•

•

•

32%

30%

30%

26%

26%

23%

20%

14%

12%

12%

27%

10%

15%

24%

16%

19%

18%

30%

19%

10%

7%

Banks

Pensions funds

Investment banks

Asset Managers

Regulation andpolicy

Average

Central banks

Stock exchanges

Trade bodies

Law firms

Hedge funds

Private equity

Fig. 1 Counting every woman

Average female representation at the highest levels across the European capital markets industry*

Boards

Excos

2014 data

* Law firms, hedge funds and private equity were excluded from the board count due to inadequate data. For hedge funds and private equity, we also added FCA registered senior management, directors, partners and CEOs as a proxy for excos.

0%

10%

20%

30%

40%

50%

Improved Flat Down

Board Exco

Fig. 2 Starting from a low base

The distribution of all European capital markets organisations in our sample by percentage of female representation on boards and excos

Fig. 3 Making progress

Percentage of companies where female representation on boards and excos has improved, stayed flat or fallen since we captured data in 2014

0

10

20

30

40

50

Nu

mb

er o

f co

mp

anie

s

Female representation, %

Board

Exco

Average16%

Average23%

8%

11%

12%

38%

92%

89%

88%

62%

CEO

C-suite*

P&L†

All supportfunctionsᵠ

Women Men

0%

6%

8%

9%

12%

12%

14%

15%

15%

17%

29%

30%

58%

64%

Executive chair

Chief investment officer

CEO

Chief technology officer

Chief operating officer

Head of division or region

Chief financial officer

Chief risk officer

Other

Deputy CEO

Other support roles*

General counsel

Head of HR

Head of communications

Fig. 5 More women in support functions

Percentage of women in different types of role on excos

Fig. 4 Gender breakdown of positions on executive committees

Percentage of women in different exco positions at organisations that publicly disclose their executive committee or equivalent

*Includes central support functions such as marketing, strategy, policy, corporate affairs, excludes roles listed above

*includes CEO, deputy CEO, CFO, COO, CRO, CTO , executive chair, and for asset managers CIO†profit and loss functions, i.e. revenue generating roles, including divisional or regional business responsibilityᵠincludes communications, HR, legal and other central support functions such as marketing, strategy, policy, corporate affairs

34%

18%

35%

16%

8%

16%

All board members

Executive directors

Non-executive director

Joining Leaving

Fig. 7 More women joining than leaving

Percentage of women newly appointed to and leaving boards and excos

8%

9%

13%

24%

48%

92%

91%

87%

76%

52%

Chairs

Vice-chairs

Executive directors

Non-executive directors

Employee representatives

23% 77%All board directors

Women

Men

Fig. 6 Gender breakdown of board positions

Percentage of women in different board positions

21%

14%

Executive committeemembers

3

8

9

18

22

35

45

67

Banks

Pension funds

Investment banks

Asset management

Regulation

Central banks

Exchanges

Trade bodies

Fig. 8 If sectors set a voluntary board target of 33%...

The number of women each sector would need to add to company boards to reach a target of 33% female representation and the year we estimate the target would be reached*

2

12

14

19

27

33

43

46

59

Regulation

Exchanges

Central banks

Law firms

Assset managers

Banks

Private equity

Investment banks

Hedge funds

* Law firms, hedge funds and private equity are excluded from board counts due to inadequate data. Assumes net number of women added remains the same in future years as in 2014-15.†No estimate as net number of women was negative for pension funds during the time period.

Assumes net number of women added remains the same in future years as in 2014-15. Pension funds and trade bodies not included as excos already exceed 25% on average. †No estimate as net number of women was negative for regulation during the time period.

Fig. 9 If sectors set a voluntary exco target of 25%...

The number of women each sector would need to add to excos to reach a target of 25% female representation and the year the target would be reached*

2023

2027

2027

2018

2018

2016

†

2016

2024

2039

2022

2049

2022

2017

2018

2018

†

Year

Year

Fig. 11 Organisation type impacts gender diversity

Female representation on boards and excos by type of organisation

*includes pension funds, central banks, trade bodies, regulation and policy

27%

19%21%

13% 13%

24%

Listed companies Privately-held companies Other organisations*

Board Exco

34%

29%

27%

24%

24%

22%

17%

17%

16%

15%

25%

16%

8%

18%

14%

16%

23%

13%

16%

21%

Nordic region

France

Germany

EU institutions*

UK

Southern Europe

Netherlands

Switzerland

US

Central and easternEurope

Board Exco

Fig. 10 Countries with quotas lead the charge

Average female representation on boards and excos by country or region

*Includes DG Fisma, EBA, ECB, ECB Banking Supervision (SSM), ECON Committee, EIOPA, ESMA

Boards Executive committees

Rank Name Sector % Female Rank Name Sector % Female

1 AP1 Pension funds 63% 1 Invest Europe Trade bodies 67% -

2Comisión Nacional del Mercado de Valores

Regulation 57% 2Pensioenfonds Metaal en Techniek

Pension funds 55% -

3 AP4 Pension funds 56% - 3 Autorité des Marchés Financiers Regulation 53% -

=4

AMF Pension Pension funds 50%

=4

CEE Stock Exchanges Wiener Börse

Exchanges 50% -

Financial Conduct Authority Regulation 50% Finanstilsynet (Norwegian) Regulation 50% -

Norges Bank Central banks 50%

Keva Finland Pension funds 50% 7 Bank of Greece Central banks 45%

Societe Generale Banks 50% =8

Financial Conduct Authority Regulation 44% -

8 BNP Paribas Banks 47% Finansinspektionen (Swedish) Regulation 44%

=10

AMF Pension Pension funds 43% -

=9AP2 Pension funds 44%

National Association of Pension Funds

Trade bodies 43%

AP3 Pension funds 44% - 12International Swaps and Derivatives Association

Trade bodies 40%

=11

Banque de France Central banks 43% 13 Norton Rose Fulbright Law firms 39%

Finansinspektionen(Swedish)

Regulation 43% -14

Futures Industry Association Europe

Trade bodies 38%

=15

Alecta Pension funds 36% -

Finanstilsynet (Norwegian) Regulation 43% - British Bankers Association Trade bodies 36%

Oslo Bors Exchanges 43% HSBC Global Asset ManagementAsset management

36%

15 HSBC Banks 42% Ilmarinen Pension funds 36% -

Varma Finland Pension funds 36% -

=16

3i Private equity 38%

=20

AP3 Pension funds 33% -

Norges Bank Central banks 38% European Insurance and Occupational Pensions Authority

Regulation 33%

PGGMAsset management

38% -Hogan Lovells Law 33% -

Latham & Watkins Law 33%

=19Deutsche Bank Banks 37%

Narodowy Bank Polski Central banks 33%

Riksbank Central banks 33%

Groupe BPCE Banks 37% Winton Capital Management Hedge funds 33% -

Fig. 13 Top 20 capital markets organisations for gender diversity

Fig. 14 Average female representation on boards and ex-cos and top 5 organisations ranked by female representation in each sector

† Fewer than 6 members, * Group level