Women Represent One-Third of Senior Managerial Roles among Luxembourg WiF Charter Signatories, 2025 Progress Report Shows
The 2025 Luxembourg Women in Finance (WiF) Charter Progress Report, released today by the WiF Charter Founders and the Luxembourg Sustainable Finance Initiative (LSFI), provides an overview of women’s representation across seniority levels within signatory organisations, including the targets set and the concrete initiatives undertaken.
Based on data collected in 2025 from 85 signatory organisations representing nearly 31,000 employees, approximately 42% of Luxembourg’s financial sector workforce, the report presents a picture of gradual progress alongside persistent structural challenges.
“Gender balance in finance is a business imperative. Initiatives such as the WiF Charter in Luxembourg play a critical role in turning commitment into measurable action by setting clear standards, accountability, and visibility around progress. Transparency is equally essential: when organisations openly track and report gender metrics, they build trust, accelerate change, and ensure momentum does not stall. While commitment across Luxembourg’s financial sector remains, with an increased number of signatories and progress, accelerating this progress in the highest leadership positions is the next critical step to ensure the targets are met in line with the timeline set.” – Nicoletta Centofanti, LSFI CEO and Luxembourg WiF Charter Data Partner.
Signatories characteristics: 7 new signatories in 2025
- The number of signatories grew from 78 in 2024 to 85 as of 31 December 2025.
- Banks remain the largest subsector represented, increasing from 34 to 38.
- 41% of the signatories are small firms, 25% are medium firms, and 34% are large firms.
Workforce distribution: Part-Time work remains disproportionately female
- Women account for 47.1% of the total signatories’ workforce, a stable figure.
- More than 7 out of every 10 part-time positions are held by women.
Representation at senior roles: Women’s representation has increased slightly, but men continue to be more represented in senior roles.
- Women representation has risen for ExCo/C-Suite roles from 29.9% in 2024 to 32.4% in 2025.
- Representation at the Board level declined from 29.8% to 28.5%, moving further away from the average target of 34.4% set by signatories.
- Men continue to be more represented in the most senior leadership positions, being roughly twice as likely as women to hold top leadership roles.
Women representation by seniority out of 10
Note: The variation only considers the year-over-year evolution of the 2024 signatories (i.e., 75 signatories), which is reflected in the percentage change. However, the current representation reflects the situation of the 2025 workforce (i.e., 85 signatories).
Targets: Ambitious target signalling commitment but many still in progress
- Target-setting continues to strengthen: 79 (up from 68) signatories now have targets for Senior Management, 69 for Board representation (up from 63), and 53 for ExCo/C-Suite levels (up from 50).
- Overall, women’s representation is below the average targets set for all managerial levels, with variations among subsectors. However, most deadlines set by signatories span from 2025 to 2028, meaning further progress toward targets will become clearer in upcoming reports.
Women’s representation and average targets for all sectors
Organisations Driving Change Through Concrete Action
WiF Charter signatories are implementing a broad range of initiatives to accelerate gender balance by embedding inclusive leadership cultures with accountability frameworks and performance tracking, expanding flexible working models and addressing the gender pay gap through audits and remuneration governance. Efforts also focus on fair recruitment and promotion practices through gender-neutral job language, diverse interview panels, and unconscious bias training for leaders. Leadership development remains also a priority, with organisations ensuring equal gender representation in talent programmes. Other adopted initiatives include mentorship, leadership workshops, and continuous learning programmes.
Number of reported initiatives undertaken to promote gender balance and gender diversity (by themes)
While the 2025 Luxembourg WiF Charter Progress Report confirms commitment and gradual progress in executive and senior management representation, declining Board-level figures and persistent sector gaps underline that gender balance at the very top remains a challenge
Access the 2025 Luxembourg WiF Charter Progress Report
Learn more about the Luxembourg WiF Charter
[1] The variation only considers the year-over-year evolution of the 2024 signatories, which is reflected in the percentage points change. Please note that year-on-year variations should be interpreted in light of the difference in sample size: 70 signatories in 2024 compared to 85 in 2025.
