Dáil Éireann Debate, Thursday - 16 June 2022
64. Deputy Neale Richmond asked the Minister for Finance the steps that he is taking to increase the diversity of the workforce in the financial services sector; and if he will make a statement on the matter. [31068/22]
Amharc ar fhreagraIncreasing diversity of the workforce in the financial services sector can bring a number of benefits to firms, including increased access to talent. As such, increasing diversity in the financial services workforce is an important priority in the Government’s Ireland for Finance Strategy and Action Plans 2021 and 2022.
A key milestone in the area of diversity, specifically gender balance, was the launch by Minister of State Seán Fleming of Ireland’s first Women in Finance Charter in April 2022. The development of this Charter was a public-private collaboration under the Ireland for Finance Action Plans. The measure was led by industry and their representative bodies, i.e. Financial Services Ireland and Banking Payments Federation Ireland, with involvement from stakeholders including Insurance Ireland and Irish Funds. It was supported by Government including my Department, the Department of Enterprise, Trade and Employment and Balance for Better Business.
The Charter is open to all financial services firms operating in Ireland and I encourage firms to commit to this important development. Signatories of the Charter commit their organisations to achieving greater gender balance by setting targets that are appropriate to their company and formulating action plans to achieve these targets. This should lead to a more inclusive working environment by increasing the number of women in junior, middle and senior management, leadership and board level positions. The ESRI has been commissioned by the industry associations to undertake a comprehensive analysis of the data that firms provide and publish periodic reports. The Charter will be overseen by a Steering Group comprised of public sector officials from my Department and the Department of Enterprise, Trade and Employment, and industry professionals. The Steering Group will also provide guidance and direction for the Charter. More information on Ireland’s Women in Finance Charter is available on the Balance for Better Business website www.betterbalance.ie/partners/
However, diversity goes beyond the number of women in the workplace or in leadership. It also means diversity of age, ethnicity, sexual orientation, education, nationality, disability, beliefs, and more. There is an increased interest by industry on developing talent being driven by trends in fintech and sustainable finance, and by changes in the regulatory environment. I expect that this theme will continue to feature in the strategic update of the Ireland for Finance Strategy that has taken place over the last number of months and which I hope to have Government approval for its publication next month.
