Carlo Drago
Ph.D. in Statistics, Associate Professor of Economic Statistics at University "Niccolò Cusano," Rome
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Papers by Carlo Drago
Equal access to employment and management positions is essential for reducing barriers to women's participation in paid work and empowering them to make substantial contributions to high-level decision-making. According to our perspective, work promotes three primary values: excellence, social contribution, sociability, and interpersonal relationships. Achieving good gender diversity is one of the variables that allow these three values to be maintained: for this reason, particular attention to gender diversity in the financial sector arises. Indeed, this sector is cautious in managing the diversity and diversification of its customers, and it is necessary to clarify whether it adopts suitable management measures to evaluate internal diversity.
This study examines the non-financial corporate information of banks and insurance companies using the EuroStoxx 600 BANKS INDEX and EuroStoxx 600 INSURANCE INDEX, concentrating on data associated with GRI 405, which addresses diversity and equal opportunity. To measure gender equality and diversity, we employ qualitative and quantitative techniques, analyzing the reports' content and constructing an interval-based composite indicator based on the frequency of disclosure of gender diversity themes in banks' declarations.
Based on our findings, Spain, the Netherlands, Great Britain, Ireland, and Norway demonstrate the best international practices in diversity and gender equality disclosure in the banking and insurance sectors, whereas Denmark, Poland, Austria, and Finland demonstrate the worst results.
Both diversity and gender equality improve employee morale, creativity, and productivity in the workplace. As a result, we have gained valuable insight into how banks and insurance companies view diversity and gender equality, highlighting the importance of prioritizing these factors for long-term success. A composite indicator, such as the interval-based Gender Equality and Diversity Index, based on GRI standards, can provide a robust and comprehensive measurement of gender diversity to inform policy decisions.