Half of board members with experience in technology are female
Female board members of European wealth and asset managers are increasingly leading male peers in high-demand areas of expertise, Investment Week can reveal.
Over half (55%) of board members with experience in sustainability are women, with the same number for board members with legal or compliance experience, figures provided to Investment Week by EY for International Women's Day (8 March) show.
While women account for 40% of board seats across European wealth and asset management firms, they make up larger proportions of specialist experience across a range of key and rapidly developing areas.
Data revealed that half of board members with experience in technology are female, while 46% of board members with a PhD are women and 38% with an MBA are women.
However, only 35% of female board members have C-suite experience, which indicates there is still progress to be made in senior management and executive positions.
In November last year, the European Parliament adopted a new law on gender balance across corporate boards, mandating that by 2026, women must constitute 40% of non-executive and 33% of executive directors of company boards.
The research shows the European wealth and asset management sector "has already achieved this level" said Gill Lofts, EMEIA financial services partner at EY, adding the 40% number is now viewed "as a baseline rather than a target by progressive boardrooms".
Lofts argued the skillsets in technology and sustainability held by female board members could "act as a catalyst" to further drive female representation on boards and in senior management, as the fields become increasingly in demand.
Global view
Looking across all firms, data from MSCI showed that of the 2,800 largest companies in the world, female board members have been steadily increasing, from 22.6% in 2021 to 24.5% last year.
In the UK, 88.4% of boards are now composed of at least 30% women, up from 86.2% in 2021.
All-male boards can be found at 11.2% of companies in the MSCI ACWI index, down from 14.2% in 2021.
MSCI added that it projected boards globally will reach the 30% and 50% targets for female representation by 2026 and 2038, respectively.
In financial services, MSCI reported women comprised 26% of boards globally, making it the fourth best performing sector.
Overall, 41.7% of financial firms have at least 30% female board members, with 9.7% having no female board members.
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Lofts said: "At a time of major change in the global market backdrop, Europe's wealth and asset management boardrooms are building resilience through the diverse perspectives, backgrounds, experiences and skillsets of their board members.
"Achieving gender parity - and ensuring that boardrooms reflect the diversity of the customers and societies they serve - is a work in progress, but leaders across the wealth and asset management industry are driving change.
"Progressive businesses are not merely anticipating regulation, but viewing diversity as a strategic priority, understanding that more diverse views, backgrounds and experience are crucial to identifying and responding to risks, and ultimately create more effective boards."
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