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How the financial association works for gender equality

In Denmark, we have a widespread perception that the hard work of generations has made us a free society with equal opportunity for all. But when it comes to gender equality, we are not on target.

  • Finansforbundet proposes

  • Fit & Proper recommendations that promote diversity in management

    Fit & Proper recommendations that promote diversity in management

    An upcoming change of the “Fit & proper” rules calls for too one-sided a focus on long-term top management experience from a similar company if you want to be considered for a top position in a financial company. A criterion that will exclude many women, young people and people outside the sector. Finansforbundet wants to work politically for more appropriate recommendations by reaching out to relevant experts in order to design rules that take proper account of diversity, competence and innovation.

  • Enforcement of legal goals for gender representation

    Enforcement of legal goals for gender representation

    Today, the largest Danish companies are legally obligated to set goals and establish policies for a more equal gender representation. But if the rules are to have the desired effect, there is a need for better enforcement of the rules. Finansforbundet wants to work for a review of the current model to ensure that the model is actually a tool for promoting the underrepresented gender in board and management positions.

  • More equal distribution of parental leave between parents

    More equal distribution of parental leave between parents

    At the societal level, the development is too slow in terms of a more equal distribution of parental leave between parents. Therefore, Finansforbundet supports the EU decision to earmark a minimum of 2 months’ parental leave for men/co-parents and believes that the actors in the labour market should adjust parental leave conditions in implementing the EU rules so that parents have more equal access to parental leave.

  • Increased transparency regarding pay

    Increased transparency regarding pay

    Increased transparency regarding pay is the way forward in terms of eliminating the inexplicable difference in pay between men and women. Finansforbundet believes that far more companies must have a duty to compile and publish pay statistics by gender. Therefore, we call for the development of a model for increased transparency on pay together with the actors in the labour market – in part in order to strengthen the basis for comparing the relationship between pay and gender at the company and industry level, so that we get rid of differences in pay that are solely due to gender differences.

In Denmark, we have a widespread perception that the hard work of generations has made us a free society with equal opportunity for all. But when it comes to gender equality, we are not on target.

It is 2021 as of the time of this writing, and we are still talking about the subject of women and men. There is no equal pay for equal work. The pay gap between men and women is noticeable. Parental leave is unevenly distributed. And in the boardrooms and top management roles, the gender balance is skewed. We are actually lagging behind countries we usually compare ourselves with on a number of parameters.

For Finansforbundet, gender equality is basically about what kind of society we want. In Denmark, we pride ourselves on being a society where, as a child, young person or adult, you have the same opportunity to fulfil your potential regardless of gender, ethnicity, age, religion, sexual orientation or disability. We must take this seriously and act on it.

In Finansforbundet, we do not accept discrimination, no matter where it occurs. We recognise the strength of diversity and respect and value diversity. We want to give everyone the same opportunities. And we want to do our part to ensure that we increase gender equality together.

Increased diversity in management

The challenge of a skewed gender balance, particularly in top management, is not only a societal problem, it also applies in the financial sector. And although there are roughly equal numbers of women and men employed in the financial sector, there are only 26 per cent women in management, and only 8 out of 90 board members are women.

In 2019, we studied what it takes to get more female managers at the top of the financial sector. And in March 2020, we launched our survey “Women in management – how do we break the trend in the financial sector”.

The survey revealed that a number of myths and barriers cause there to be an imbalance in terms of gender in the executive corridors and especially in the senior management in the sector. We need to get rid of these myths and barriers because they help perpetuate stereotypical perceptions of what people can and cannot do – solely because of gender. Therefore, we have formulated a number of specific recommendations to correct this imbalance.

Together on gender equality

The will to change the imbalance between the sexes must not become a battle between the sexes. Because then we do not move at all. We need each other. It is only together that we do better by each other. It is never the individual’s responsibility to change structures and cultures to pave the way for real equality. It is a collective responsibility. A social responsibility. Therefore, Finansforbundet wants to work actively with these challenges on several levels. Both at the member and company level as well as at the district, sector and societal level.