Bloomberg Financial Gender Equality Index or BFGEI started in 2016 with financial sector only, and 52 financial firms featured in the list in 2017. The reference index measures gender equality across a company, based on a self disclosure survey.

This year a sector neutral GEI has been launched with participation of 104 companies from 10 sectors, spread over in 24 countries. These companies have offered a long standing commitment, to create a diverse and inclusive work environment.

Index promotes transparency and raises awareness on gender equality. The purpose is to provide investors with data for decision making, to compare companies based on their efforts towards gender equality, which also projects their approaches to ESG or environmental, social and governance factors.

Firms who are interested to participate, submit a social self disclosure survey created by Bloomberg in partnership with third-party experts Catalyst, Women’s World Banking, Working Mother Media, National Women’s Law Center, and National Partnership for Women & Families. Companies included on this year’s index scored at or above a global threshold established by Bloomberg. The survey and participation do not involve any cost and the list is not ranked.

The index uses data collected across four sections. These four sections are, Gender statistics, Company policies, community engagement, and product offering.

Highlights from 2018 index include:

  • GEI members have a 26.2% representation on boards, compared to an average of 12.7% in the ESG universe of coverage
  • Women in member firms hold 26% of senior leadership positions, 19% of executive officer roles, and earned 46% of promotions in 2016
  • The percentage of executive level positions held by women in GEI member firms increased 33.5% from fiscal year 2014 to 2016
  • 67% of members evaluate all advertising and marketing content for gender biases prior to publication
  • 65% of members are signatories to or members of organizations advocating for gender equality

As per Catalyst’s last report, Energy companies across the world, fare very poorly where gender equality is concerned. Only 5% of board members are women in top 200 energy companies. Hence, naturally, in GEI, out of 104 companies only two Energy companies are there.

GEI survey is unique, as it addresses presence and growth of women from all levels in a company. Number of women from entry level to board level, mid and senior level, and yearly promotion rate of women employees, all such data covers the entire picture of gender equality policy and its effectiveness in implementation, by a company.

This initiative by Bloomberg can be a milestone for achieving increased inclusiveness in business sectors, as the index creates a worldwide benchmark for companies, in setting targets for gender equality measures and policies. The organizations which are in the list already, set the examples of a diverse, and inclusive workplace, for others to follow. Also, the index would keep inspiring member companies in revisiting and innovating to maintain and improve on their goal.

Hopefully, in future, being included in the Gender equality index will be considered as an achievement and a quality required to qualify in the book of the investors, for companies across the world!