Port Louis, 29 April 2024: The Ministry of Financial Services and Good Governance in Mauritius, in collaboration with the Association of Women in Investment and Finance, convened a workshop on “Unveiling the new role of women in the financial services sector”. The event was held on 25 April 2024 in the first half of the day, at the Royal Green Wellness Resort, Moka.
The Minister of Financial Services and Good Governance, Hon. Soomilduth Bholah delivered the keynote address. He noted, “Times are changing. Women are not just driving the economy. They are the symbol of resilience and the architects of innovation. Today the role of women in the financial services sector is not just acknowledged… but celebrated and embraced! I am glad to note that the new role of women in the financial services sector is one of leadership, innovation, advocacy and empowerment.”
He went on to note that the launch of the Association of Women in Investment and Finance in 2021 signified the country’s unwavering commitment to fostering a more inclusive and equitable financial industry. He remarked that the association’s various activities poised it to create a vibrant community where women can learn, grow, and thrive – and to go far in this movement that is not just about breaking barriers but building bridges. He also commended the association for their insightful report on bridging the gender gap in the sector. He highlighted key statistics such as 52% of the financial services sector’s workforce of around 17,000 being women (as of 2021), adding that the positive trend makes clear how women are leveraging their skills, knowledge and experiences at the forefront of financial services.
“By supporting and empowering women, organisations can foster a culture of diversity and inclusion, which is essential for driving innovation and staying competitive in a rapidly changing world. The Government is playing a crucial role in promoting women’s empowerment through policy measures, programmes and initiatives aimed at addressing gender disparities and fostering gender equality. Budget 2023/24 urged listed companies to have a minimum of 25% female representation on their Board of Directors. I personally believe that companies that cast the net wider to include more women – not just to tick the gender box…. but because those women are confident and competent – will find a depth of talent that will better serve their performance… and bring value to their shareholders and investors,” he emphasised. He concluded on the note that gender equality is not a just a “women’s business” and appealed to leaders in the room to advocate within their enterprises for more gender-inclusive leadership.
For her part, the President of the Association of Women in Investment and Finance, Yhesma Jankee-Chukoory, noted: “Following the recommendation of the report issued by the EU, a Women in Investment and Finance Charter was launched last year. And the objectives of the Charter are, firstly, to promote understanding, awareness and support in addressing social and gender inequality, working together to create a fairer financial services sector, and reflecting the government’s aspiration to see gender balance at all levels within financial services.”
She noted that Mauritius’ aspiration is based on the UK Women’s Finance Charter introduced in 2016, which has seen widespread adoption and impact beyond its original scope.
“The key objective is to set and publish internal targets for gender diversity in senior management in the investment and financial services sector regulated both by FSC and Bank of Mauritius. So firms that are signing up to this Charter are pledging to be the best businesses in the sector in terms of gender parity. The Charter commits firms to supporting the progression of women into senior roles in the financial services sector, recognising the diversity of the sector and that firms will have different starting points. Each firm should therefore set its own targets and implement the right strategy for their organisation. It requires firms to publicly report on progress to deliver against these internal targets to support the transparency and accountability needed to drive change,” she concluded.
Next, the emcee invited the representatives of Africa Speciality Risks, Andersen Mauritius Limited, GlobalRise Consulting Limited, Kick Advisory, Provider Technologies Limited, MINDEX and Vistra to the signature desk for signing the charter.
Krishna Bheenick, Managing Director of Africa Specialty Risks in Mauritius, signs the Charter alongside Yhesma Jankee-Chukoory
Up next, Anaëlle Jean of the Association of Women in Investment and Finance noted, “In the financial services sector, women represent a whopping 52% of the workforce, a powerful testament to their presence in this field. Yet, despite the representation, biases persist. Only 18% of women occupy board seats in Mauritius, a stark reminder of the gender disparities that continue to plague corporate leadership. Globally, the story is no less concerning. While women hold 23.3% of board seats worldwide, the numbers dwindle when it comes to leadership with only 8.4% of boards chaired by women and only 6% of CEOs being women.”
She emphasised that these numbers are a veritable call to action, and compel us to ask how to bridge the gap to create a more inclusive and equitable future for females.
“This is where the association comes in. Our mission is very straightforward – to expedite the progress of women leaders in investment and finance, all the while championing gender equality within the sector. Our objectives are clear and impactful. Empowering women in the financial services sector, nurturing growth and development among our members, and actively instigating tangible change. Our main achievements have been the successful launch of a report, entitled Bridging the Gap in investment and financial sector in Mauritius, in collaboration with Africa RISE. This report has provided us with valuable insights and motivated us to direct our efforts towards empowering women. Moreover, the association has adopted one of the recommendations of the report with respect to the development of a charter for women in investment and finance in Mauritius, marking the first ever such charter in Africa.” She thanked all those who took time out to sign the charter, and urged others to sign up for the noble movement to improve gender inclusivity at the workplace – and beyond.
For her part, economist Manisha Dookhony noted that she represented Africa RISE, an EU-funded facility operating across 25 countries in the Eastern and Southern African region. “As of 2022, Mauritius improved its rank from 105th to 98th on the Gender Gap Index. In the non-banking financial sector, 1,198 new jobs were created recently, two-thirds of which were occupied by women. This is a testament to our focus on enhancing female employment in critical sectors. However, challenges remain. Despite high female employment rates, the representation of women in top executive roles and boards is lacking. For instance, there are no female CEOs in the banking sector, and only 21% of board members in listed companies are women, up from 17% previously. These figures highlight the persistent hurdles women face as they ascend the professional ladder, including issues related to pay parity and maternity leave biases.”
She noted that the consultants at Africa RISE had made key recommendations to address these issues, focusing on data collection, advancing women’s participation on boards, and sensitising workplaces on discrimination and harassment. She emphasised that such recommendations have been incorporated into national strategies, influencing broader governmental policies and sparking significant improvements in female employment and board representation.
“I’m encouraged by the presence of many supportive men in this room, reflecting a growing recognition of the role men play in fostering gender equality in the workplace,” she averred, concluding that as such efforts continue, “we aim to sustain this momentum, ensuring that our initiatives not only support women but also foster an inclusive environment that benefits all stakeholders.”
As a next step, a panel discussion was convened, made up of powerhouse speakers such as Rubina Toorawa, Regional Head of Mauritius at Apex Group; Peggy Wong, Tax consultant and trainer, Baker Tilly Mauritius; Francoise Chan, Executive Director, ITL; Krishna Gangopadhyay, Managing Director and CEO of Afrinex Limited; and Poonam Doolhur, Strategy and corporate finance Manager, Africa Speciality Risks. It was moderated by Johanne Hague, founder of Prism Chambers, a leading law firm in Mauritius.
