Equal Gender Representation Report of 2019
In the world of finance, the progress towards gender diversity in senior positions at central banks, sovereign funds, and public pension funds is moving at a gradual yet slow pace, according to the latest findings of the Gender Balance Index (GBI).
North America has made significant strides, with a central bank GBI score of 36%, marking an 11-percentage-point increase from the previous year. However, this progress pales in comparison to the overall gender parity progress, which has been very slow. The 2025 Global Gender Gap Report by the World Economic Forum indicates that the global gender gap narrowed slightly from 68.6% in 2024 to 69.0% in 2025, suggesting that achieving full gender parity globally could take over a century.
No economy has achieved full gender parity yet, including in senior roles across financial institutions. Countries with the highest overall parity, such as Iceland and other European economies, still have not closed gender gaps fully. The same trend is evident in the financial sector, where senior roles remain male-dominated worldwide.
Research like the Global Gender Distortions Index highlights significant gender-related inefficiencies in labor markets, primarily arising from discrimination in hiring for formal and senior roles. Indices like the Gender Inequality Index further underline persistent gaps in empowerment and labor market equality that hamper women’s representation in senior ranks of institutions like public pension funds and central banks.
The annual Gender Balance Index tracks the presence of men and women in senior positions of public financial institutions, weighted by seniority. Out of 173 central banks globally, only 14 are headed by women, and 35 central banks have no women in senior positions. Sovereign funds score 17%, with only eight funds headed by women. Europe is the highest-scoring region with a central bank GBI score of 38%, while Asia has the lowest regional central bank GBI index score at 9%.
The index does not guarantee perfect gender balance but serves as a tool for measuring and improving gender diversity in public financial institutions. Improving gender diversity in public financial institutions is important for promoting fairness, equality, and effective decision-making. Poor diversity in many sovereign and public pension funds hinders ESG investment.
The index provides a comprehensive and methodical analysis of gender diversity in senior staff of public financial institutions. It is in its sixth year and is a call to action, drawing attention to the disappointing picture of gender diversity in public financial institutions. With accelerated policy and organizational commitments, progress towards gender diversity in senior positions is expected to remain slow without a significant push.
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