The appointment forms part of government moves to drive further change on company boards and in executive roles, with the Treasury saying estimates suggest that equalising the role of men and women in the labour market could increase GDP by 10% by 2030.

The Treasury announced that 93 company have now signed the women in finance charter, which includes pledges to improve diversity at all levels. New signatories include major financial services firms such as Canadian Imperial Bank of Commerce, Jupiter Asset Management, Zurich Insurance, Allied Irish Bank UK, State Street, the Financial Ombudsman Service, and the trading arm of BP.

Philip Hammond, chancellor of the exchequer, said: ‘There is still further to go. The UK leads the world in financial services, but it can be even better. I want to see a diverse sector run by talented women as well as men, to help secure Britain’s place as a globally competitive economy. The business case is obvious, and the best firms already get this.’

Hammond said the government would like to see more fintech firms, payments companies and investment banks sign up to the charter and Gadhia will play a key role in making this happen. Earlier this year, in a review commissioned by the Treasury, she found that in UK financial services female representation is currently around 23% on boards, but only 14% on executive committees.