Toward Inclusive Finance in Luxembourg: The Rise of the Women in Finance (WIF) Charter

As the International Women’s Day approaches on March 8th, ACA is thrilled to participate in the ‘Women in Finance’ event taking place at the Luxembourg Stock Exchange premises on the same day. While awaiting the unveiling of the inaugural progress report and the new signatories, we invite you to learn more about this initiative through our article.

In March 2023, the Luxembourg financial sector took a significant step towards gender equality and diversity with the launch of the “Luxembourg Women in Finance” Charter. This initiative, conducted under the high patronage of the Ministry of Finance, supported by leading financial institutions and representative bodies such as ACA, aims to encourage better representation of women in key positions, as well as at all levels in the finance sector.

As Luxembourg positions itself as a renowned financial center, employing over 60,000 professionals, the importance of reflecting societal diversity in this sector is paramount. Studies have shown that gender diversity in leadership positions not only improves financial performance but also contributes to greater employee satisfaction and an increase in the talent pool.

While Luxembourg boasts the lowest gender pay gap in the EU, there is still a long way to go to ensure equitable representation of women in leadership roles and thus contribute to reducing the gender gap, which remains one of the highest in Europe. The WiF Charter supports the sector’s ambition to see increased female participation at all levels within financial services companies and representative bodies in the Luxembourg financial market.

By becoming signatories, financial organizations commit to encouraging women’s access at all hierarchical levels, appointing a diversity and inclusion officer, setting quantifiable goals, and supporting transparency by publicly reporting progress towards set objectives.

Octavie Dexant, Vice President of ACA, emphasizes the importance of this charter as a catalyst for accelerating awareness and commitment to diversity.

The numbers and images speak for themselves; we certainly were not meeting the diversity requirements. The WiF Charter was conceived as a catalyst to accelerate awareness, transparency, and engagement of financial businesses based on the collective movement and emulation it would create.

Promoting diversity within financial institutions is essential. Beyond seeking equality in career opportunities, bringing more diversity into financial institutions is the only way to better reflect society and thus better understand and address the needs of clients. It is a guarantee of fairness and efficiency.

Octavie Dexant, Vice President of ACA

The WiF initiative is more than just a charter; it is a commitment to a more inclusive and diverse finance sector. Through concrete actions and annual monitoring, it paves the way for a future where gender diversity will not only be valued but considered an essential asset for a more inclusive and equitable financial sector for all.