In the financial sector, less than 30 percent of all executive positions are held by women. In terms of gender equality, therefore, there is still room for improvement. Women in Finance, an initiative launched in 2018 by Febelfin, brings together ladies who want to change that, and with success. The British variant is also making great efforts to give the traditionally male financial sector in the City of London a more feminine touch.
Investment Officer Belgium, Investment Officer Luxembourg’s sister publication, recently spoke with three women who hold senior and/or executive positions in the Belgian financial sector: Katherine Haesaerts (left on the picture), Sales Director Benelux at Columbia Threadneedle, Mehtap Ersahin, Intermediary Sales Director BeLux at Schroders, and Niké Maekelberg, Sales Manager “Intermediaries’ Benelux for Bâloise Assurances.
The three organised roadshows in Belgium about their flagship funds and new developments under the banner “Women on Tour”.
“I have become more resolute and direct,” said Ersahin. “At the time, I started in a team of fifty people and two of them were women. It was not so difficult in itself, but I did make my voice heard more. All my supervisors in previous positions were men. I never really had a role model before, but fortunately there are more women now. At Schroders, for example, the Head of Europe is now a woman.”
Maekelberg said she agreed: “As a woman you have to take matters into your own hands more and make yourself heard. It may be a shame to say it, but otherwise they will walk all over you.”
Haesaerts also commented: “We work long hours and are often on the road. A man is never asked how he manages the household. It is simply important that you have sufficient balance between work and private life, both as a man and as a woman.”
Women in Finance
An initiative of recent years is Women in Finance of Febelfin in Belgium. Women in Finance advocates for more gender diversity in the financial sector and wants all financial institutions to become (more) aware of the importance of diversity and inclusion. Women in Finance saw the light of day in 2018. What started as a private initiative of a small group of higher profiles has grown into an association that counts all major financial institutions in its ranks.
A company like Columbia Threadneedle, by the way, is also a member of the British Women in Finance Charter.
However, there is still a long way to go, as currently less than 30 per cent of the senior positions in the sector are held by women. Haesaerts explained: “During job interviews, aspects such as diversity and inclusion are discussed much more than before. I notice that it has now become a way to attract talent. The will to bring about change is definitely there. I have also noticed that we are at a turning point since the great financial crisis of 2008-2009. Since then, a lot has changed for the better.”
Maekelberg stated that you can also use internal staff surveys to find out what employees really think about these issues: “At Bâloise, an employee satisfaction survey is held every six months. Criteria such as work-life balance and soft criteria are then examined, and this gives the management a good picture of how things really work on the shop floor.”
Sustainability
The three ladies agree that sustainability is still higher on the agenda among women than among men. Haesaerts explained why: “I still think that more women are active in the ESG story. If I look at our Columbia Threadneedle (Lux) Sustainable Outcome Global Equity fund, for example, it is managed by a woman, and the co-manager and analyst on duty are also women.”
“At Bâloise, this is not a criterion in itself, said Maekelberg “With us, the funds are recommended to the broker, who does his analysis and as a result it can possibly end up on our list. When I look at the female brokers versus the male brokers, I don’t notice any difference in the selection of funds. They don’t go back to sustainable funds any faster, in my opinion.”
Haesaerts added that the ESG story still has some catching up to do among brokers/intermediaries. “In the institutional and wholesale segment, it is still more alive. In itself, however, that is not a bad thing, because it is also up to us to come up with the necessary education and facts,’ she concluded.