## GENDER DIVERSITY IN THE EXECUTIVE BOARD—REPORT OF THE EXECUTIVE BOARD TO THE BOARD OF GOVERNORS

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**Canonical URL:** [GENDER DIVERSITY IN THE EXECUTIVE BOARD—REPORT OF THE EXECUTIVE BOARD TO THE BOARD OF GOVERNORS](https://www.imf.org/-/media/files/publications/pp/2022/english/ppea2022050.pdf)

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### Executive summary and context
- The Executive Board is committed to strengthening cohesion and ensuring all voices are heard in decision-making by the IMF’s Executive Board.
- The economic and social consequences of the Covid-19 pandemic, and 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 integration of gender in the Fund’s core activities, when macro-critical, recognizes that reducing gender disparities results in higher economic growth, greater economic stability and resilience, and lower income inequality.
- Quote cited: “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.

### Current gender diversity profile and trends
- Representation overview:
  - Total Executive Directors: twenty-four.
  - Total Alternate Executive Directors: thirty-one.
  - Positions held by women (Executive Directors and Alternate Executive Directors combined): nine.
- Reported percentages and projections:
  - Executive Directors 17% (graphic datum).
  - Alternate Executive Directors 16% (graphic datum).
  - The representation of women on the 2022 Executive Board is projected to diminish to 13% for Executive Directors and 13% for Alternate Executive Directors.
- OED senior staff targets and outcomes:
  - Voluntary non-binding targets set for OED offices envisaged that by 2020:
    - 35-45 percent of Senior Advisors should be women.
    - 40-50 percent of Advisors should be women.
  - Over the past year the percentage of women in Senior Advisor and Advisor positions has increased.
  - The target range for Advisors has been met.
  - The number of women Executive Directors declined slightly, and the number of women Alternate Executive Directors remains unchanged.
- Comparative position:
  - The Fund’s Executive Board continues to lag behind other international financial institutions (IFIs) and central bank comparators.
  - The Fund remains behind the World Bank for the average number of women in OED.
- Data sources and timing:
  - Source: IMF Staff. Data as of August 2022.
  - Additional comparator data: IMF, World Bank, and WTO Staff; IFI websites. IMF and World Bank data as of August 2022, IFI data as of September 2022.
  - Central bank comparator data as of September 2022.

### 2022 regular election of Executive Directors — findings
- Nominations for the 2022 regular election indicate a decline in women’s representation:
  - Of the twenty-four candidates nominated for the position of Executive Director in the 2022 regular election, only three are women.
  - The total number of women Executive Directors will decrease as of November 1, 2022 according to nominations.
- The Board expresses concern and urges membership action to ensure long-term upward momentum in the number of women Executive Directors and Alternate Executive Directors.
- The Executive Board has not adopted binding targets for Executive Director and Alternate Executive Director positions, recognizing authorities’ discretion, but encourages authorities to set ambitious goals to develop the pipeline of women candidates.

### Strengthening support for women in OED — initiatives and elements
- Oversight and network:
  - Working Group on Gender Diversity (WGGD) oversees initiatives.
  - An internal OED Women’s Network has been established; it formally kicked off on September 12, 2022, with support from the Managing Director.
- Key elements of the OED Women’s Network initiative:
  - 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 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.
- Intended outcomes:
  - Build a strong community of women in OED who can serve as an informal resource and persuasive advocates and role models for other women considering OED assignments.
  - Support career development and encourage member-country authorities to include more women in OED roles.

### Rationale: benefits of gender diversity (WGGD member testimonies)
- Reported benefits of gender-diverse environments, drawn from Working Group members’ experiences:
  - Strengthens decision making and safeguards against group think.
  - Builds better leaders and broadens perspectives.
  - Strengthens representation and resilience.
  - Allows for greater creativity and stronger teams.
  - Improves work/life balance and strengthens equality and participation.
- Representative statements (attributed to WGGD members and OED staff) emphasize that gender diversity yields richer team interactions, more robust outputs, broader perspectives, and enhanced professional development.

### Looking ahead — WGGD action plan and outreach priorities
- 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.

*Report prepared by members of the Working Group on Gender Diversity at the Executive Board and IMF staff. Data and figures as presented in the source document (data as of August 2022).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2022/english/ppea2022050.pdf_