June is a very special month for WIBF members as, for the past 23 years, it is when we have celebrated our Annual Awards for Achievement. The Awards is a flagship event for WIBF, an opportunity to recognise and celebrate the talented champions and achievers around us, and to connect with fellow members in an uplifting celebration.
Due to the impact of Covid-19, we have re-scheduled the date of the 23rd Annual Awards for Achievement to Friday 25th June 2021 – a date for your diary. We look forward to welcoming you to the London Guildhall to celebrate the shortlisted candidates and winners, and to connect, challenge and inspire our members to be the role models and champions for change, for a more inclusive financial services sector.
TOP 100 ETHNIC MINORITY FUTURE LEADERS
We are thrilled to share with you the news that Jennie Koo, Executive and Management Board leader and long-term member of WIBF, has been recognised in the Top 100 Ethnic Minority Future Leaders. Congratulations, Jennie.
COVID-19 IMAPCT ON WOMEN AND ETHNIC MINORITIES
Covid-19 has had a severe impact on our lives and activities in so many ways, and the data is showing that women and ethnic minorities are more severely affected due to job losses, access to suitable work space, caring responsibilities and schooling. While remote working has worked well for some, it has created new challenges for inclusion and access to opportunities for many. Yet the data continues to tell us that when companies invest in diversity and inclusion, they are in a better position to create more agile and effective teams, and more likely to recognise diversity as a competitive advantage. Diverse teams are more innovative, stronger at anticipating shifts in customer needs, and so better positioned to create new products and services, potentially generating a competitive edge. (McKinsey 2020).
WOMEN IN FINANCE CHARTER UPDATE
The Women in Finance Charter (WIFC) is a hugely impactful initiative by HMT to focus firms in the financial services sector on setting targets, increasing transparency and ensuring accountability for achieving these targets is the Women in Finance Charter (WIFC). We were delighted to see the launch of the third Annual Report of the WIFC on 23rd June. Most of WIBF’s institutional members have signed up to the WIFC charter, which now has over 300 signatories from the sector. You can review a copy of the report on our Knowledge Hub, and some of the highlights include:
· A third of the 187 signatories reviewed met or exceeded their targets for female representation in senior management.
· Female representation in senior management at signatory firms is rising – 76% of signatories either increased or maintained the proportion of women in senior management during the reporting period.
· The most common actions are focusing on diverse shortlists, providing diversity-related training and promoting flexible working. There is a notable shift in how signatories are using data to embed diversity into the business, drive accountability and quantify the impact of actions.
· A third of signatories believe the link between pay and diversity targets has been effective, while more than half said it is too early to tell.
I hope that you and your loved ones stay safe and well during these turbulent times, and I look forward to connecting with you online at one of the many exciting virtual events on offer over the coming months, and I also hope you have an opportunity to enjoy a well-deserved break over the summer.
With best wishes,
President, Women in Banking and Finance