WiF Charter

Women in Finance Charter

Enhancing gender diversity within the Luxembourg financial sector

Why is ensuring gender diversity within the financial centre important?

Given its significant size and global importance as a financial hub, Luxembourg and its financial services sector recognise their responsibility and ability to advance gender balance and gender diversity. The Grand Duchy’s financial sector employs over 55,400[1] individuals. This figure represents almost 10.60% of the wage earners, making it one of the country’s largest employers. Given this, Luxembourg’s financial center possesses the unique capacity to act as a prominent influencer and to set important precedents on the pathway to gender balance and gender diversity.

Numerous studies have shown that female leadership, at all levels of a company, boosts financial performance, leads to greater employee satisfaction and is also instrumental in cultivating a robust and diverse talent pool. While Luxembourg boasts the EU’s smallest overall gender pay gap[2], there is still substantial progress to be made in advancing the presence of women in upper management and senior leadership roles.


[1] https://statistiques.public.lu/en/publications/series/luxembourg-en-chiffres/2026/luxembourg-en-chiffres-2026.html

[2] https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Gender_pay_gap_statistics#Gender_pay_gap_levels_vary_significantly_across_EU

What is the Luxembourg Women in Finance Charter (WiF)?

The Luxembourg Women in Finance Charter (“WiF Charter”) aims at promoting gender balance and gender diversity within the Luxembourg financial sector. It constitutes a commitment made by its Founders, signatory companies and representative entities to foster increased gender balance and gender diversity across the Luxembourg financial services landscape. This initiative serves as a foundational framework to advance women’s involvement across all tiers of financial services organisations and representative bodies in Luxembourg.

The WiF Charter was introduced by the following founding members: The Luxembourg Bankers’ Association (ABBL), Association of the Luxembourg Fund Industry (ALFI), the Association of Insurance and Reinsurance Companies (ACA), the Luxembourg Capital Markets Association (LuxCMA), Luxembourg Finance Labelling Agency (LuxFLAG) and the Luxembourg Stock Exchange (LuxSE), and is under the patronage of the Luxembourg Ministry of Finance.

The WiF Charter was formally launched in the presence of the first signatories during a Ring the Bell Ceremony at LuxSE for International Women’s Day on March 8, 2023.

The WiF Charter establishes a set of actions to be followed by the signatories. For instance, each signatory commits to establish its own targets to increase gender balance and gender diversity at the most senior level of their organisations.

The WiF Charter is open to a wide spectrum of financial institutions, including banks, asset management firms, and insurance companies, among others.

On a yearly basis, the WiF Charter founders and the Luxembourg Sustainable Finance Initiative (LSFI), Luxembourg’s coordinating entity on sustainable finance and the WiF Charter Founders’ data partner, will publish an annual progress report of the WiF Charter signatories’ progress. Each year in March, the WiF Charter Annual Progress Report is published, offering a comprehensive overview of the representation of women in Luxembourg’s financial sector.

What does it mean to become a signatory organisation?

By formally endorsing the WiF Charter, financial sector organisations affirm their commitment to fostering gender balance and gender diversity within the financial centre and advocating for increased women’s representation at all levels.

In particular, signatory organisations undertake the following key actions referred to as the WiF Charter’s Pillars:

  • Promoting the progression of women at all levels, including at senior and board levels;
  • Appointing an Accountable Executive (AE) who is responsible and accountable for gender balance and gender diversity;
  • Setting internal targets and action plans which will be integrated into the firm’s goals;
  • Supporting transparency by publicly reporting on progress against these targets annually on the firm’s website.

Following those actions, the signatories will report on a yearly basis on their advancement status with regard to the targets they have set.

By fulfilling these actions, signatory organisations collectively contribute to advancing gender balance and gender diversity in the Luxembourg financial sector, driving meaningful change, and fostering transparency.

Q&A

Who can become a signatory of the WiF Charter?

The WiF Charter applies to its Founders and is open to all regulated financial services firms operating in Luxembourg, including but not limited to credit institutions, investment funds, insurance companies, management companies, investment firms, and Professionals of the Financial or the Insurance Sector (PSF or PSA), as well as service providers whose operations directly support the Luxembourg financial sector, provided that such service providers are members of, or otherwise duly affiliated with, as applicable, at least one of the WiF Charter’s Founding Members (ABBL, ACA, ALFI, LuxCMA, LuxFLAG or LuxSE).

How do I become a signatory?

To become a signatory, the organisation has to fill out, sign, and submit the application form to the LSFI team: womeninfinancecharter@Isfi.lu

Submission of the form indicates CEO/Senior Luxembourg Representative approval from the joining party for signing up to the WiF Charter. After your submission, the LSFI team will be in contact with you regarding the next steps.

In case of doubts, please contact the LSFI team (womeninfinancecharter@Isfi.lu), and the LSFI team will provide you with all the necessary information and guidelines.

Whom should I contact if I need assistance?

Any organisation that requires assistance can contact the LSFI at the following email address: womeninfinancecharter@lsfi.lu

What and when do I need to report?

WiF Charter signatories will receive each year a data collection request in September, in which they will be asked to fill the questionnaire for the WiF Charter annual progress report. The signatories will have until mid-November to return the completed questionnaire. Exact timeline and dates for the annual progress report data collection will be communicated annually, ahead of the data collection campaign.

Each WiF Charter signatory must provide metrics reflecting their current situation based on their latest available data during the reporting year. The data can be from any date between 1 January and 30 September of the reporting year. For example, data as of 31 March is acceptable, as it falls within this period.

As per the WiF Charter commitment, signatories should set a headline numerical target (e.g. 30%) for female representation at a selected senior management level for a defined year. This must include a target year and possibly a timeframe (1-3-5 years) with optional ad interim target(s) to reach the final target that has been set.

Are there any mandatory targets to set?

Yes, but each signatory is free to choose its own targets at its selected senior management level. At least one of the following Targets is mandatory: Board level, Executive Committee / C-suite level,or Senior Management level.

The following Targets are optional (not mandatory): Headline targets for middle/junior management and interim targets at all levels are optional.

Please note targets can be conservative, as you can also work on maintaining your current situation.

During the annual data collection campaign, if you were already a signatory, you can either provide the target set last year or update it, if there have been any changes.

How long does the endorsement last? (E.g., Do I need to formally renew my commitment every year, how do I keep my signatory status?)

The endorsement doesn’t have an expiration date, and signatories set their own target(s) and timeframe by which they intend to achieve the target(s) in question. However, signatories are asked to report annually on the metrics and progress made towards achieving objectives and targets. Therefore, if a signatory organisation fails to report once, it will lose its signatory status and will be removed from the Charter’s list.

When can I become a signatory (e.g., is it open anytime during the year)?

An organisation can become a signatory at any time during the year.

New Charter signatories that join before the beginning of the data collection of each year (by 31st August) are included in that year’s data collection and report.

Signatories joining between the beginning of the data collection and the annual report publication date will be included only in the new joiners list of the Charter’s annual progress report; however, they will start reporting the following year, unless they agree to complete the questionnaire and set their targets immediately if they sign up after the data collection period has begun.

How will progress be reported and managed?

To facilitate the reporting process, the WiF Charter’s founders have designated the Luxembourg Sustainable Finance Initiative (LSFI) as external coordinating entity and data partner. The LSFI will also oversee coordination with the Steering Committee composed of the Charter’s founding members (ABBL, ACA, ALFI, LuxCMA, LUXFLAG and LuxSE) and will take charge of directing and managing the reporting process. This streamlined approach guarantees a unified and centralized method for all signatory organisations.

Where can I find the annual progress report?

The LSFI discloses on a yearly basis a WiF Charter annual progress report by the end of Q1, with the data referring to the previous year. The report is available on the LSFI webpage here.

How will the data be disclosed? (E.g. Aggregated report, the targets of each signatory will be publicly available)

As stated in the Pledge and in the WiF Charter Guidelines, signatories organisations must support transparency by publicly and annually reporting their progress against the set targets. It will be considered good practice for signatories to include a Women in Finance section in their Annual Report. The LSFI will publish an aggregated and anonymised annual report covering signatories’ progress against the collective targets. The report is available on the LSFI webpage here.

The seniority levels within my organisation don’t exactly match the categories provided in the data collection campaign. How should the different seniority levels be reflected?

There are no specific criteria that define what should fall under, for example, C-level executives versus Senior Managerial roles. Organisations can use different seniority levels (board; executive committee; senior management; middle and junior management; and other staff) and categorize according to what fits best. It is key to avoid double counting.

While these levels may not map directly onto organisations’ in-house hierarchical structure, they provide a means of comparison across all signatories.

Relative to the definition of “senior management”, employees in middle management and junior management roles were identified as one level below or two levels below senior management level, respectively.

Relative to the definition of “Other”, were defined as employees with non-managerial responsibilities.

How do we count Board Members based outside of Luxembourg?

Board members based abroad should be accounted for and the targets should also reflect that.

When it comes to the employee count, this must be only on the workforce working for the Luxembourg-based branch office irrespective of the residency of the employee.

Should employees working abroad for the Luxembourgish entity be counted?

No. The Luxembourg WiF Charter represents the Luxembourg financial sector and its employees. To determine whether an employee should be counted in the WiF Charter statistics, the key criterion is whether the employee is on the payroll of the Luxembourg branch. If so, they can be included.

How should signatories treat their subsidiaries in the framework of the WiF Charter?

Groups may choose to consolidate their subsidiaries in their target setting as long as those subsidiaries are located in Luxembourg.

How can The Diversity Charter Lëtzebuerg and the WiF Charter coexist?

Although with distinct targets and actions, both Charters share the goal of enhancing and embracing increased diversity and inclusion within organizations, at all levels. While the Diversity Charter Lëtzebuerg has a broader scope covering the EU non-discrimination criteria and beyond, across multiple sectors, the WiF Charter takes a focused approach, concentrating its efforts on achieving gender balance and gender diversity in Luxembourg’s financial sector. For this reason, they are complementary.

I am a Service Provider; how should I count my staff and set my targets?

Because your organisation may serve clients across multiple sectors, the following rule applies to all staff metrics and targets for service providers (Senior Management, Middle and Junior Management, and remaining staff): include only employees dedicated 100% to servicing the Luxembourgish financial sector. Do not include staff who split their time between financial and non-financial clients.

This rule does not apply to Board and ExCo/C-suite members, which should reflect your organization’s overall governance body.

The Gender Finance Task Force (GFTF)

Launched in 2023, the primary objective of the GFTF is to actively promote and advance gender finance within the Luxembourg financial centre. This undertaking highlights the increasing significance of gender finance, both nationally and in the wider context of sustainable finance globally.

The GFTF’s mission is to identify key opportunities and foster initiatives that drive progress in both “finance for women” and “women in finance”. The GFTF works to develop sector-wide strategies, enabling actors in the Luxembourg financial centre to implement gender-focused financial solutions independently or in collaboration with public and private entities.

The GFTF is composed of a diverse group of high-level financial sector representatives and is chaired by the Ministry of Finance. It is supported by 7 working groups, each chaired by senior management from the financial sector: Data on Women in Finance; Mentorship, Sponsorship and Career Development; Education; Events, Communication, and Talents; Definitions, Standards, and Labels; Innovation and Acceleration; Gender Intelligent Products and Services for Women.

The working group on Data on Women in Finance is chaired by the LSFI and is supplied with data from the WiF Charter.

Access the Gender Finance Task Force

The Diversity Charter Lëtzebuerg - IMS

The Diversity Charter Lëtzebuerg is a national commitment text proposed for signature to any organisation in Luxembourg wishing to commit to diversity promotion and management through concrete actions that go beyond legal. Seven privilege partners, the Ministry for Gender Equality and Diversity, Deutsche Bank, Caceis Investor Services, HSBC Luxembourg, Linklaters, PwC and Sodexo, support the Charter, alongside IMS Luxembourg, as the driving force. With its foundation in 6 articles, the Charter steers organisations in the implementation of practices that promote cohesion and social equity through networks, workshops and conferences, involving all their employees and partners. More details on the Diversity Charter Lëtzebuerg can be found here.

IMS – Inspiring More Sustainability – is a non-profit organization, and Luxembourg’s leading network for Sustainable Development. IMS’ mission is to inspire responsible strategies and practices among national economic actors. The non-profit supports its members through collaborative and federating projects by promoting dialogue with stakeholders (private, public, associative), and ensures the day-to-day coordination and promotion of the Diversity Charter Lëtzebuerg.

Access the Diversity Charter Lëtzebuerg