It's a success: 31 ABBL members signed the Women in Finance Charter on 8 March, International Women's Day! Under the patronage of the Minister of Finance, Yuriko Backes, this national charter aims at a more balanced gender representation and the promotion of inclusion in the financial sector in Luxembourg.
A step forward for diversity, and consequently for the performance of the financial sector. Catherine Bourin, member of the ABBL Executive Committee, initiator and coordinator of the ABBL Diversity, Equity and Inclusion working group: "Diversity is not only a question of social responsibility. It also has a fundamental role in the performance and sustainability of companies in a changing world."
Diversity, innovation and performance are closely linked
- Many studies have shown that there is a correlation between a better representation of women in positions of responsibility in a company and the performance or added value of the company.
- Similarly, a large number of researchers point to the link between the diversity of a company's employees and their level of productivity and ability to adapt to new situations
- Finally, there is also evidence that a company that fosters a culture of diversity is more likely to retain its talents and create a climate of trust within its workforce.
Diversity is not only a question of social responsibility. It also has a fundamental role in the performance and sustainability of companies in a changing world.
Gender diversity still needs more support
European women have high levels of qualifications. For example, 60% of university graduates are women. However, they are still poorly represented in hierarchical positions at board level or in management positions in companies.
According to an ABBL study conducted in 2021, while women represent 53% of the workforce under the sectoral collective agreement for banks (respectively 35% outside the collective agreement), they are only represented by 21% at executive committee level. This figure drops to 16% at board level.
Women in Finance Charter: promoting diversity and reporting progress
Under the patronage of Finance Minister Yuriko Backes, the national Women in Finance Charter aims to the objective of a more balanced gender representation and the promotion of inclusion in the financial sector in Luxembourg.
Through the Charter, the signatories commit to
- Promote women's access to all levels of the company, including management and board levels board levels
- Designate a Chief Diversity and Inclusion Officer (CDO)
- Set internal targets and action plans that will be integrated with the company's ambitions
- Promote transparency by publishing an annual report on progress against targets on their website. o
Officially launched on 8 March, International Women's Rights Day, at a ceremony at the Luxembourg Stock Exchange and attended by Luxembourg Stock Exchange and in the presence of the Minister of Finance, Ms. Yuriko Backes, the charter has already 61 signatures, 31 of which were from ABBL members.
Diversity: a long-term commitment of the ABBL
Since 2019, the ABBL has been leading a Diversity, equity and inclusion working group in which its members can share and discuss the latest developments - regulatory or voluntary - in the field, the challenges and opportunities that this implies for their organisations and the good practices observed. This group raises awareness of these issues among all ABBL members and organises or promotes training courses.
A toolbox, based on the ABBL's CSR guide published in January 2022, is being developed to to help members establish their strategy, develop their action plan and report on their progress in progress in diversity.
In addition to being co-founders and signatories of the Women In Finance Charter, the ABBL is a signatory to the IMS Diversity Charter (for which it leads the autonomous working group on gender diversity), the UN Women Empowerment Principles and the My Pledge Charter.
Supporting the Luxembourg banking sector in its transformation to become a major player for a sustainable and responsible world and economy, the ABBL is committed to world and a sustainable and responsible economy, as well as encouraging innovation and the development of practices in the service of this ambition are at the heart of our commitments. The promotion of diversity, equity and inclusion are thus fully part of our approach.