“Together, we are setting a path for meaningful change, ensuring that our financial sector leads by example when it comes to encouraging gender inclusivity and increasing female representation in decision-making positions,” said Luxembourg’s finance minister Gilles Roth (CSV, second from left) in a press release marking the publication of the Luxembourg Women in Finance Charter baseline report on 8 March 2024. Roth was part of a group that “rang the bell” at the Luxembourg Stock Exchange to celebrate the first year of the Women in Finance charter. From left to right: Jean Elia (Sogelife), Roth, Jennifer de Nijs (LSFI), Falk Fischer (Julius Baer), Julie Becker (LuxSE), Isa Ribeiro (Clearstream) and Micaela Forelli (M&G Investments). Photo: Luxembourg Stock Exchange

“Together, we are setting a path for meaningful change, ensuring that our financial sector leads by example when it comes to encouraging gender inclusivity and increasing female representation in decision-making positions,” said Luxembourg’s finance minister Gilles Roth (CSV, second from left) in a press release marking the publication of the Luxembourg Women in Finance Charter baseline report on 8 March 2024. Roth was part of a group that “rang the bell” at the Luxembourg Stock Exchange to celebrate the first year of the Women in Finance charter. From left to right: Jean Elia (Sogelife), Roth, Jennifer de Nijs (LSFI), Falk Fischer (Julius Baer), Julie Becker (LuxSE), Isa Ribeiro (Clearstream) and Micaela Forelli (M&G Investments). Photo: Luxembourg Stock Exchange

Just over a quarter (28%) of senior managerial roles--board, executive committee/C-suite or senior management level--within Luxembourg Women in Finance Charter signatories are held by women, found the charter’s baseline report, published on 8 March. The aim is to get that number up to 36% within the next few years.

, the Luxembourg Women in Finance Charter celebrated its first anniversary on 8 March 2024 with the publication of its baseline report. The survey covers the current status of female representation within the charter signatories and their targets to boost gender diversity and balance.

“I welcome the launch of the first ‘Women in Finance Charter’ report,” said Luxembourg’s finance minister (CSV) in a press release. “Together, we are setting a path for meaningful change, ensuring that our financial sector leads by example when it comes to encouraging gender inclusivity and increasing female representation in decision-making positions.”

The charter includes 71 signatories: 34 banking organisations, 15 insurance & reinsurance organisations, 10 super management companies and alternative investment fund managers (AIFMs), five financial associations, four specialised professionals of the financial sector (PSF) and three investment firms. Together, they represent roughly 28,000 employees.

Here are a few takeaways from the report.

Women hold 28% of senior managerial roles

Amongst the signatories, only about a quarter (28%) of senior managerial roles are held by women. At middle and junior management level, 39% of roles are held by women, while at the level with no managerial responsibilities, gender is balanced.

By sub-sector, associations have the highest representation of women in managerial positions.

18% of female employees have senior managerial roles

Although men and women are equally represented in the financial sector, the report found that 31% of men hold senior managerial roles (board, executive committee and senior management level); that figure drops to 18% for women.

Looking at each sub-sector, the survey found that for 9% of women employed at investment firms work at the board level. Amongst male employees, that figure is 4%.

But for super mancos & AIFMs, the report found the opposite: 6% of all female employees work at the board level, while for male employees, the percentage stands at 15%.

Targets for improvement

The report noted that signatories aim to improve gender balance by improving hiring practices (35 signatories), carrying out leadership programmes (30 signatories), monitoring diversity metrics (22 signatories) and promoting a culture of inclusion (20 signatories).

“Signatories have set the average target of reaching 39% of female representation at senior management level, 32% at board level, and 33% at executive committee/C- suite level,” noted the report. These targets are spread from 2024 to 2030. Around half (53%) of the 174 target deadlines have been set for 2024 or 2025.

Find the full report and the full list of charter signatories .

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