In an exclusive interview with Platform Africa, Yhesma Jankee-Chukoory, President of the Association of Women in Investment and Finance, explains how the first ever Women in Finance and Investment Charter in Africa, launched this week together with a report funded by the EU Africa Rise Facility, is set to drive change by supporting the progression of women into senior roles in the financial services sector on the island.
Yhesma, you are the President of the Association of Women in Investment and Finance in Mauritius. Why was this Association set up and what are its objectives?
The Association of Women in Investment and Finance was registered in May 2021 and officially launched in March 2022. The Association for Women in Finance and Investment has been set up under the aegis of the Ministry of Financial Services and Good Governance with a view to addressing the Gender Gap in the Financial Services sector.
Women’s economic empowerment is increasingly seen as an important driving force behind economic growth. The Financial Services sector is the third most important pillar of growth of the economy. Enhancing women’s economic participation as entrepreneurs, employees and leaders in the sector is a measure of our country’s economic viability and dynamism. Gender inclusion in investment climate reform work is increasingly recognised as an aspect that should be tackled to enhance the business environment.
The Association aims at accelerating the advancement of women leaders in Investment and Finance in Mauritius, while providing an advocacy role on gender equality for this sector. It is about bringing meaningful change to the Mauritian Financial Sector.
The main objective of the Association is to work on elements that will enhance Gender Balance and to provide Women in the sector a Voice and Visibility to act as a sturdy bridge for constructive engagement. The sector was already quite unequal, and the balance has gone further in the disfavour of women with many more women who have had to leave the sector. One of the areas that we focus on is in providing policy level advocacy for change that will help bridge the gender gap in the Investment financial services sector in Mauritius.
Despite increased publicity and discussions surrounding the inequalities women face in the workplace, there remains a tremendous amount of work to be done to close the gender gap in the Financial Services sector in Mauritius.
On 2 February, the Association held a workshop in collaboration with the EU Africa Rise Facility on “Bridging the Gender Gap in Investment and Financial Services Sector in Mauritius”, where a report was launched in the presence of The Hon. Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, and H.E. Vincent Degert, Ambassador of the EU to the Republic of Mauritius, representatives of the regulatory bodies and the finance industry. What were some of the key findings of this report?
With the support of the EU Africa Rise Facility, an in-depth analysis of existing frameworks, identifying gender gaps and crafting policy orientation to enhance better gender parity in the Investment and Finance sector in Mauritius was conducted and a report was presented.
The key findings of the report are as follows:
- The sector has recently taken a deeper interest in the gender concept and implications of gender inequalities and is working on plans and policies towards enhancing gender equality at their level;
- The number of women in financial services in Mauritius has grown steadily, with statistical data reporting that women make up the majority of the local workforce in this industry, representing 52% of total employment; however there is a large gap of women in the C-suite, board and senior leadership’s role compared to men;
- The industry’s preponderance of gender disparities, including those related to pay, hiring, promotion, and the representation of women in leadership roles;
- The majority of the reasons cited: a lack of promotion visibility, a lack of HR transparent norms during recruitment and feedback surveys, lack of self-confidence among executives’ teams and among women themselves to further negotiate, challenges with childcare and working hours and ageing care.
- To close the gender wage gap, policies are required to address issues on maternity leave, childcare, flexible work schedules, bullying, sexual harassment and equal pay and advancement chances for women.
- The report strongly recommends the launch of a “Women in Investment and Finance Charter” to promote understanding, awareness, and support in addressing social and gender inequalities.
- Policy recommendations put forward are: transparent policies with regards to salaries, rewards and promotions, regular training and re- skilling programs, coaching and mentoring, flexitime policy, networking opportunities, regular feedback on performance.
The first ever Women in Finance and Investment Charter in Africa was also launched at the event. What can you tell us about the objectives of the Charter? How will the Charter be implemented?
The Charter promoted by the Association of Women in Investment and Finance is a pledge to build a more balanced and fair industry in Mauritius, by promoting positive action and ultimately achieving gender parity in the Investment and Financial sector. This would entail working together to create a fairer financial services sector, reflecting the government’s aspiration to see gender balance at all levels within financial services. The Charter is to support the progression of women into senior roles in the financial and investment sector to progressively reduce imbalances.
By signing up the Charter, firms will commit to:
- Supporting the progression of women into senior roles in the financial services sector by focusing on the executive pipeline and the mid-tier level;
- 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 organization;
- Requiring firms to publicly report on progress to deliver against these internal targets to support the transparency and accountability needed to drive change.
What kind of feedback on the Charter have you received from companies since the event? What would be your message to those companies who are thinking of signing up to it?
After the launch, on the same day, we have received positive feedback from the industry and many companies in the Investment and Financial sector have expressed their willingness to sign up the Charter.
Firms that sign up to this Charter are pledging to be the best businesses in the sector in terms of gender parity. Many countries around the world are now focusing on gender inequality and more and more companies are committing themselves to implementing the gender balance. Gender balance is becoming an important factor in both in terms of good governance principles and in the choice of collaboration between countries and companies.
By signing the Charter, companies will contribute in the acceleration, commitment and making an impact on enhancing gender balance not only in their organisation but it will also improve the image of Mauritius at international level.
In order to assist the signatories of the Charter, the Association will put in place the necessary tools and dedicated support. It will no longer be a question of isolated and individual efforts by each company but rather the creation of a professional community working hand in hand to accelerate gender balance in the country and sector.
On behalf of the Association, I would like to make an appeal to all companies in the Financial Services sector to advocate for the adoption and signing of the Charter and implementation of smart gender policies to include women at all levels from entry to board levels.
For companies thinking of signing up to the Charter, or with any questions on the Charter, please do contact me for more information. The Association is currently open for membership, so I would invite all of those interested to get in touch with me or any member of the Association. Thank you.
Yhesma Jankee-Chukoory can be contacted for more information on yhesma.jchukoory@gmail.com.
