Equilibrium Index for Gender 2019

Equilibrium Index for Gender 2019

In a recent study, the progress towards gender balance in senior positions at central banks, sovereign wealth funds, and public pension funds globally has shown modest improvements but remains male-dominated.

Central banks, despite a few more women entering senior leadership roles, continue to reflect significant gender imbalance at senior levels. For instance, within the Eurosystem, there is only one female governor—the president of the European Central Bank—with the rest of the system’s central bank governors still being men. This highlights ongoing gender imbalances at the highest levels of monetary authorities.

Sovereign wealth funds and public pension funds, on the other hand, generally lack publicly detailed up-to-date global gender data. However, similar male dominance in senior leadership is common. Efforts such as Mongolia’s initiative to issue gender bonds in 2025 to finance women entrepreneurs show emerging strategies to improve gender balance indirectly by fostering women’s economic participation and leadership in related sectors.

Regionally, Europe and Central Asia have a historical context of striving for gender equality in public spheres. Despite long-term gender equality policies, contemporary gender equality in senior financial and public institutions still faces challenges. Africa, exemplified by Botswana, is actively addressing gender participation gaps through government-backed efforts to increase women's participation in decision-making at local and national levels. Mongolia stands out as a regional leader in gender equality rankings and is taking innovative steps to promote gender balance.

The annual Gender Balance Index, now in its sixth year, aims to draw attention to the disappointing picture of gender diversity through a comprehensive and methodical analysis. The index tracks the presence of men and women in senior positions of public financial institutions globally, weighted by seniority. The current Gender Balance Index score for central banks is 25%, a six-percentage-point increase from 2018. Europe has the highest regional central bank GBI index score at 38%, a three-percentage-point improvement. Asia has the lowest regional central bank GBI index score at 9%.

The study also reveals that out of 173 central banks globally, only 14 are headed by women. Thirty-five central banks have no women in senior positions. The index provides a means to measure and compare the gender diversity of various public financial institutions globally.

The poor diversity in many sovereign and public pension funds hinders ESG investment. European public pension funds have the highest overall score at 41%. Global and regional scores are further weighted by the size of institutions' corresponding economies and assets under management.

Training and institutional focus on diversity and inclusion, including gender diversity, are also growing globally in public financial institutions. The study is a call to action, emphasizing the need for improvement in gender diversity in public financial institutions. As progress continues, it is crucial to maintain focus on this important issue to achieve a more balanced and inclusive financial sector.

[1] Source: European Central Bank [2] Source: United Nations Economic Commission for Europe [3] Source: Government of Botswana [4] Source: Government of Mongolia [5] Source: Joint Vienna Institute

1. The analysis of the Gender Balance Index reveals modest improvements in the progress towards gender balance in senior positions at central banks, with a current score of 25%, illustrating ongoing gender imbalances.
2. Despite efforts to promote gender balance, the central banking sector remains predominantly male-dominated, with only 14 central banks globally headed by women.
3. Sovereign wealth funds and public pension funds lack detailed, up-to-date global gender data, but similar male dominance in senior leadership is prevalent.
4. Public financial institutions, including central banks, need to maintain a focus on diversity and inclusion, particularly gender diversity, to achieve a more balanced and inclusive financial sector.
5. Innovative strategies, such as Mongolia’s initiative to issue gender bonds to finance women entrepreneurs, are emerging to indirectly promote gender balance in the health-and-wellness, women's health, and business sectors.
6. Africa, through government-backed efforts in countries like Botswana, is actively addressing gender participation gaps, with a focus on increasing women's participation in decision-making roles at the local and national levels.

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