Diversity: the CSSF publishes its assessment of the Luxembourg banking sector, progress must be made

The CSSF has carried out a review of the diversity practices of 46 Less Significant Institutions (LSIs). The results have just been published, and they are clear: the Luxembourg banking sector still has some progress to make towards greater equality between men and women.

The biggest challenge lies at management level. The management bodies of most banks are predominantly composed of men, and almost 25% of banks still do not have a diversity policy (observations made in December 2022).

The management bodies in the firing line

While women accounted for 38% of new executive and non-executive director appointments between 2018 and 2021, the CSSF points out the low representation of women in management positions according to the European Banking Authority’s (EBA) diversity benchmarking exercise.

The CSSF intends to closely monitor the progress made by the entities under its supervision through regular checks and investigations, followed by possible stricter measures and sanctions.

The ABBL is committed to greater diversity

The potential of diversity, equity and inclusion (DE&I) to create a respectful, fair and welcoming organisational environment is recognised by ABBL members.

How do we actively engage as the ABBL? 

• Through a dedicated working group
• Through our contribution to IMS (Inspiring More Sustainability) initiatives in this area
• Through our own commitment as a signatory to the UN Women’s Empowerment Principles, the IMS Diversity Charter and the IMS Diversity Charter
• As a founding member of the Charter for Women in Finance.

Here is an overview of our initiatives

Raising awareness, promoting initiatives and providing advice in favour of gender equality, diversity, equity and inclusion are key priorities for the ABBL.