•
•
•
Fig. 1 Counting every woman


Average female representation at the highest levels across the European capital markets
industry*
32%
Banks
12%
30%
Pensions funds
27%
30%
Investment banks

10%
26%
Asset Managers
15%
26%
Regulation and
policy

24%
23%
Average
16%
20%
Central banks

19%
14%
Stock exchanges
18%
12%
Trade bodies

30%
Law firms
19%
Boards
Hedge funds
Private equity
10%
Excos
2014 data
7%

* Law firms, hedge funds and private equity were excluded from the board count due to
inadequate data. For hedge funds and private equity, we also added FCA registered senior
management, directors, partners and CEOs as a proxy for excos.
Fig. 2 Starting from a low base
The distribution of all European capital markets organisations in our sample by percentage of female representation on boards and excos
50
40
Average
16%
Average
23%
Board
Number of companies
Exco
30
20
10
0
Female representation, %
Fig. 3 Making progress
Percentage of companies where female representation on
boards and excos has improved, stayed flat or fallen since we
captured data in 2014
50%
Board
40%
30%
20%
10%
0%
Improved
Flat
Down
Exco
Fig. 4 Gender breakdown of positions on executive committees
Percentage of women in different exco positions at organisations that publicly disclose their
executive committee or equivalent
Head of communications
64%
Head of HR
58%
General counsel
30%
Other support roles*
29%
Deputy CEO
17%
Other
15%
Chief risk officer
15%
Chief financial officer
14%
Head of division or region
12%
Chief operating officer
12%
Chief technology officer
9%
CEO
8%
Chief investment officer
Executive chair
6%
0%
*Includes central support functions such as marketing, strategy, policy, corporate affairs,
excludes roles listed above
Fig. 5 More women in support functions
Women
Percentage of different types of role on the executive committee
CEO
8%
93%
C-suite*
11%
90%
P&L†
12%
87%
All support
functionsᵠ
Men
38%
66%
*includes CEO, deputy CEO, CFO, COO, CRO, CTO , executive chair, and for asset managers CIO
†profit and loss functions, i.e. revenue generating roles, including divisional or regional
business responsibility
ᵠincludes communications, HR, legal and other central support functions such as marketing,
strategy, policy, corporate affairs
Fig. 6 Gender breakdown of board positions
Percentage of women in different board positions
Women
Men
All board directors
23%
Employee representatives
48%
Non-executive directors
Executive directors
77%
52%
24%
76%
13%
87%
Vice-chairs
9%
91%
Chairs
8%
92%
Fig. 7 More women joining than leaving
Percentage of women newly appointed to and leaving boards and excos
Joining
Leaving
34%
All board members
16%
18%
Executive directors
8%
35%
Non-executive director
16%
Executive committee
members
21%
14%
Fig. 8 If sectors set a voluntary board target of 33%...
The number of women each sector would need to add to company boards to reach a target of
33% female representation and the year we estimate the target would be reached*
Year
Trade bodies
67
Exchanges
45
Central banks
2027
22
Asset management
2018
18
Investment banks
2018
2016
9
Pension funds
Banks
2027
35
Regulation
2023
†
8
2016
3
* Law firms, hedge funds and private equity are excluded from board counts due to inadequate
data. Assumes net number of women added remains the same in future years as in 2014-15.
†No estimate as net number of women was negative for pension funds during the time period.
Fig. 9 If sectors set a voluntary exco target of 25%...
The number of women each sector would need to add to excos to reach a target of 25%
female representation and the year the target would be reached*
Hedge funds
59
Investment banks
46
Private equity
43
Banks
33
Assset managers
27
Law firms
19
Central banks
14
Exchanges
Regulation
12
2
Year
2024
2039
2022
2049
2022
2017
2018
2018
†
Assumes net number of women added remains the same in future years as in 2014-15. Pension
funds and trade bodies not included as excos already exceed 25% on average.
†No estimate as net number of women was negative for regulation during the time period.
Fig. 10 Countries with quotas lead the charge
Board
Average female representation on boards and excos by country or region
Exco
34%
Nordic region
25%
29%
France
16%
27%
Germany
8%
24%
EU institutions*
18%
24%
UK
14%
22%
Southern Europe
16%
17%
Netherlands
23%
17%
Switzerland
13%
16%
US
16%
*Includes DG Fisma,
EBA, ECB, ECB Banking
Supervision (SSM),
ECON Committee,
EIOPA, ESMA
15%
Central and eastern
Europe
21%
Fig. 11 Organisation type impacts gender diversity
Female representation on boards and excos by type of organisation
Board
27%
Exco
24%
21%
19%
13%
Listed companies
13%
Privately-held companies
Other organisations*
*includes pension funds,
central banks, trade bodies,
regulation and policy
Fig. 13 Top 20 capital markets organisations for gender diversity
Boards
Rank
Executive committees
Name
Sector
% Female
1
AP1
Pension funds
63% 
2
Comisión Nacional del
Mercado de Valores
Regulation
3
AP4
AMF Pension
Rank
Name
Sector
% Female
1
Invest Europe
Trade bodies
67% -
57% 
2
Pensioenfonds Metaal en
Techniek
Pension funds
55% -
Pension funds
56% -
3
Autorité des Marchés Financiers
Regulation
53% -
Pension funds
50% 
CEE Stock Exchanges Wiener
Börse
Exchanges
50% -
Finanstilsynet (Norwegian)
Regulation
50% -
Norges Bank
Central banks
50% 
Bank of Greece
Central banks
45% 
Financial Conduct Authority
Regulation
44% -
Finansinspektionen (Swedish)
Regulation
44% 
AMF Pension
Pension funds
43% -
National Association of Pension
Funds
Trade bodies
43% 
=4
=4
8
=9
=11
15
=16
=19
Financial Conduct Authority Regulation
50% 
Keva Finland
Pension funds
50% 
Societe Generale
Banks
50% 
BNP Paribas
Banks
47% 
7
=8
=10
AP2
Pension funds
44% 
AP3
Pension funds
44% -
12
International Swaps and
Derivatives Association
Trade bodies
40% 
Banque de France
Central banks
43% 
13
Norton Rose Fulbright
Law firms
39% 
Finansinspektionen
(Swedish)
Regulation
43% -
14
Futures Industry Association
Europe
Trade bodies
38% 
Alecta
Pension funds
36% -
Finanstilsynet (Norwegian)
Regulation
43% -
British Bankers Association
Trade bodies
36% 
Oslo Bors
Exchanges
43% 
HSBC Global Asset Management
Asset
management
36% 
HSBC
Banks
42% 
Ilmarinen
Pension funds
36% -
Varma Finland
Pension funds
36% -
3i
Private equity
38% 
AP3
Pension funds
33% -
Norges Bank
Central banks
38% 
European Insurance and
Occupational Pensions Authority
Regulation
33% 
PGGM
Asset
management
38% -
Hogan Lovells
Law
33% -
Latham & Watkins
Law
33% 
Deutsche Bank
Banks
37% 
Narodowy Bank Polski
Central banks
33% 
Riksbank
Central banks
33% 
Groupe BPCE
Banks
37% 
Winton Capital Management
Hedge funds
33% -
=15
=20
Fig. 14 Average female representation on boards and ex-cos and top 5 organisations ranked by
female representation in each sector
†
Fewer than 6 members, * Group level