On 8 March, the Central Bank published its first report on the gender breakdown of fitness and probity applications made by applicants within regulated financial services providers. On average since 2012, 80% of the applications for these senior roles were made by men.
The number of fitness and probity applications made by male applicants were highest in the insurance and asset management sector (82%) and lowest in the credit union sector (71%). The report also contains a gender percentage breakdown for each PCF role.
Outside of the credit union sector, women at board level made-up:
» 6% of applicants overall;
» 12% of applicants for chief executive roles;
» 12% of applicants for chairman of the board roles;
» 15% of applicants for executive director roles; and
» 18% of applicants for non-executive director roles.
The Central Bank recently reviewed a sample of diversity policies across different regulated firms. Commenting on the results of the Central Bank report, Director of Credit Institutions Supervision, Mr. Ed Sibley stated that the lack of diversity, including beyond gender, at the most senior levels across the Irish financial services industry needs to be addressed.
The Central Bank's report is available here.
The Central Bank's press release is here.