A half-day workshop themed 'Bridging the Gender Gap in Investment and Financial Services Sector in Mauritius, opened, this morning, at the Hennessy Park Hotel, in Ebène. The first ever Women in Investment and Finance Charter in Africa and the Africa Reform for Investment and Sustainable Economies (RISE) Report were also launched on that occasion.
The workshop was organised by Africa RISE and funded by the EU and the Association of Women in Investment and Finance in Mauritius (AWIFM). The Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun, and the Ambassador of the European Union (EU) to the Republic of Mauritius and to the Republic of Seychelles, Mr Vincent Degert, and other personalities were present.
The Charter has as objective to federate all actors in the sector to raise awareness and act towards improvement of gender balance at the workplace as well as to nurture the inclusive culture necessary to sustain it. As for the Africa RISE Report, it was launched in order to conduct an analysis of existing gender frameworks, to identify gender gaps, and craft policy orientations towards ensuring gender balance in the financial services sector in Mauritius.
In his keynote address, Minister Seeruttun recalled that the AWIFM was launched last year and is one of the key actions driving our country's inclusive economy which provides women in the sector a voice and visibility to act as a sturdy bridge for constructive engagement.
Speaking of the Report launched, he underlined that it will help in bridging the gender gap in the financial services sector adding that the business sector has recently taken 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. "It also identifies gaps in rules and practices and offers suggestions on how to close these gaps," he said.
The Minister indicated that reducing inequality between men and women strengthens economies and builds stable and resilient societies that give all individuals the opportunity to fulfill their potential. "Although there have been significant improvements championing the cause of women on the political, economic and social fronts, there is still so much to be done,", he stressed.
As regards the Financial Services sector, the Minister remarked that among 17,578 staff employed in 2021, comprising 8,129 employees for the banking and 9,449 for the non-banking financial services sectors respectively, 52% of total employment in the sector is female.
This positive trend, Minister Seeruttun observed, is clear that women in the financial services sector are highly educated adding that this pipeline of talents needs to be nurtured.
On this score, he commended initiatives such as the Report and appealed to Chief Executive Officers and Board Members present to advocate within their enterprises for a more gender-inclusive leadership.
The Minister also dwelt on some measures taken by Government as regards empowerment of women. These include: Amendment of Companies Act of 2001 through the Finance (Miscellaneous Provision) Act 2019 which states that "There shall be at least one woman on the board of a public business"; the National Code for Corporate Governance for Mauritius (2016) which stipulates that "All organisations should include directors from both genders as members of the Board, that is, at least one male and one female director"; financial assistance by the Development Bank of Mauritius to assist women with start-ups; and the Back-to-Work Programme which targets women above 35 years to get a job.
For his part, Mr Degert highlighted that this workshop aims to identify the gaps that need to be fulfilled to push gender impactful investment in Mauritius so as to improve women's equal access to finance.
On this note, the Ambassador pointed out that last year, the EU commissioned a Gender Country Profile for the Republic of Mauritius which, notably: documents the progress achieved towards the attainment of gender equality; identifies specific areas that require targeted intervention and where gender inequality is still a pertinent problem; and highlights the low representation of women in decision-making.
He indicated that investment with a gender lens has already become a financially smart mechanism which has caught the interest of public institutions, private companies and investment firms alike. "More still needs to be done to create an inclusive, integrative and equal landscape that allows for the investment ecosystem to truly benefit all types of women, with varying professional goals," Mr Degert stated.
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As regards the Financial Services Sector, the EU Ambassador underscored that there is a strong need to promote gender equality in the financial services sector and to reflect the government's aspiration to champion gender balance in all the spheres and at all levels. "For this to be achieved, all parties involved, including the Government, must give top priority to national and micro-level proposals and advance the gender balancing agenda in order to stand out as institutions that value equality in the workplace, the marketplace, and society at large," he added.
The Association of Women in Investment and Finance in Mauritius
The AWIFM 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. Within this context, they have benefitted from the support of Africa RISE to conduct an analysis of existing frameworks, identifying gender gaps, and crafting policy orientation to enhance better gender parity in the investment and financial sector in Mauritius.
