A new analysis by credit rating agency DBRS Morningstar found credit unions had 44% female representation in the executive suite compared with 33% at the banks
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.
Only 18 per cent of banks had a female CEO – at HSBC Bank Canada and Laurentian Bank of Canada – compared with 38 per cent of credit unions and cooperatives. However, both smaller and larger institutions have issues when it comes to executive roles dealing with profit and loss, it said. In some cases, not having leadership experience in the profit and loss area can prevent women from becoming CEOs, said Khoury.
Across the sector, institutions tend to be at or above gender parity in their overall workforces, but the percentages shrink as you climb up the ranks, said Khoury.There’s no singular reason why the pipeline of female talent seems to shrink going up the ranks, but Khoury said anecdotally, it often comes down to issues with things like recognition, mentorship, support and family care.
Disclosure and transparency aren’t enough, DBRS Morningstar said – organizations need to start promoting women into higher executive positions.
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