In light of progress on female leadership in the private sector in recent years, it’s time for multilateral organisations – including all four major development banks – to follow suit, says Miranda Beacham, head of ESG for Equities and Multi Asset at Aegon Asset Management.
Multilateral organisations have a big voice in directing the private sector to more equal outcomes but aren’t leading by example when it comes to its own leadership gender balance.
Organisations such as the UN, World Bank, IMF and others have much to say on ESG issues but fail to meet some of their own criteria when it comes to female leadership.
The corporate sector is doing much better by contrast. The findings from the recent FTSE women leaders review were encouraging, with over 40% of directors in the FTSE350 now female.
There is similar progress in the world of corporates in most regions around the world. However, within multilateral organisations it is a different story. Since 1945 women have held just 12% of the top jobs at 33 of the biggest multilateral institutions.
More than a third of those bodies, including all four large development banks, have never been led by a woman, according to the GWL Voices for Change and Inclusion study released at the UN Commission on the Status of Women conference.
Five of the bodies have only had a female president once in their history, and that includes the current head of the World Trade Organization Ngozi Okonjo Iweala. The UN and World Bank have never been led by a female in their entire history.
Clearly, it’s time for multilateral organisations to step up to the plate and keep pace with corporates in starting to address the gender imbalance.
