The Treasury reports that 72 firms have signed the women in finance charter, which commits financial service firms to link the remuneration packages of their executive teams to gender diversity targets.

The firms that have signed up so far include more than 15 insurance companies, high street banks and building societies, the Financial Conduct Authority and the Treasury, who employ over half a million people.

The charter also requires firms to set internal targets for gender diversity in their senior management, publish progress reports annually against these targets, and to appoint a senior executive responsible for gender diversity and inclusion.

It follows Jayne-Anne Gadhia’s review earlier this year into the representation of women in financial services which found that female representation was around 23% on boards, but only 14% on executive committees.

Harriett Baldwin, the economic secretary to the Treasury said: ‘By signing the charter, firms are committing to driving change at the senior levels of the male-dominated financial services industry.’

Research by the Managing Partners’ Forum found that EY has more women in senior positions than the other Big Four firms, with 34% of its senior leadership roles held by women.

The Treasury is appealing for more organisations to sign up to the women in finance charter. Details are here.