Russia is one of the world leaders in terms of senior corporate roles held by women. According to the Grant Thornton International Business Report, women hold 45% of senior management positions in Russia, with more than half (53%) in the financial sector. Indeed, according to a new study by HSE researchers, 91% of Russian banks have at least one woman on their board of directors. However, most chief executives in financial institutions are men, while women are at the helm in just 22% of cases.
Having analysed data on 178 banks operating Russia, the researchers found that men held the board chair positions in 138 (77.5%) banks, and women in only 40 banks.
"High-level management can differ vastly from bank to bank; while some do not have women on their boards, some others may have six or seven women directors," note the study authors.
However, having six or seven female directors is still an exception rather than the rule in Russia, and the share of such banks stands at 1.2%. While most companies do have female executives, the gender gap remains wide, with 25% (44) banks having just one woman on their boards and 9% (16) banks having all-male boards.
Source: calculations made by the study authors.
The number of women directors depends on the type of institution: private banks tend to have more women on their boards than public banks.
Banks serving corporate clients are almost three times as likely to have women directors as retail banks: 33% versus 12%. According to the researchers, "this may be due to the fact that banks' corporate clients also have a growing number of female executives who may find it easier to relate to female than male bankers."
The gender gap is about the same in affiliates of international companies (38% of women executives) and in Russian companies (42%).
Likewise, factors such as a bank's history of operation, capital concentration or location of head office do not matter in terms of gender gap; the only thing that seems to make a difference is the number of staff. "Larger banks in Russia are not yet prepared to accept a significant number of women on their boards or to allow women to become CEOs. The general rule is that the larger a bank's staff, the fewer women directors it has on the board," according to the study.
Irrespective of gender, most board chairs hold degrees in economics, while trained managers are rare among both men and women.
With a few exceptions, most CEOs have received their education in Russia. Among male directors, 60 were trained in Moscow, 56 in other Russian cities, and 11 in other countries. Among women, 22 hold degrees from Russia's regional universities, 13 graduated in Moscow, and one outside Russia.
Board chairs in 144 out of 178 banks do not hold a Ph.D. or higher academic degree; just 22% of male and 10% of female chairs hold doctoral degrees, usually in economics, physics or mathematics.
While women are less likely than men to have international work experience, they are more likely to have spent their entire career in the banking sector and thus contributed to a change of attitudes towards women executives in financial business. According to the researchers, while their role is growing, it may still take time before women in bank CEO positions are considered the norm rather than an exception.
Source: calculations made by the study authors.
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