Gender diversity in finance investment is an issue that should be given much consideration says stakeholders at a recent forum organised by the CFA Society of Nigeria.
The experts noted there is need for more women to be encouraged to actively participate in this sector.
Gender diversity which is referred to as an equitable ratio of men to women, is growing in financial services boards but progress is slow.
In a research carried out by Oliver Wyman – an analysis of 381 financial services institutions in 32 countries – shows two worrying patterns. First, female representation on executive committees is growing much slower than on boards. Second, the growth observed comes only from a few countries. In many countries, there is little or no growth in female representation on Executive Committees.
The report concluded that at current growth rates, financial services globally will not reach 30 per cent female executive committee representation until 2048.
In Nigeria, former CBN governor Sanusi Lamido Sanusi, at a women empowerment conference in 2013, said the Central Bank of Nigeria (CBN) directed that 40 per cent and 30 per cent of banks top management and board position respectively, should be reserved for women.
In a research carried out by DCSL Corporate services in 2016, the female representation on boards of Nigerian banks rose from 19 per cent in 2013 to 21 per cent in 2014 and 25 per cent in 2015. This was below the 30 per cent that the banks have committed to under the Sustainable Banking Principles.
In order to encourage diversity in the sector, the institute of Chartered Financial Analyst (CFA) launched its first ever Women in Investment Management initiative which was directed at encouraging women to become chartered financial analysts. The goal was to boost the number of women in the sector.
Bola Adesola CEO, Standard Chartered Bank, in her key note address said, “Due to the importance of CFA as a key requirement in the investment management industry, it is critical for more women to seek the qualification in order to increase the diversity”.
She challenged women in the financial sector to let go of the limitations in their minds and reach for the top. She also charged companies and bodies to begin policies that will encourage women in the finance industry.
The finance minister, Kemi Adeosun who also made a presentation at the event emphasized the importance of empowering women in investment management.
“There are huge economic benefits when we empower women. Thus women should be sensitized early enough so as to enable them become useful to the economy. Existing CFA holders should encourage young girls by not telling them the difficulty in achieving it, rather they should encourage them by telling them the benefits of being a CFA holder,” she said.
In support of the aim to increase the number of women as chartered financial analyst, The President of CFA Society Nigeria, Banji Fehintola said the institute will Launch a N50 Million permanent Endowment Fund. The fund will provide scholarships to young women studying finance-related courses in Nigerian universities and those sitting for the CFA, CIPM and Investment Foundation credential offered by the CFA Institute.
