Men in Finance Have 'Reprehensible' Dominance
In his press release, Simon Clark at Bloomberg shows how banks, insurers and asset managers have low percentage of women on their boards.
Finance is the most lopsided industry in the MSCI World Index when it comes to appointing women as directors and promoting them to management positions, according to data compiled by Bloomberg.
“It’s reprehensible for an industry to have a high level of women employees and a low level of women in management and on the board” said Joe Keefe, chief executive officer of Portsmouth, New Hampshire-based Pax World Management LLC and chairman of the nonprofit Women Thrive Worldwide.
“It is evidence of failure to hire, to promote, to retain and to mentor the women.”
Women are frequently overlooked for promotion and receive less mentoring and sponsorship than male peers, according to a report last year by Mervyn Davies, former CEO of Standard Chartered Plc in London. The relatively low number of successful female role models often compounds stereotypes, according to the report, commissioned by the U.K. government.
Helena Morrissey, CEO of Newton Investment Management Ltd., in London and founder of the 30 Percent Club, which seeks to boost women’s numbers on boards, called the disparity between women employees and directors
“rather patronizing”.
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