Diversity, Equity & Inclusion initiatives
LuxCMA is proudly committed to fostering Diversity, Equality and Inclusion. As a signatory to both the Women in Finance Charter and the Diversity Charter Lëtzebuerg, we actively advocate for a workplace that embraces equality and the rich tapestry of perspectives. Our commitment and dedication to these charters reflects our belief in creating a financial industry that values the unique contributions of each individual.
Through ongoing initiatives, LuxCMA strives to lead by example, promote gender equality and diversity and empower all members of the financial community.
Women in Finance Charter
Official launch ceremony – 08.03.2023
On 8 March 2023, LuxCMA proudly participated in the launch of the Luxembourg Women in Finance Charter. This initiative was inaugurated during the Ring the Bell ceremony on International Women’s Day at the Luxembourg Stock Exchange. As a founding partner of the Charter, LuxCMA reaffirms its commitment to promoting a more inclusive and diverse financial industry.
> What is the Women in Finance Charter?
The Luxembourg Women in Finance Charter is a commitment made by participating companies and representative bodies to foster greater gender balance and inclusiveness throughout the Luxembourg financial services sector. Endorsed by the Luxembourg Ministry of Finance, the Charter reaffirms the industry’s commitment to promoting enhanced female representation at all organisational levels within financial services entities and representative bodies in Luxembourg.
Promoting gender balance in the financial services sector is crucial to cultivating a robust talent pool. This initiative aims to foster a more diverse range of perspectives, experiences and leadership styles in the decision-making process, which will ultimately bring economic benefits to the company, its clients and the wider community.
Recognising the diversity within the sector and the varying levels of maturity of firms in terms of gender balance, the Charter urges each signatory to set its own measurable targets and thereby actively contribute to the advancement of gender balance.
At LuxCMA, promoting gender balance and inclusivity in the financial services sector is a core commitment. We believe that a diverse and inclusive environment not only strengthens our association, but also contributes to the overall growth and success of the industry. Our dedication to these principles is in line with our values and ensures that LuxCMA remains at the forefront of driving positive change in the financial sector.
By signing the Charter, companies commit to:
Promote the progression of women at all levels, including at senior and board levels
Appoint an Accountable Executive (AE) who is responsible and accountable for gender diversity and inclusion
Set internal targets and action plans which will be integrated into the firm’s goals
Support transparency by publicly reporting on progress against these targets annually on the firm’s website
Current LuxCMA Board composition
Specific actions to be taken by LuxCMA
We will continue to promote the Women in Finance Charter at LuxCMA level. Our aim is to increase the number of signatories among our members.
We will establish a dedicated LuxCMA working group (or a task force within the existing Sustainable Finance Working Group) to develop a Diversity, Equality and Inclusion toolbox, based on the EBA Guidelines and the UN Women Empowerment Principles, to assist LuxCMA members in developing their DE&I strategies.
We will target to develop internal inclusive policies and practices that support gender at all levels.
Diversity Charter Lëtzebuerg
Official signature ceremony- 23.05.2023
On 23 May 2023, LuxCMA officially endorsed the Diversity Charter Lëtzebuerg. Our board member, Cathrine Foldberg-Møller, Partner at Simmons & Simmons, was proud to attend the official signing ceremony 2023 organised by IMS and to sign on behalf of LuxCMA.
> What is the Diversity Charter?
The Diversity Charter Lëtzebuerg is a national pledge proposed for signature by any organisation in Luxembourg wishing to commit itself to promoting and managing diversity through concrete actions that go beyond legal obligations.
The Charter is supported by seven privileged private and public partners as well as IMS Luxembourg, the project leader, and by the Ministry for Family, Integration and the Greater Region, Corinne Cahen.
Structured around 6 articles, it guides organisations in implementing practices that promote cohesion and social equity through networks, workshops and conferences, involving all their employees and partners.
Building on its success with Luxembourg companies, the Diversity Charter Lëtzebuerg currently has more than 290 signatories (public, private and voluntary sectors), representing 15% of the Luxembourg’s payroll.
Raise awareness, train and involve the decision-makers and partners to the challenges of diversity as a source of enrichment, innovation, progress and social cohesion.
Define a diversity policy and implement practices and action plans that consciously integrate the management of individual differences.
Apply the principles of equal opportunities and promotion of diversity in the company’s decision-making and management processes as well as in the management of its human resources.
Evaluate these practices, their results and their effects regularly.
Communicate to all the company stakeholders the commitments made and the concrete results of the implemented actions.
Encourage all of its partners to also work in favour ofnon-discrimination and the promotion of diversity.
Best practices undertaken by LuxCMA
LuxCMA and Bonn Steichen & Partners hosted a roundtable discussion on 25 May 2023, bringing together panelists from diverse business backgrounds to evaluate how companies in Luxembourg are currently fostering diversity in the workplace and explore opportunities for further enhancement.
LuxCMA wanted to highlight its commitment to the Lëtzebuerg Diversity Charter, but also its actions in favour of diversity, equality and inclusion, by creating a dedicated page on its website. Combined with the logo representing the Diversity Charter, any communication related to diversity is immediately identifiable. A dedicated internal email address has also been set up to receive any ideas or comments. Whether you are a LuxCMA member or not, if you have any suggestions, please send an email to firstname.lastname@example.org.