Gender Parity at the Executive Level

Historically, men have been more likely to hold positions of social, economic, and political power in many cultures and institutions around the world, leading some to believe that the patriarchy is the natural order of society. Over the centuries, women's roles have become increasingly complex, with fewer opportunities for economic participation, less access to basic and higher education, increased health and safety risks, and less political representation.

While society has made great strides in recognizing and protecting women, progress toward gender equality, and equity, remains uneven. This is particularly true in the corporate world where, according to available data from the World Bank, while females have higher literacy rates and academic performance than their male counterparts throughout the Caribbean small states, women face challenges such as lower pay, inadequate protection from violence and harassment, and other barriers to career advancement.

“Break the Bias” was the theme for International Women's Day on March 8th 2022, and Republic Financial Holdings Limited (RFHL) is committed to fostering Diversity, Equity, and Inclusion in our operations and the communities we serve. RFHL, as a standard-setting organization, has embraced the responsibility to ensure equitable and active participation of women at all levels. As at the end of fiscal 2021, the Group's workforce included 4116 females (68%), with 33 female Executive Leaders and 25% female representation at the board level.

Republic Financial Holdings Limited (RFHL) became an official signatory to the Global Principles for Responsible Banking on September 25, 2020, and gender equality is one of our goals. While our driving force is the moral argument of doing the right thing, empirical evidence also supports the approach with key benefits - according to article from the Entrepreneur, “In 2021, of businesses that employ gender equality practices, 73 percent reported increased profitability and productivity”.

As an international financial institution, RFHL pledges to make continuous progress in improving gender diversity in the workplace and to foster a culture that supports and empowers both men and women. We want to achieve gender equality at all levels of the Group so that our female colleagues can pursue their career goals. While women do make up the majority of the workforce, we recognize that more is required to accelerate women's advancement into more senior roles. As we progress toward becoming a more inclusive organization, we will raise our ambitions for gender diversity and gender parity even higher.