Practical measures such as flexible work options and mentoring programmes are needed to develop gender equality in the financial sector, Maria Löwenbrück, managing director and board member of Union Investment Luxembourg and a member of the Luxembourg Gender Finance Task Force, told Delano.
The Luxembourg Gender Finance Task Force is a collaborative initiative aimed at fostering gender equality and diversity in the Luxembourg financial sector. Led by key figures from both the public and private sectors, including the country’s finance ministry, the task force is committed to identifying and implementing opportunities within the realm of gender finance.
By focusing on initiatives such as “finance for women” and “women in finance,” the task force seeks to create a more inclusive industry landscape. With working groups tackling various aspects of gender finance, including data collection, mentorship programs, education and product innovation, the task force aims to drive change and empower women in finance.
Löwenbrück highlighted the importance of creating a culture of equality within companies, advocating for measures such as flexible work arrangements, mentoring programmes and equal promotion opportunities.
With nearly three decades of experience in the financial sector, including close to two decades at the board level, could you share insights from your extensive tenure in the development of gender equality in the financial industry?
Maria Löwenbrück: What’s very positive to note is that a number of measures have been initiated over the last few years. Unfortunately, not everything was put in practice and so I can’t say that we have yet achieved the optimal result.
Here we are still far away from a balanced gender ratio.
For example, have a look at the boards of many companies in the financial industry. Here we are still far away from a balanced gender ratio.
For me, the core task is still that we create a culture in our society and in companies that enables equal rights for men and women. Above all, this means that many topics to promote and implement this are perceived as completely natural. That means we all need to recognise the benefits and the need to implement it. The discussion cannot start at board level but must take place much earlier.
Based on various statistics, we have known for years that mixed teams are more successful than others. Furthermore, when we talk about the financial industry, women do not necessarily have the same investor behaviour as men and therefore bring important impetus to the discussion at management level from this point of view.
In times when we are urgently looking for young talents in the financial industry, I would like to point out another important aspect: ‘the glass ceiling’. This already plays and will play a much more important role in the attractiveness of competitiveness of companies in the future.
What practical steps are currently lacking in our efforts to effectively implement gender finance initiatives?
This begins with a wide range of suitable work time models including, for example, baby years. This also includes flexibility, such as expanding part-time or home office options.
In addition, we need suitable mentoring programmes, continuing education programmes for women that specifically support young women in taking on leadership positions and also support them in their first steps.
Promotion models in companies must be independent of gender and, in my opinion, salary differences are unacceptable for comparable positions
A very important topic in my view is that all promotion models in companies must be independent of gender and, in my opinion, salary differences are unacceptable for comparable positions, but they can still be found.
There are also topics that sound very simple, but are important: parent/child rooms in companies and childcare support.
In your view, what actions do you believe can be taken to address this?
I believe there are different actors and levels that are needed for successful implementation.
So, it’s my understanding that as a female manager I can work towards changing things. This has led to my supporting and mentoring various female mentees for almost 30 years. I have often seen this as a private initiative. I plan to do this for the next years too, because it’s a personal concern for me.
In addition, over the course of my professional life, I have discovered that networking is very important for young women. I have also tried to support young women on this point; in essence, this is also part of mentoring.
Many companies in the financial industry, including Union Investment, have developed programmes to promote gender diversity and are gradually expanding or further developing them. For example, the adoption of comprehensive strategies that cover topics such as opportunities for part-time work for all positions, attractive childcare options, equal salaries and also mentoring programmes for young women.
There is also support from [political leaders], for example, through the options for parental leave in Luxembourg, which can be taken by both parents.
The numbers of women in leadership positions in many companies in the financial industry unfortunately speaks a different language, especially in higher management positions or at board level.
Despite all of these measures, the numbers of women in leadership positions in many companies in the financial industry unfortunately speaks a different language, especially in higher management positions or at board level.
I would particularly like to mention two initiatives in Luxembourg: The Luxembourg Women in Finance Charter and the Gender Finance Task Force.
You have been invited to be a member of the Luxembourg Gender Finance Task Force. Can you shed light on its mission and objectives?
As you know, the creation of the Gender Finance Task Force was announced by (DP), former minister of finance, in September 2023. The task force’s objective is to support ‘gender finance’ in the financial industry in Luxembourg.
The initiative, for which senior leaders from the financial industry were mandated, underlines the growing importance of gender finance both nationally and globally in the area of sustainable finance.
On International Women’s Day, 8 March, (CSV), [the current] minister of finance, announced different working groups which will deal with various topics [around] finance for women and women in finance.
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A total of seven working groups have been founded. They are focusing on data of women in finance; mentorship, sponsorship, and career development; education; events, communication and talents; definition and standards; innovation and acceleration; gender intelligent products and services for women.
I’m convinced that with this wide range of different topics, progress can be achieved in this area.
In my opinion Luxembourg as an international financial centre, as the largest investment funds centre in Europe, as a leading platform for sustainable financing and products has achieved another milestone in promoting sustainable development with this initiative.
How does the task force aim to address gender disparities in the financial industry?
At the beginning of an initiative, it’s important to get an overview of the necessary subject areas. In the second step, targeted measures can then be developed and passed on to the financial sector.
As an example, I like to present the working group that I lead, mentorship, sponsorship, and career development. A first step will be to get an overview of existing programmes and identify any gaps so that stakeholders have the opportunity to expand already implemented programmes or develop new ones.
In order to create the greatest possible transparency, the results are planned to be published on the .
The support of mentors or sponsors is very important in enabling women to advance in leadership positions.
From my point of view, I can say that the support of mentors or sponsors is very important in enabling women to advance in leadership positions. It should not be forgotten that senior professionals are of course also needed who are willing to pass on their experiences as mentors and actively support women in their careers.
It’s important to create a culture for this willingness. I’m sure we will find these people and from my experience this can be a win-win situation for both, the mentor and the mentee.
What role do you see the task force playing in shaping the future of gender equality in the financial industry?
As you know there are already various initiatives in the area of gender equality in the financial industry. In addition, many stakeholders have signed the “Women in Finance Charter” and thereby show their commitment.
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Unfortunately, in practice it is still the case that there are often various gender-specific differences at the individual level. Therefore, I believe that we have to recognise that the role of women in leading positions is not decoration but rather enrichment.
The task force can play an important role here. The first step will be, on the one hand, to get an overview of what already exists, but on the other hand, to identify targeted opportunities in the area of gender finance in order to develop a sector-wide strategy.
The results of the individual working groups will give the task force the opportunity to develop this strategy and support the financial industry implementing this.
This article was published for the Delano Finance newsletter, the weekly source for financial news in Luxembourg. .