Finance Companies in U.K. Agree to Link Pay to Equality Targets

  • Seventy-two companies sign up to Women in Finance charter
  • Signatories to publish gender equality targets by September

Seventy-two financial services companies, including Aberdeen Asset Management Plc, Barclays Bank Plc and Deutsche Bank AG, have signed a U.K. Treasury charter which aims to improve the gender balance in financial services by linking executive pay to diversity targets.

The signatory firms, which employ over 530,000 people in the U.K., have until September to publish gender equality targets on their websites, and a further 12 months to report progress to the Treasury, it said in an e-mailed statement on Monday.

The Women in Finance charter follows a study led by Jayne-Anne Gadhia, chief executive officer at Virgin Money Holdings U.K. Plc, which found that 23 percent of finance industry board members were women, and only 14 percent of executive committees.

The list of companies signing the charter marks a “significant turning-point in the battle for a more balanced and fair industry," Gadhia said in the statement.

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