The REC’s Accounting and Financial Services sector group has welcomed the Government’s response to the Women in the City enquiry carried out by the Treasury Select Committee in April.

In its response, the Government accepted that something needed to be done to address the lack of diversity on city Boards, problems with gender pay gaps, flexible working and parental leave.

Commenting on the Government’s response, Bill Haynes, Chair of REC Accounting and Financial Services said:

“It is encouraging to see the Government accept the problems highlighted by the Treasury Select Committee report, whilst the primary objective is to ensure the most capable and outstanding candidates attain the board positions available, irrespective of gender or race, it is crucially important to recognise the need for a productive and balanced team profile within the board.”

He added: “It needs to be accepted by both clients and candidates that most of the existing recruitment practices in our sector can lead to the same people, on the same boards who are then prone to ‘group think’, rather than being innovative in their solutions to problems facing the financial services sector.”

Source:http://www.rec.uk.com/press/news/1152
Released on 15 July 2010