GENDER DIVERSITY IN THE EXECUTIVE BOARD—

GENDER DIVERSITY IN THE EXECUTIVE BOARD

REPORT OF THE EXECUTIVE BOARD TO THE BOARD
OF GOVERNORS
The Executive Board is committed to strengthening cohesion, and ensuring all voices are
heard in decision-making by the IMF’s Executive Board.

While there are ample reasons for discussing gender diversity in good times, there is an
even greater need in bad times. At the time of this report, the economic and social
consequences of the Covid-19 pandemic, as well as the negative spillovers and higher inflation
following Russia’s war in Ukraine, have exacerbated pre-existing gender gaps, disproportionately
affecting women’s jobs, incomes, and security. The stall in progress towards gender parity has
resulted in a call for further action to reduce gender inequality, as seen in the Strategy for
Mainstreaming Gender at the Fund. The integration of gender in the Fund’s core activities, when
macro-critical, recognizes the fact that reducing gender disparities results in higher economic
growth, greater economic stability and resilience, and lower income inequality.

“When women and girls can reach their

full potential, they do better, economies
do better—and that is to the benefit of
everyone. The IMF’s analysis shows that
improving gender equality can raise
economic growth, strengthen resilience,
enhance financial stability, and reduce
income inequality”. Kristalina Georgieva,
Managing Director, March 2022.

The diversity of the IMF’s Executive Board, representing its 190 member countries,
enables it to remain responsive to meet the needs of the membership at all times.
Through the inclusion of more women as Executive Directors and Alternate Executive Directors,
the Board will continue to better reflect its membership, but this will require a sustained
commitment to change. Amongst twenty-four Executive Directors and thirty-one Alternate
Executive Directors, only nine positions are held by women. These numbers can, and should,
increase. As noted in this report however, the representation of women on the 2022 Executive
Board will not move in a positive direction. The number of women that hold Executive Director
and Alternate Executive Director positions are projected to diminish to 13% for Executive
Directors and 13% for Alternate Executive Directors.

Executive Directors 17%

Alternate Executive Directors 16%

VACANT

VACANT

Source: IMF Staff. Data as of August 2022.

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The Executive Board is committed to engaging on issues of gender diversity with country
GENDER DIVERSITY IN THE EXECUTIVE BOARD
authorities in support of an Executive Board that is truly representative of the member
countries and their citizens. It is understood that change will take time. For now, the focus is
on maintaining a steady upward trend.

IMF Executive Board Gender Diversity Profile 2012-2022 (percent women)

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Executive Director Alt Executive Director Senior Advisor Advisor Total in OED

Source: IMF Staff. Data as of August 2022.

OED Senior Advisors and Advisors and Non-
Binding Targets 2016-2022
The Executive Board’s gender Senior Advisor Advisor Non-Binding Targets
diversity strategy sets voluntary S. Adv. Adv.

targets for the number of women 2022

employed as Senior Advisors and

2020
Advisors in the Offices of Executive
Directors. These targets envisaged
2018
that by 2020, 35-45 percent of Senior
Advisors and 40-50 percent of
2016
Advisors should be women.

0% 10% 20% 30% 40% 50%

While the targets are non-binding, Source: IMF and World Bank Staff. Data as of August 2022.
they signal the Board’s expectation that women will increasingly be selected by member
countries to take up positions in OED. There is room for optimism; over the past year the
percentage of women in Senior Advisor and Advisor positions has increased. The target range for
Advisors has been met. However, the number of women Executive Directors declined slightly, and
the number of women Alternate Executive Directors remains unchanged. Given the low numbers
of women holding Executive Director and Alternate Executive Director positions, small changes
have significant impacts. The Executive Board has not adopted targets for Executive Director and
Alternate Executive Director positions, recognizing that these roles should continue to reflect the
authorities’ discretion, but encourages authorities to set ambitious goals for developing the
pipeline of women candidates and their inclusion in the selection of these positions.

The gender diversity of the Fund’s Executive Board continues to lag behind other
international financial institutions (IFIs). The World Bank and the World Trade Organization
have seen a steady increase of the share of women directors on their boards. Across central
banks, most have remained stable with some recording an increase in the number of women in
their policy setting bodies, with the Federal Reserve now at parity. In general, the Fund also
remains behind the World Bank for the average number of women in OED.

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IFI COMPARATORS
COMPARATOR ASSESSMENTS
Gender Diversity of International Financial Institution
Member Country Boards

% Vacant 69% 100%

64% 72% 75% 83% 89%
70%
% Women 71%
% Men 36%
31% 28%
26% 25%
17% 14%
4% 13%
14%
WTO 0%
OECD
World
EBRD
Bank AfDB
IMF
IDB
BIS
Source: IMF, World Bank, and WTO Staff, and IFI websites. IMF and World AMF
Bank data as of August 2022, IFI data as of September 2022

CENTRAL BANK COMPARATORS

% Men Gender Diversity in G7 Central Banks, ECB and BRICS
% Women
50% 45%
33% 33% 33% 36%
20% 22% 20%
11% 8% 10% 7%

Source: Central bank websites, as of September 2022.

Note: Data refers to the central banks’ monetary policy decision-making bodies, except Bundesbank
(Executive Board), Banca d’Italia (Directorate), and Banque de France (General Council).

IMF AND WORLD BANK WOMEN IN OED 2019-2022

30%
34%
30%
21% 33%
21%
24%
26%
2019
2020
2021
IMF WB
2022

Source: IMF and World Bank Staff. Data as of August 2022.

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GENDER DIVERSITY IN THE EXECUTIVE BOARD THE 2022 REGULAR The nominations for the regular election of Executive Directors
ELECTION OF indicate the total number of women Executive Directors will decrease
EXECUTIVE as of November 1, 2022. The Executive Board notes with concern that, of
DIRECTORS the twenty-four candidates nominated for the position of Executive
Director in the 2022 regular election, only three are women. Fluctuations
over time are to be expected. However, it is important that the long-term
trend shows continued upward momentum in the number of women
Executive Directors and Alternate Executive Directors.

The membership is urged to give effect to the importance it clearly

places on this issue, as signaled in International Monetary and
Financial Committee (IMFC) Communiqués, since 2016. It is hoped that
the membership will continue to demonstrate its support by taking
concrete action to ensure that women are nominated for Executive Director
and Alternate Executive Director positions going forward.

STRENGTHENING Under the oversight of the Working Group on Gender Diversity

SUPPORT FOR (WGGD), an internal OED Women’s Network has been established to
WOMEN IN OED provide a forum for the women in OED to connect and support one
another professionally. The
network formally kicked off on
September 12, 2022, with
support from the Managing
Director. Building a supportive
work environment for women is
an important element to further
encourage other women working
for the authorities of member
countries to consider a career at the Fund.

Key elements of the initiative include:

 Engagement during onboarding of new OED personnel to inform
incoming women about the network and the community of support it
offers professionally and personally;
 OED Women’s Network Discussion Series, to provide a platform for
sharing insights and guidance to support the career development of
women in OED;
 Informal networking events;
 A dedicated website and collaboration space for OED women to connect
with each other to exchange ideas and forge connections.
Over time, it is hoped that the OED Women’s Network will support the
WGGD’s effort to build a strong community of women in OED who, in
turn, can serve as an informal resource for women who would like to
learn more about the experience of working in these roles as they
consider whether to step forward. By sharing a positive experience of
working in OED, network members (both working at the Fund and after
they return to their home countries) can be persuasive advocates and role
models for other women considering developing their careers through
these assignments.

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The members of the WGGD have all benefited in concrete ways from working in gender diverse
GENDER DIVERSITY ENRICHES ALL
environments over the course of their careers. The shared lessons, appreciation for different views,
and building of an inclusive mindset continues to motivate their own engagement to improve gender
diversity in the Executive Board. Drawing on their own experiences, they share their views on how
working in gender diverse organizations fosters professional development and better outcomes.

A Diverse  The arc of the universe can bend towards balance and diversity,
Environment but the path is not pre-determined and takes work. And I have
Strengthens found that when the environment for diversity is created – in
Decision Making… both traits and thought – the team interactions are richer, and
output more robust. Rosemary Lim, Singapore: WGGD Co-
Chair and Executive Director, OEDST
Builds Better  In my professional life in both private and public sector I was blessed by
Leaders… having male and female managers. This leadership gender
diversity allowed me to understand both professional, as well as
managerial matters more holistically and develop skills that I
am using today. I can frankly say that my professional growth
wouldn’t be the same had not have the opportunity to work
with both male and female leaders. Piotr Trabinski, Poland: WGGD Co-Chair
and Executive Director, OEDSZ

Strengthens  Developing my career in a gender diverse working environment has been

Representation… instrumental to enrich and broaden my own views and
positions. Diversity is a value in itself, even more so within the
public institutions, as it is necessary to foster truly
representative discussions and policies, yielding more robust
results that bring us closer to our society. Pablo Moreno, Spain:
Executive Director, OEDCE
Builds Resilience…  In my experience, diverse and inclusive working environments mean better
outcomes – greater diversity and inclusion in leadership,
including a greater representation of women, will help us
navigate our way towards greater global resilience, equality,
strength, and harmony. Angelia Grant, Australia: Alternate
Executive Director, OEDAP
 Working in gender diverse environments, I have experienced
Broadens
how each one of us can be valuable to the team in our own
Perspectives…
unique ways. When broader perspectives are brought to the
table, the conversations become more enriched and the
decision-makings more robust. Mikari Kashima, Japan:
Alternate Executive Director, OEDJA
and Safeguards  Diverse work environments are an antidote for group thinking. My experience
Against Group with gender diversity at work was particularly helpful in
Think. challenging me from my zone of comfort and pushing towards
a broader perspective on key issues. Unfortunately, central
banks around the world and the IMF Board still have a long
way to reach a desirable level of gender diversity. Bruno
Saraiva, Brazil: Alternate Executive Director, OEDBR

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A Diverse  Over the course of my career, I have had the benefit of working with a range
GENDER DIVERSITY ENRICHES ALL
Environment of talented women and men. I have found that gender diversity
Allows for Greater in teams fosters a mix of views, perspectives, and working styles
Creativity and which ultimately yields more creative and effective outcomes. I
Stronger Teams… have personally benefited from both female and male mentors
that have, in different ways, supported my career advancement
and my efforts to achieve greater work-life balance. It is clear to me that
gender diversity enables a more effective working environment, stronger
teams, and better results. Elizabeth Shortino, United States: Executive
Director, OEDUS

Improves  I have worked with female leaders and seniors throughout my career. They
Work/Life have demonstrated to me that pursuing a career in the public
Balance… sector while also seeking a life-work-balance including family life
is a challenge, but not unattainable. Their presence during my
professional career has significantly shaped my views and skills
on management/prioritization, communication, and team
collaboration. Hyun-Ju Koh, Germany: Alternate Executive Director, OEDGR
and Strengthens  Gender diversity enriched my working environment in every dimension of the
Equality and process of collaboration. It laid the groundwork for me to learn different
Participation. perspectives which in turn made me reflect my own views and presumptions.
Experiencing diversity importantly included being exposed to varying modes
of deliberation and communication which positively affected group thinking
and behavior. Not least, diversity thereby shaped a positive way of social
togetherness. What is more, diversity as such is valuable. It represents the
fundamental principle of equality with respect to participation in society.
Applying this to the work sphere means shaping an environment that places
value in every single person and their ideas. OED Advisor OEDGR.

The WGGD will continue to advocate the importance of enhancing gender diversity in the
Executive Board and OED through outreach and communication to the membership, including
formal and informal communications to the Board of Governors, the IMFC, and with other key
decision-makers.

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LOOKING AHEAD The Executive Board will continue to act as ambassadors for
WGGD: THE PATH FORWARD
increasing gender diversity in the Executive Board by updating
the membership on the gender diversity profile of the Executive
Board and raising awareness about the importance of increasing
gender diversity to enhance decision making. Utilizing formal and
informal outreach, the WGGD will focus its efforts on members of the
Executive Board’s, the membership, as well as management and
relevant staff. It will also continue to examine possible barriers
impacting the recruitment of women as Executive Directors and
Alternate Executive Directors, and in OED. Over the coming year, the
WGGD will:

 Raise awareness about gender diversity in the Board by engaging

new Executive Directors and Alternate Executive Directors.

 Encourage Executive Directors to advocate actively with their

authorities to promote increased Board gender diversity.

 Engage the IMFC Chair to draw attention to the importance the

membership places on enhancing gender diversity at the Executive
Board.

 Report to the membership by communicating the importance of

enhancing gender diversity in the Executive Board and OED and
providing regular updates on the gender diversity profile of the
Executive Board and progress towards the voluntary gender targets
for OED.

 Leverage management, in particular the MD and the DMDs through

their engagements with authorities and access to key decision-
makers, to lend weight to this issue, as appropriate.

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