More women on financial boards could improve scrutiny
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MPs say lack of women on the boards of many UK financial firms may have made scrutiny of executive decisions less effective.
The Women in the City report by the Treasury select committee, published last week, was prompted by the committee’s work on the banking crisis, where witnesses suggested that greater female representation at senior levels would have made the crisis less likely.
Committee chairman and Labour MP John McFall says: “We are not saying if women had been in charge, the crisis would not have happened but we are highlighting that women are poorly represented in the financial sector, particularly at senior level.”
The committee is comprised of 14 membersand has only one woman. It is not calling for a quota system although it says pressure will intensify if the industry fails to act.
McFall says: “There are disappointingly few women on boards and there is also a significant pay gap in financial services.”
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