G7 central banks agree to ‘work proactively’ to boost diversity

The central banks of the G7 have agreed to "work proactively" to broaden diversity and ensure inclusion is an integral part of their culture.

Last week, Bank of England governor Andrew Bailey held a virtual meeting with G7 central bank governors which included a discussion on progressing diversity and inclusion in their banks and the wider financial systems.

In the meeting, the governors gave their personal support to improve diversity and inclusion within their central banks and financial systems and, where possible, "recognising both the collective ambition which they share in this area".

The Bank of England said that the central banks are taking actions to achieving diversity individually, including through efforts to attract, retain, and develop diverse workforces, to engage with a broader set of stakeholders, and to make their public communications more relatable.

According to the Bank, the governors are also sharing experiences with each other and seeking opportunities to collectively promote diversity and inclusion in the broader economics and finance community, including through events such as the Conference on Diversity and Inclusion in Economics, Finance, and Central Banking, held last month in Washington DC.

The group further agreed to continue their engagement on this issue, supported by the network of G7 Central Bank HR/Diversity & Inclusion leads, established in 2018.

A representative group of G7 supervisory authorities, chaired by Bank of England deputy governor and chief executive of the Prudential Regulation Authority Sam Woods, have also met to discuss fostering greater diversity and inclusion across G7 financial sectors.

“As we seek to rebuild from Covid, G7 Central Bank Governors agree on the importance of furthering diversity and inclusion within our central banks and the wider financial system,” said Bank of England governor Andrew Bailey, speaking after the meeting. “Our recent discussions have allowed us to share approaches to improving diversity and inclusion.

“I look forward to progressing our work through the opportunities we have collectively identified, while continuing to learn and share our experiences.”

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