Bank of England Governor Andrew Bailey hosted a virtual meeting of G7 Central Bank Governors earlier this week, which included a discussion on progressing diversity and inclusion in our central banks and the wider financial system. The meeting followed previous discussions among the group on this issue, which commenced under the Canadian Presidency in 2018. In the meeting, G7 Central Bank Governors gave their personal support to work proactively to improve diversity and inclusion within their central banks and financial systems, where possible, recognising both the collective ambition which they share in this area, and the imperative of progress.
G7 Central Banks are united in a shared view that diversity and inclusion are key sources of strength in the workplace, helping central banks make better decisions and policies in the service of their societies. During the meeting, G7 Central Banks agreed to work proactively to broaden the diversity of experiences, backgrounds and perspectives in their workforces, and ensure that inclusion is an integral part of the culture of their central banks. They are taking actions to achieve this goal individually, including through efforts to attract, retain and develop diverse workforces, to engage with a broader set of stakeholders and to make their public communications more relatable, reinforcing their accountability. They are also sharing experiences with each other and seeking opportunities to collectively promote diversity and inclusion in the broader economics and finance community, including through events such as the Conference on Diversity and Inclusion in Economics, Finance, and Central Banking, held last month in Washington DC and organised by the Bank of Canada, Bank of England, Board of Governors of the Federal Reserve System, and European Central Bank. Drawing on their collective experience, G7 Central Banks will seek to expand existing initiatives where possible, while respecting the differences in their national contexts.
To accelerate progress, the group further agreed to continue their engagement on this issue, supported by the network of G7 Central Bank HR/Diversity & Inclusion leads, established in 2018. Complementing this, a representative group of G7 Supervisory Authorities, chaired by Bank of England Deputy Governor and CEO of the Prudential Regulation Authority Sam Woods under the UK Presidency, have met to discuss fostering greater diversity and inclusion across G7 financial sectors. The group agreed that it is important for supervisors to consider issues of diversity and inclusion in the financial sector, and to continue their discussion and engagement on this topic.
Speaking after the meeting, Bank of England Governor Andrew Bailey said:
“As we seek to rebuild from Covid, G7 Central Bank Governors agree on the importance of furthering diversity and inclusion within our central banks and the wider financial system. Our recent discussions have allowed us to share approaches to improving diversity and inclusion. I look forward to progressing our work through the opportunities we have collectively identified, while continuing to learn and share our experiences.”