Conservative MP Pressures Major Banks to Promote More Women

Nicky Morgan, the British Conservative Party MP, and the current Chairwoman of the Treasury Select Committee, has reached out to man of the largest global financial institutions, in an aggressive effort to promote the appointment of women into prominent senior roles in the financial industry.

Britain’s initiative, titled the “Women in Finance Charter,” was initially established roughly two years ago, in a concerted effort to gain traction in the agenda of promoting women across the financial sector.

Who Received the Letter

Due to a presumably lackluster effort on the part of financial institutions to implement the goals of the initiative, Nicky Morgan has sent a letter to specific units within 33 financial companies, addressing their lack of participation in the initiative. Some of the companies that received the letter include Goldman Sachs, JP Morgan, UBS, and BNP Paribas.

Commenting on the current conditions of the Charter, Ms. Morgan explained that the aim “must be to see all firms in the financial sector sign up to the charter and make a concerted effort to improve their gender diversity, particularly in senior roles.”

The Current Scope of the Finance Charter

To this point, 162 companies, who employ an estimated 600,000 employees have already signed up to be a part of the Finance Charter.

However, Ms. Morgan is not satisfied with the numbers, which is understandable, considering it is difficult for any company to justify not committing to the equal advancement of women.

Ms. Morgan added: “Huge multinationals, including Goldman Sachs, JPMorgan and UBS are yet to sign up to the charter, and if they don’t intend to do so, the Treasury committee wants them to explain why.”

Progress and Outlook

When the Women in Finance Charter was in its inception, it appeared that the initiative was gaining strong support. As reported by Finance Magnates, 72 different companies and financial institutions had already joined the Charter as of July 2016.

However, despite gaining additional members, Ms. Morgan is wondering why some institutions have refrained from officially joining their counterparts in the agenda of advancing women through the top levels of the financial sector.

In response to the letter received on behalf of the Finance Charter, several banks offered their response. Goldman Sachs and JP Morgan each offered supportive words for the Charter itself, with the latter saying it is in the midst of talks to officially sign up.