Smaller financial institutions tend to be closer to gender parity in their executive ranks than the major Canadian banks, a new analysis by credit rating agency DBRS Morningstar has found.
Banks and credit unions are approaching gender parity at the board level, the report found, but credit unions had 44 per cent female representation in the executive suite compared with 33 per cent at the banks.
" have a very long tradition of female CEOs," said Maria-Gabriella Khoury, the report author and senior vice-president of the Global Financial Institutions Group at DBRS Morningstar, in an interview. "Indeed, as is typical of the banking industry in other geographies, female executives are usually placed to head either the human resource or legal functions," the report said.
According to Bloomberg's Gender Equality Index, which the report used as part of its analysis, Canada's biggest banks are doing well at attracting, retaining, and developing women into senior leadership positions. "There's more and more that's being put in place to help women ... to give them enough time to dedicate to climbing up the ranks," she noted, such as the national childcare program currently underway.
Khoury said institutional investors play a big role in driving transparency and action on governance and diversity efforts at major institutions.
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