Our purpose
We will commit to increasing the proportion of women in leadership positions in the Norwegian finance industry.
The positive effect of gender balance in leadership positions in business is well documented. Despite considering ourselves to be leaders in gender equality, progress in Norway has been slow. The lack of progress is unsustainable for individuals, companies and society.
Sign the Women in Finance Charter and join other 'doers not talkers'! By signing the charter you commit your organisation to set internal targets for gender balance in leadership positions, appoint one member of the executive committee with dedicated responsibility for gender equality, publish goals and report status annually, and link pay to targets.
The four principles
01
a member of the executive committee to have dedicated responsibility for gender balance and inclusion
Ensure commitment from the organisation's leadership, either the CEO or a person reporting to them
02
set internal targets for gender balance in leadership and senior positions
Set concrete and realistic goals, reflecting the size, situation and needs of the organisation, as well as initiatives to follow them up
03
have an ambition to reflect the achievement of targets in leadership remuneration
Establish a plan for linking the realisation of targets to executive compensation
04
publish the status of and progress towards targets on own website
Support transparency and commitment by publishing targets, status and annual progress on own website together with the Women in Finance logo
Background
Turid Solvang, CEO of FutureBoards, and Alexandra Morris, Investment Director of SKAGEN Funds, led the development of Norway's Women in Finance Charter inspired by the UK initiative of the same name launched by HM Treasury in 2016. Over 400 UK financial institutions representing nearly one million employees have signed the charter and in 2020 close to two thirds could confirm progress towards the targets they have set.
The Women in Finance Charter is backed by the following industry associations: Finance Norway, Norwegian Venture Capital & Private Equity Association (NVCA), Norwegian Fund and Asset Management Association and the Norwegian Securities Dealers Association. It is managed by FutureBoards AS.
“Gender balance in the financial sector creates value for companies and society. Our financial sector is committed to following the successful British recipe.”
— Turid E. Solvang, FutureBoards
“The time for talking is over – we now need radical steps to pursue what we all agree is strategically important.”
— Alexandra Morris, SKAGEN Fondene
"An inclusive, diverse and gender-balanced working environment is a prerequisite for realizing the company's full potential. The Women in Finance Charter is an important tool that commits and produces results."
— Kari Olrud Moen, FinansNorge
“With ambitious and transparent goals and initiatives – that are pursued and measured – we exchange thoughts with action.”
— Ellen A. Vold, Norsk Venturekapitalforening
“For us it is a no-brainer to support this important initiative to improve gender balance in the finance industry.”
— Bernt Zakariassen, Verdipapirfondenes forening
“We welcome more capable women to our industry which can be hectic yet stimulating with good opportunities for development and growth.”
— Sindre Støer, Verdipapirforetakenes Forbund
«Working with gender balance isn't politics, it's logic. At the oil fund we will work continuously to improve diversity in leadership and strategically important positions.»
– Nicolai Tangen, Norges Bank Investment Management
«The Norwegain Treasury recommends that participants in the Norwegian financial industry sign up to the Women in Finance Charter.»
– Jan Tore Sanner, Minister of Finance
Funding partners
"Norges Bank aims to increase the number of women in leadership positions, and we believe Women in Finance Charter can be an important contribution to achieving this goal."
– Ida Wolden Bache,
Norges Bank
"If the industry is to remain relevant to future customers and meet the needs of innovative and modern companies, representation must change. It's about long-term survival – that's how important the issue is."
– Jonas Ström,
ABG Sundal Collier
"We believe that investing in gender equality is good business! We advocate for transparency and ambitious goals and aim to actively contribute to shaping these alongside the rest of the finance industry."
– Odd Arild Grefstad,
Storebrand
"It's a pleasure to be a founding partner in the Women in Finance Charter! We support targeted efforts for better gender balance in leadership roles and specialist positions, and this initiative commits to change that can drive the industry towards equality."
– Benedicte Fasmer
Sparebank 1 SR Bank
Tim Warrington
SKAGEN Fondene
Reynir Indahl
Summa Equity
Sverre Thornes
KLP
Øystein Bø
Formuesforvaltning
Geir Holmgren
Gjensidige
Ingrid Teigland Akay
Hadean Ventures
Bjarne Kveim Lie
Verdane
Alexander Opstad
DNB Markets
Annual Status Reporting
Women in Finance Charter conducts an annual review of the progress among companies measured against the Charter's commitments.
The review will consist of a report assessing the extent to which the companies have met their commitments, identifying areas for improvement, and presenting examples of best practices.
Reporting on goal achievement/progress occurs annually based on data as of 31/12. An electronic response form is sent to all signatories with a response deadline of 30/06 the following year. The report with aggregated data is published in September/October. Companies that do not meet the deadline will not be included in the analysis.
Companies only disclose their own goals and goal achievements. For analytical purposes, the Charter will ask a number of other questions that will only be published anonymously unless otherwise agreed upon.
The Charter will ensure that reporting requirements align with the requirements of the activity and disclosure obligations. The form will be sent out in the first half of September each year.
The work on the report is supported by funding from The Finance Market Fund
Annual fees for signatories are based on the number of employees. The Charter is not intended to generate a surplus. Depending on the number of companies that sign up, as well as the level of activity, there may be an adjustment to the annual fee.
KIFC Report 2023
Owners
Alexandra Morris
Investment Director, Skagen Fondene
Turid E. Solvang
Chief Executive Officer of FutureBoards and Women in Finance Charter
Funding partners
Supporters
I have seen first hand the enormous impact that the HM Treasury Women in Finance Charter has had on improving female representation at senior levels across the UK financial services industry over the past five years. It is very exciting to see Norway’s finance industry inspired to launch this initiative and drive change.
Yasmine Chinwala OBE, Partner, New Financial
I’m delighted to see the UK’s Women in Finance Charter inspire a similar approach in Norway. True parity of opportunity for women, whatever their background, is vital for our industry and our communities. There’s much we can learn from each other and I’ll be following Norway’s progress with great interest.
Amanda Blanc, Group CEO Aviva and Champion for the UK Women in Finance Charter