Just over a quarter of applications to hold senior roles in financial institutions came from women last year, according to analysis from the Central Bank, although that percentage has increased.
A report analysing more than 4,500 applications to occupy senior roles within regulated companies in the State found that 26 per cent of applicants last year were women compared to 24 per cent in 2018 and 16 per cent in 2012.
Additionally, female applications for board level roles increased by four percentage points to 24 per cent last year. And in the credit union sector, there was a material increase in applications from women, with 37 per cent of all applications, up 10 percentage points in the year.
There remains, however, a lack of diversity amongst current role holders. Men hold 87 per cent of current positions that require pre-approval from the regulator in the largest asset management companies, 80 per cent in the largest banks and 74 per cent in the largest insurers. Across all institutions, men hold 85 per cent of revenue generating roles.
"Last year there were some improvements in the gender balance of applications in certain sectors. However, the pace of change remains disappointing. More work is needed to enhance diversity at senior levels across the entire financial services industry, said Central Bank governor Gabriel Makhlouf.
“Given the importance of diversity and inclusion to the culture and resilience of financial services firms, we will continue to place a spotlight on the need for improvement.”
This report is the Central Bank’s fourth analysis demographics in financial institutions.
