The Women in Finance Charter is a commitment by HM Treasury and signatory companies to work together to create an equilibrium in the finance industry. The aim is to work towards gender balance and fairness in the finance sector.
The Charter came into existence in 2016 and has over 300 signatories, and the Association of Accounting Technicians (ATT) would like to see it benefit all businesses in the United Kingdom.
AAT has released a proposal, calling for the Women in Finance Charter to be renamed ‘The Women in Business Charter.’ This would allow firms from any business category to join the financial services companies that are already associated with it.
YouGov recently carried out a survey on behalf of AAT; the results revealed that 54% of MPs would support the expansion of the Women in Finance Charter.
Women in Finance Charter signatories commit to make gender diversity a priority, setting clear goals for gender equality, submitting annual reports about set targets, and ensuring that salaries are fair in all company sectors. New signatories in 2018 included JP Morgan, Grant Thornton, Evolution Financial Planning and Yorkshire Building Society.
In March 2018, the first annual review for the Women in Finance Charter was published. The report highlighted the fact that 28% of signatories had achieved their yearly goals for gender diversity in senior management.
According to John Glen, economic secretary to the Treasury, women struggle to get to the top in financial services. That is why it’s vital that companies recognise the importance of signing up to the charter to openly commit to changing the status quo. AAT’s pledge to expand the Women in Finance Charter reflects the business zeitgeist, as more firms join the charter.
In collaboration with Jayne-Anne Gadhia, CEO of Virgin Money, the government published a report in 2015 that revealed a mere 14% of Executive Committees in the financial sector were made up of women. This prompted the introduction of the Women in Finance Charter.
From 1994 to 1996 Joey Horn worked as Vice President of Mergers and Acquisitions at Credit Suisse First Boston. More than ten years on, the Women in Finance Charter aspires to increase the number of women in senior executive positions in the finance industry. However, the Association of Accounting Technicians wants to take it one step further and broaden the scope, allowing all industries to join a new charter that would focus on gender diversity across the board.