A Case of Temporary (Extended) “Hard Quotas”: Gender Diversity in Italian Banks

Abstract

The chapter analyses gender diversity in Italian banks starting from the regulatory framework, first by looking at the Golfo-Mosca Law, which was reiterated with amendments by the 2020 Budget Law. Alongside these regulations, the chapter illustrates numerous additional initiatives, such as the establishment of an Observatory that studies and promotes gender equality by the Bank of Italy, together with the Department for Equal Opportunities of the Italian Presidency of the Council of Ministers and the Italian Companies and Exchange Commission (Commissione nazionale per le società e la Borsa, CONSOB). Another initiative is the charter by the Italian Banking Association inviting signatories to strengthen their governance following the principles of inclusiveness and equal opportunities. Not least, the proposal by the Bank of Italy, following its 2015 diversity benchmark, of introducing a gender quota in the administrative and control bodies of banks. The chapter ends with an analysis and commentary on the female presence and the gender pay gap in Italian banks (with a focus on listed banks) based on data extrapolated from corporate governance and remuneration policy reports.

This chapter is the result of the joint efforts of the two authors. However, Giuliana Birindelli mainly contributed to Sects. 10.1, 10.2, 10.3 and Antonia Patrizia Iannuzzi to Sect. 10.4.