This growing network illustrates the increasing importance of gender equality and inclusion in the workplace. As such, the ongoing commitment of Wo.Men in Finance members is yielding some great results: 

Through these significant efforts on gender equality and inclusion, the financial sector is an example for many sectors and organisations and can inspire them to take similar initiatives.

Nonetheless, there are of course remaining challenges that Wo.Men in Finance will continue to work on in the coming years. These include closely monitoring the evolutions of the figures in the annual report to guard against a slowdown in the growth of female representation and retention of female talent at all levels. In the past year, Wo.Men in Finance therefore unabatedly continued to implement initiatives aimed at promoting an inclusive corporate culture and addressing identified career barriers. This work involved various stakeholders such as CEOs, HR directors, senior women, and students.

The survey shows further growth in women’s representation at all levels in 2023, but this growth has slowed down over the past year. Thus, while female representation continues to increase, this progress is beginning to stabilise.

While organisations subject to quota legislation have reached a female representation of 42.1% at board level, a key challenge remains to ensure this also trickles down to senior management and executive committee levels, where women represent 33.2% and 25.7% respectively. This shows that while quotas are effective in driving change at board level, they are not sufficient on their own. A deeper, cultural shift is needed to ensure that women advance to senior management positions.

Furthermore, the survey states that, in 2023, about 40% of all voluntary departures in senior management can be attributed to women, and thus 60% to men. This percentage of women is 16% higher than last year and implies that proportionally slightly more women than men at the senior management level are now leaving their organisation voluntarily. It is too early to draw any conclusions from this, but retaining female talent is obviously a key point of attention for Wo.Men in Finance and its members.

“We’re at a pivotal point. Our findings reflect that real progress in gender goes beyond numbers or quotas; it is all about an inclusive corporate culture. Organisations must deliberately invest in a culture where more women are not only willing to take on leadership roles, but also really thrive in these roles,” said Claire Godding, Co-Chair of Wo.Men in Finance and Nathalie Delaere, co-author of the Survey.

These findings have driven Wo.Men in Finance to continue developing initiatives over the past year aimed at promoting an inclusive corporate culture and addressing career barriers, particularly by highlighting the importance of soft skills and psychological safety at all levels. These workshops and programmes, including initiatives on the role of allies (M/F/X), reached more than 1,000 participants in 2023 and constitute a supporting network for women in leadership roles. Moreover, they encourage men to act as true allies.

Wo.Men in Finance's commitment to promoting Diversity, Equality and Inclusion (DEI) is reflected in its growing number of members. The organisation now has 63 member institutions, representing more than 90% of the Belgian financial sector, including banks, insurance companies, financial infrastructure services and asset managers. This solid network demonstrates a shared vision for a more inclusive and equitable financial sector.

Looking ahead, Wo.Men in Finance remains dedicated to advancing gender equity and inclusion and striving to align initiatives with cultural and gender diversity. In 2025, we will not only continue our events and sessions, but also launch a new series of online webinars to reach even more people in the sector.

By fostering collaboration and advocating for more inclusive cultures, we are building a future where diversity and inclusion are not just an aspiration, but a concrete priority for our sector.