy for excos.
0%
10%
20%
30%
40%
50%
Improved Flat Down
Board Exco
Fig. 2 Starting from a low base
The distribution of all European capital markets organisations in our sample by percentage of female representation on boards and excos
Fig. 3 Making progress
Percentage of companies where female representation on boards and excos has improved, stayed flat or fallen since we captured data in 2014
0
10
20
30
40
50
Nu
mb
er o
f co
mp
anie
s
Female representation, %
Board
Exco
Average16%
Average23%
8%
11%
12%
38%
93%
90%
87%
66%
CEO
C-suite*
P&L†
All supportfunctionsᵠ
Women Men
0%
6%
8%
9%
12%
12%
14%
15%
15%
17%
29%
30%
58%
64%
Executive chair
Chief investment officer
CEO
Chief technology officer
Chief operating officer
Head of division or region
Chief financial officer
Chief risk officer
Other
Deputy CEO
Other support roles*
General counsel
Head of HR
Head of communications
Fig. 5 More women in support functions
Percentage of different types of role on the executive committee
Fig. 4 Gender breakdown of positions on executive committees
Percentage of women in different exco positions at organisations that publicly disclose their executive committee or equivalent
*Includes central support functions such as marketing, strategy, policy, corporate affairs, excludes roles listed above
*includes CEO, deputy CEO, CFO, COO, CRO, CTO , executive chair, and for asset managers CIO†profit and loss functions, i.e. revenue generating roles, including divisional or regional business responsibilityᵠincludes communications, HR, legal and other central support functions such as marketing, strategy, policy, corporate affairs
34%
18%
35%
16%
8%
16%
All board members
Executive directors
Non-executive director
Joining Leaving
Fig. 7 More women joining than leaving
Percentage of women newly appointed to and leaving boards and excos
8%
9%
13%
24%
48%
92%
91%
87%
76%
52%
Chairs
Vice-chairs
Executive directors
Non-executive directors
Employee representatives
23% 77%All board directors
Women
Men
Fig. 6 Gender breakdown of board positions
Percentage of women in different board positions
21%
14%
Executive committeemembers
3
8
9
18
22
35
45
67
Banks
Pension funds
Investment banks
Asset management
Regulation
Central banks
Exchanges
Trade bodies
Fig. 8 If sectors set a voluntary board target of 33%...
The number of women each sector would need to add to company boards to reach a target of 33% female representation and the year we estimate the target would be reached*
2
12
14
19
27
33
43
46
59
Regulation
Exchanges
Central banks
Law firms
Assset managers
Banks
Private equity
Investment banks
Hedge funds
* Law firms, hedge funds and private equity are excluded from board counts due to inadequate data. Assumes net number of women added remains the same in future years as in 2014-15.†No estimate as net number of women was negative for pension funds during the time period.
Assumes net number of women added remains the same in future years as in 2014-15. Pension funds and trade bodies not included as excos already exceed 25% on average. †No estimate as net number of women was negative for regulation during the time period.
Fig. 9 If sectors set a voluntary exco target of 25%...
The number of women each sector would need to add to excos to reach a target of 25% female representation and the year the target would be reached*
2023
2027
2027
2018
2018
2016
†
2016
2024
2039
2022
2049
2022
2017
2018
2018
†
Year
Year
Fig. 11 Organisation type impacts gender diversity
Female representation on boards and excos by type of organisation
*includes pension funds, central banks, trade bodies, regulation and policy
27%
19%21%
13% 13%
24%
Listed companies Privately-held companies Other organisations*
Board Exco
34%
29%
27%
24%
24%
22%
17%
17%
16%
15%
25%
16%
8%
18%
14%
16%
23%
13%
16%
21%
Nordic region
France
Germany
EU institutions*
UK
Southern Europe
Netherlands
Switzerland
US
Central and easternEurope
Board Exco
Fig. 10 Countries with quotas lead the charge
Average female representation on boards and excos by country or region
*Includes DG Fisma, EBA, ECB, ECB Banking Supervision (SSM), ECON Committee, EIOPA, ESMA
Boards Executive committees
Rank Name Sector % Female Rank Name Sector % Female
1 AP1 Pension funds 63% 1 Invest Europe Trade bodies 67% -
2Comisión Nacional del Mercado de Valores
Regulation 57% 2Pensioenfonds Metaal en Techniek
Pension funds 55% -
3 AP4 Pension funds 56% - 3 Autorité des Marchés Financiers Regulation 53% -
=4
AMF Pension Pension funds 50%
=4
CEE Stock Exchanges Wiener Börse
Exchanges 50% -
Financial Conduct Authority Regulation 50% Finanstilsynet (Norwegian) Regulation 50% -
Norges Bank Central banks 50%
Keva Finland Pension funds 50% 7 Bank of Greece Central banks 45%
Societe Generale Banks 50% =8
Financial Conduct Authority Regulation 44% -
8 BNP Paribas Banks 47% Finansinspektionen (Swedish) Regulation 44%
=10
AMF Pension Pension funds 43% -
=9AP2 Pension funds 44%
National Association of Pension Funds
Trade bodies 43%
AP3 Pension funds 44% - 12International Swaps and Derivatives Association
Trade bodies 40%
=11
Banque de France Central banks 43% 13 Norton Rose Fulbright Law firms 39%
Finansinspektionen(Swedish)
Regulation 43% -14
Futures Industry Association Europe
Trade bodies 38%
=15
Alecta Pension funds 36% -
Finanstilsynet (Norwegian) Regulation 43% - British Bankers Association Trade bodies 36%
Oslo Bors Exchanges 43% HSBC Global Asset ManagementAsset management
36%
15 HSBC Banks 42% Ilmarinen Pension funds 36% -
Varma Finland Pension funds 36% -
=16
3i Private equity 38%
=20
AP3 Pension funds 33% -
Norges Bank Central banks 38% European Insurance and Occupational Pensions Authority
Regulation 33%
PGGMAsset management
38% -Hogan Lovells Law 33% -
Latham & Watkins Law 33%
=19Deutsche Bank Banks 37%
Narodowy Bank Polski Central banks 33%
Riksbank Central banks 33%
Groupe BPCE Banks 37% Winton Capital Management Hedge funds 33% -
Fig. 13 Top 20 capital markets organisations for gender diversity
Fig. 14 Average female representation on boards and ex-cos and top 5 organisations ranked by female representation in each sector
† Fewer than 6 members, * Group level