Fearless Girl, Gender Diversity in Finance Celebrated at LuxSE

On Tuesday 17 September 2024, the Luxembourg Stock Exchange (LuxSE) hosted a special Ring the Bell ceremony to welcome a replica of the Fearless Girl statue and promote greater gender diversity in finance.

When State Street Global Advisors installed the Fearless Girl statue in New York's financial district in 2017, ahead of International Women’s Day, it sparked a conversation about women in leadership. This week, LuxSE welcomed a replica of the statue for a special Ring the Bell ceremony to celebrate the power and potential of women in finance.

The event took place on Tuesday afternoon, with Myriam Lapierre, CEO Office Coordinator at LuxSE, serving as Master of Ceremony. On the agenda were speeches by: Ann Prendergast, Executive Vice President of State Street Global Advisors; Julie Becker, CEO of LuxSE; Dr Dagmar Kamber Borens, Senior Vice President of State Street Bank International; Nicoletta Centofanti, CEO of Luxembourg Sustainable Finance Initiative. Afterwards, the speakers "rang the bell" for gender diversity in finance.

Ann Prendergast spoke about "fearless" and "inspirational" women who have already paved the way for future generations. She also acknowledged that there is still much to do, with women - particularly women of colour - remaining underrepresented. Speaking about the Fearless Girl, Ann noted the progress that has been made since the statue was installed in 2017, with more companies adding women to their boards. She added that embracing "diversity, equity and inclusion" is not just the "right thing to do" but also the "smart thing to do"; she backed this statement up with statistics linked to company performance, etc. She also stressed that everyone should have the same opportunities to reach their full potential, later adding that collective efforts (e.g. supporting women at all levels) were needed to make a difference.

Julie Becker reflected on sculptor Kristen Visbal's words about her Fearless Girl statue, namely that "she's not defiant, she's brave, proud and strong, not belligerent”. The LuxSE CEO used these same adjectives to describe women in finance, saying "we are brave, proud and strong enough" to change the world of finance so it inspires girls and women, and ensures they are not afraid, to pursue a career in finance. Julie noted how LuxSE had joined forces with UN Women on gender-focused bonds in 2022; the Luxembourg Green Exchange (LGX) now displays 70 such bonds, which have helped transform lives worldwide, she added.

Dr Dagmar Kamber Borens spoke about how the conversation around gender diversity in finance has become more natural in recent years. There is still room for improvement, not least in Europe, she said, adding that it was important to keep talking about the issue and encourage younger women to "be brave" and "embrace the challenges". She also highlighted the importance of positive and authentic role models.

Nicoletta Centofanti noted how the financial sector has increasingly become a "powerful driver" in social and environmental change, and highlighted the rise of sustainable finance. She spoke about the clear framework set by the SDGs (with 50+ indicators linked to gender, women and girls), but also the financial risk of ignoring the issue of gender diversity. Nicoletta emphasised the need for finance professionals/leaders to advocate within the industry but also to leverage their influence across the board. She highlighted the "significant strides" made in Luxembourg in recent years to address gender imbalance, for example the Luxembourg Women in Finance Charter and the Luxembourg Gender Finance Task Force, plus the fact that the country has one of the lowest gender pay gaps globally. The LSFI CEO later stressed that it was "crucial" that (collective) actions remain "strong" and "sustained", and that collaboration and exchange continue.

The speakers then came together on stage to ring the bell and celebrate the Fearless Girl for greater gender diversity in finance.

The event was hosted by LuxSE in collaboration with the Professional Women's Network of State Street Bank International GmbH, Luxembourg branch, and International Financial Data Services Luxembourg SA.