Dáil Éireann Debate, Tuesday - 20 June 2023
263. Deputy Damien English asked the Minister for Finance if he is satisfied with progress to date on the Women in Finance Charter, which was developed in partnership with several stakeholders (details supplied) whereby signatories of the Charter commit their organisations to improving the number of women in management and board-level positions to achieve better gender balance and a more inclusive working environment. [29824/23]
Amharc ar fhreagraThe Women in Finance Charter was developed over a number of years by the industry representative associations, Banking and Payments Federation Ireland, Financial Services Ireland, Insurance Ireland and Irish Funds, with support from government, as part of the Ireland for Finance strategy. It was launched in April 2022. Theme 3 of the Update to Ireland for Finance strategy is Diversity and talent and the Women in Finance Charter is an important part of this theme. Improving gender balance in senior roles in international financial services, and the broader financial services sector, has the capacity to bring benefits to organisations, including better decision making.
Firms that sign the Charter publicly commit to targets to increase the representation of women at specific levels within their firm. Progress against these targets is measured annually and publicly communicated.
The industry representative associations have commissioned the ESRI to undertake a comprehensive analysis of the data that signatory firms provide outlining their targets for increasing gender balance at all management levels
For the launch of the Charter last April there were 60 signatories in total, of which 56 signatories completed the baseline survey with the ESRI and 54 signatories have completed the full data reporting process. The firms include organisations from banking, insurance, funds and professional services, for example, the legal profession.
The ESRI's first Annual Report on the Charter will be launched tomorrow and I understand overall progress has been good on the achievement of the targets that were set by the signatory firms. However, there is a lot of work to do in achieving greater gender balance in the financial services sector and in encouraging more firms to sign the Charter and to complete the data reporting process.
Ensuring that the Charter is supported on an ongoing basis is extremely important and in that regard, a Steering Group for the Charter has been established. My Department is represented on the Group and officials are playing an active role in supporting the core objectives of the Charter. Furthermore, as this is part of the IFS Strategy Minister of State Carroll MacNeill, in her role as Minister with specific responsibility for the Strategy is very engaged in this policy space. Other members include the four industry bodies, the two Co-Chairs of the Balance for Better Business Review Group, 30% Club, 100 Women in Finance, 100 Women in Finance Early Career, the Financial Services Union and the Department of Enterprise Trade and Employment. The Department of Enterprise Trade and Employment provides the Secretariat. The Group has met three times to date.
Comprehensive information relating to the Women in Finance Charter, which includes guidance notes, a baseline data template and an annual reporting template is available on the Balance for Better Business website www.betterbalance.ie/partners/ The industry representative associations are the points of contact for firms that would like to find out more details about the Women in Finance Charter.
In December 2022, all employers with more than 250 employees published their first gender pay gap reports, a new legal requirement in Ireland. It is important to note that the data showed the financial services sector has challenges in this area.
