Gender imbalance has long been a problem, so why now are firm’s springing to action? The release in June of consultancy Oliver Wyman’s Women In Financial Services report certainly shook things up.
It reported that globally just one-fifth of boards and 16% of executive committees in financial services and comprised of women, while it found that female financial services executives are more likely to leave their employer mid-career than in any other industry.
Increased press coverage of the feminist cause, and outrage over misogynistic comments from public figures such as Donald Trump will only add fuel to the fire.
Positive discrimination does have its drawbacks, and the vast majority of firms would still say they simply employ the ‘best person’ for the job, regardless of sex.
Still, wealth managers must be encouraged to think carefully of how they can address any obvious imbalances on their boards and have their say on the boards of the companies in which they invest.
