•

•

• • Average percentage female representation on boards and executive committees across the European capital markets industry* T- bars represent 2014 data† Board Exco

33% 13%

32% Insurers 17%

Investment 31% banks 13%

Pension 30% funds 29%

Asset 27% Managers 18%

Regulation 27% and policy 30%

25% Average 18%

Central 21% banks 20%

Stock 18% exchanges 21%

16% Trade bodies 31%

Law firms 21%

Private equity 10%

Hedge funds 9%

* Law firms, funds and private equity were excluded from the board count due to inadequate data. For hedge funds and private equity, we also added FCA registered senior management, directors, partners and CEOs as a proxy for excos. † Insurers compared to 2015 data as this is the first year we have included this sector. The distribution of all European capital markets organisations in our sample by percentage of female representation on boards and excos

Average Average Board Exco 50 18% 25%

45

40

35

30

25

20

15 Number of companies of Number

10

5

0

Female representation, %

The (lack of) correlation between female representation on boards and on excos

70%

60%

50%

40%

30%

20% R² = 0.005 Female representation on on exco representation Female

10%

0% 0% 10% 20% 30% 40% 50% 60% 70% Female representation on board Note: excludes companies without boards Female representation on boards in different sectors, %, 2014 to 2016 2014 2015 2016 33% 31% % change since 2014 30% 30% 27% 27% 26% 25% 23% 23% 22% 20% 21% 19% 18% 16% 12% 10%

Banks Investment Pension funds Asset Regulation Average Central banks Stock Trade bodies banks Managers and policy exchanges +24% +31% +1% +19% +22% +25% +11% +42% +58%

Female representation on executive committees in different sectors, %, 2014 to 2016 2014 2015 2016

% change since 2014 31% 30% 29% 28% 27% 25%

21% 21% 20% 18% 18% 16% 17% 15% 15% 15% 13% 13% 11% 10% 10% 9% 9%

5%

Trade Regulation Pension Stock Law firms Central Average Asset Investment Banks Private Hedge bodies and policy funds exchanges banks Managers banks equity funds +10% +20% +6% +27% +38% +18% +19% +17% +37% +16% +108% +1% Percentage of companies where female representation on boards and excos has improved, stayed flat or fallen since 2015 Board Exco

55%

48%

28% 26% 24% 19%

Improved Flat Down

Percentage of women newly appointed to and leaving boards and excos since 2015 Joining Leaving

29% All board members 21%

16% Executive directors 21%

Non-executive 30% directors 20%

Executive committee 22% members 15% Percentage of different types of roles that make up our pool of exco members compared to male and female exco members

All executive committee 12% 24% 37% 27% members

Male exco 14% 25% 39% 22% members

Female exco 5% 18% 28% 49% members

CEO C-suite (ex. CEO)* Business line† All support functionsᵠ

Percentage of women in different exco positions at organisations that publicly disclose their executive committee or equivalent

Head of HR 64%

Head of communications 56%

All support functionsᵠ 37%

General counsel 28%

Chief risk officer 24%

Chief operating officer 19%

Average 18%

Deputy CEO 14%

Head of division or region 14%

C-suite* 12%

Chief financial officer 10%

Chief technology officer 8%

CEO 7%

Chief investment officer 3%

Executive chair 0%

*includes deputy CEO, CFO, COO, CRO, CTO , executive chair, and for asset managers CIO †business line functions, i.e. revenue generating roles, including divisional or regional business responsibility ᵠincludes communications, HR, legal and other central support functions such as marketing, strategy, policy, corporate affairs Percentage of women in different board positions Women Men

All board members 25%

Employee 40% representatives Non-executive 26% directors

Executive directors 12%

Vice-chairs 11%

Chairs 6%

Percentage of executive and non-exec directors that make up our pool of board directors, compared to male and female board directors Note: excludes boards with no executive directors All board 82% 18% directors Male board 79% 21% directors Female board 91% 9% directors Non-executive directors Executive directors

11a All executive directors broken down 11b Number of exec board directors in by role, % each role, broken down by gender 10 Otherᶧ COO 8% Women Board 5% Men directorᵠ 7% CEO* Deputy 43% 7 CEO 102 9% 1 4 3 5 CFO 40 0 10% 26 19 19 14 12 Head of business line 18%

CEO + Heads of business + CFO + Deputy CEO = 80%

*CEO includes executive chair and those holding both chair and CEO simultaneously ᶧOther includes CIO, CRO and support roles such as communications, HR, legal, marketing, strategy, policy, corporate affairs ᵠBoard director includes all other executive directors where we were unable to identify their role The number of women each sector would need to add to company boards to reach a target of 33% female representation*, and the year each sector would reach 33% Year Trade bodies 58 2020

Stock exchanges 35 2020

Central banks 32 2026

Regulation and policy 17 2019

Asset Managers 15 2019

Pension funds 8 2052

Investment banks 6 2017 When the capital markets industry would hit 33% female Banks 1 representation on boards 2017

* Assumes net number of women added remains the same in future years as in 2014-16. Note: Law firms, hedge funds and private equity are excluded from board counts due to inadequate data, insurers are excluded as we do not have 2014 data

The number of women each sector would need to add to company excos to reach a target of 33% female representation*, and the year each sector would reach 33% Year

Hedge funds 90 2199

Investment banks 68 2022

Private equity 64 2020

Banks 51 2030

Asset Managers 41 2025

Law firms 36 2019

Central banks 31 2022

Stock exchanges 22 2020

Pension funds 7 2021 When the capital markets Regulation and 6 industry would hit 33% female 2018 policy representation on excos Trade bodies 3 2018

*Assumes net number of women added remains the same in future years as in 2014-16. Note: Insurers are excluded as we do not have 2014 data Average female representation at the highest levels across the European capital markets industry, % T- bars represent 2014 data Board Exco

34% Nordic region 28%

33% France 19%

30% Germany 11%

26% Southern 13%

25% Average 18%

24% Netherlands 24%

24% UK 15% *Includes DG 23% EU institutions* FISMA, EBA, ECB, 23% ECB Banking Supervision (SSM), 20% Switzerland ECON Committee, 14% EIOPA, ESMA

18% US 19%

Central and 13% eastern Europe 24%

Female representation on boards and excos by type of organization, % Board Exco 29% 27% 22% 23%

14% 15%

Listed companies Privately-held companies Other organisations*

*includes pension funds, central banks, trade bodies, regulation and policy Boards Executive committees

Rank Name Sector % female Rank Name Sector % female

1 The Pensions Regulator (UK) Regulation 58%  AP1 (Swe) Pension funds 63%  1= 2 AP1 (Swe) Pension funds 56%  FESE (Bel) Trade bodies 63% 

3 Societe Generale (Fra) Banks 54%  3 Bucharest Stock Exchange (Rom) Exchanges 60% 

Finansinspektionen (the Swedish Achmea (Neth) Insurance 50% - 4 Regulation 58%  Financial Supervisory Authority)

AMF Pension (Swe) Pension funds 50% - BVCA (UK) Trade bodies 50%  4= Comisión Nacional del Mercado de Regulation 50%  Valores (Spa) FIA (UK) Trade bodies 50% 

Financial Conduct Authority (UK) Regulation 50% - 5= Finanstilsynet (Nor) Regulation 50% -

8 BNP (Fra) Banks 47% - Invest Europe (Bel) Trade bodies 50% 

Pensioenfonds Metaal en Techniek AP2 (Swe) Pension funds 44% - Pension funds 50%  - PMT (Neth) Autorité des Marchés Financiers - AP3 (Swe) Pension funds 44% - Regulation 45%  9= AMF (Fra) AP4 (Swe) Pension funds 44%  10= CME Group (US) Exchanges 45%  Keva Finland (Fin) Pension funds 44%  Latham & Watkins (US) Law 45% 

13 AXA (Fra) Insurance 44%  CEE Stock Exchanges Wiener Börse Exchanges 44%  (Aut) Oslo Bors (Nor) Exchanges 43% - Financial Conduct Authority (UK) Regulation 44% - 13= 14= Munich Re (Ger) Insurance 43%  Ilmarinen (Fin) Pension funds 44%  Finanstilsynet (Nor) Regulation 43% - Lloyd's of (UK) Insurance 44% - Banque de France (Fra) Central banks 42%  17 (UK) Banks 43%  Deutsche Börse (Ger) Exchanges 42%  17= 18 ISDA (US) Trade bodies 42%  SCOR (Fra) Insurance 42%  19 CNP Assurances (Fra) Insurance 42%  Invest Europe (Bel) Trade bodies 42%  AFG (Fra) Trade bodies 40% 

Columbia Threadneedle Asset 20= 40%  Investments EMEA (UK) management

Varma Finland (Fin) Pension funds 40%  Asset management 1 BNP Paribas Investment Partners* 47% 1 Columbia Threadneedle Investments 40% 27% 2 Amundi 38% 18% EMEA 3 Deutsche Asset Management* 35% 2 AXA Investment Managers 30% 4= Columbia Threadneedle Investments 33% 3 Global Asset Management 29% EMEA, 4 Legal & General Investment 27% Allianz Global Investors*, 33% Management Pimco* 33% 5= Aviva Investors, 25% BNP Paribas Investment Partners 25%

Banks

1 Societe Generale 54% 13% 1 Standard Chartered 43% 2 BNP Paribas 47% 2 Groupe BPCE 25% 33% 3 40% 3 Societe Generale 23% 4 ING 38% 4 RBS 20% 5 37% 5 Deutsche 18%

Central banks 1 Banque de France 42% 1 Norges Bank 36% 21% 2 Norges Bank (Norway) 40% =220% 2= Bank of England, 33% 3 Riksbank (Sweden) 36% Bank of Greece, 33% 4 Central 30% Riksbank 33% 5 Danmarks Nationalbank 29% 5 Bank of Finland 31%

Exchanges 1 Oslo Bors 43% 1 Bucharest Stock Exchange 60% 18 2 Deutsche Börse 42% 21% 2 Irish Stock Exchange† 50% % 3 Euronext 33% 3 CME Group 45% 4 Borse Instanbul 30% 4 CEE Stock Exchanges Wiener Börse 44% 5 Nasdaq 29% 5= Budapest Stock Exchange, 29% Athex Exchange Group 29%

Insurance 1 Lloyd's of London 44% 1 Achmea 50% 17% 2 CNP Assurances 32% 2 AXA 44% 42% 3 Munich Re 43% 3 Aviva 36% 4 SCOR 42% 4 Aegon 30% 5 Zurich Insurance 40% 5 Legal & General Group 25% Investment banks

1 Societe Generale CIB* 54% 13% 1 UBS Investment Bank 36% 2 BNP Paribas CIB* 47% 2 Credit Agricole CIB 29% 31% 3 Natixis CIB* 40% 3 Bank of America Lynch GBAM 29% =4 4= Citi Institutional Clients Group*, 35% 4 - Global Markets & 23% Credit Agricole CIB, 35% IBCM CIB* 35% 5 Natixis CIB 19%

Pension funds 1 AP1 (Sweden) 56% 1 AP1 (Sweden) 63% † 30% 2 AMF Pension (Sweden) 50% 29% 2= AP3 (Sweden), 50% 3= AP2 (Sweden), 44% Pensioenfonds Metaal en Techniek 50% AP3 (Sweden), 44% (PMT) (Netherlands) AP4 (Sweden), 44% 4 Ilmarinen (Finland) 44% Keva Finland 44% 5= Varma Finland, 40% BT Group UK Pension Scheme 40% (Hermes)† Regulators 1 The Pensions Regulator 58% 1 The Pensions Regulator† 60% 27% 2= Comisión Nacional del Mercado de 50% 30% 2 Finansinspektionen (the Swedish 58% Valores (Spain), Financial Supervisory Authority) Financial Conduct Authority 50% 3= Finanstilsynet (Norway), 50% 4 Finanstilsynet (Norway) 43% Netherlands Authority for the 50% 5 Netherlands Authority for the 40% Financial Markets (AFM)† Financial Markets (AFM)† 5 Autorité des Marchés Financiers 45% (AMF) (France) Trade bodies 1 Invest Europe 42% 1 FESE 63% 16% 2 PLSA † 31% 31% 2= PensionsEurope , 50% 3 BVCA 27% BVCA, 50% 4 ICMA 26% FIA, 50% 5 The Investment Association 24% Invest Europe 50%

Hedge funds (exco only) 9% 1 Winton Capital Management† 20% 2 Cantab Capital Partners 17% 3 Egerton Capital 16% 4 Cheyne Capital Management 15% 5 Brevan Howard 14%

Private equity (exco only) 10% 1 Pantheon 31% 2= Carlyle Group, 20% HgCapital 20% 4 Advent International 14% 5= 3i, 13% Blackstone, 13% Cinven, 13% Kohlberg Kravis Roberts, 13% Permira 13%