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CUs sign Women in Finance Charter

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12 Jul 16

Credit unions are among the first signatories to the Government’s Women in Finance Charter.

The Charter is designed to improve gender diversity in senior positions within the financial services sector, and the first 72 firms to sign up to the Charter include London Capital Credit Union, South Manchester Credit Union and The Co-operative Credit Union.

The Women in Finance Charter commits financial services firms to link the remuneration packages of their executive teams to gender diversity targets. It also commits firms to set internal targets for gender diversity in their senior management, publish progress reports annually against these targets, and to appoint a senior executive responsible for gender diversity and inclusion.

These commitments are based on the recommendations set out in Jayne-Anne Gadhia’s Review into the representation of women in financial services which was launched at the Bank of England in March. The Gadhia review found that in UK Financial Services, female representation was around 23% on Boards, but only 14% on Executive Committees.

Economic Secretary to the Treasury Harriett Baldwin MP said: “By signing the Charter, firms are committing to driving change at the senior levels of the male-dominated financial services industry. Such widespread commitment to the Charter will make a genuine difference to gender diversity in financial services and I am delighted to celebrate this today.”

South Manchester Credit Union Manager Sheenagh Young said: “Credit unions have a strong record in gender parity. Many credit unions have a female CEO and there is growing female representation on credit union Boards of Directors.”

President of The Co-operative Credit Union Chris Smith said: “We are committed to creating an inclusive and supportive workplace environment for all employees and board members to enable them to meet their full potential.

“We hope that many firms will sign up to the Charter, as moves towards gender diversity will be a move towards progress for all.”

Britain's credit unions have a strong track record of female leadership in board and managerial positions, and more credit unions are encouraged to sign up to the Charter.

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