StanChart Singapore awarded global certification for gender equality

STANDARD Chartered Singapore has been awarded the economic dividends for gender equality (EDGE) certification, a global assessment methodology and business certification standard for gender equality.

In a press statement on Tuesday, the bank said it is the first financial institution in Singapore to be certified. The EDGE standard ensures that certified companies have a structured and systematic approach to measure, track, and close the corporate gender gap by looking at both quantitative and qualitative indicators.

As part of an independent validation process where 3,000 employees in Singapore participated in a survey, StanChart was acknowledged for global best practices, including a robust framework of effective policies and practices around equal pay for equivalent work, recruitment and promotion.

Currently, women make up 45 per cent of StanChart's total workforce in Singapore, 35 per cent of the management team and 31 per cent of senior positions.

The bank said increasing the representation of women in senior management is a key focus globally. Female representation on the global board has increased from 23 per cent in 2016 to 31 per cent currently. This will grow to 36 per cent from Jan 1, 2021, following the bank's recent announcement of a fifth female independent non-executive director joining the board next year.

Internal targets for gender diversity in StanChart's senior management teams were set for women to occupy 35 per cent of the bank's top four levels of management by 2025.

Some initiatives to advance gender equality within the bank include "awareness training" for leaders to address unconscious biases and ensure all employees are given equal opportunities to grow. Globally, over 97.5 per cent of managers have completed this training, according to StanChart.

StanChart Singapore's female employees are also entitled to 20 weeks of fully-paid maternity and adoption leave, regardless of length of service. This is more than the 16 weeks of paid maternity leave or four weeks of adoption leave mandated by the Ministry of Manpower. New fathers are also allowed two weeks of paid paternity and adoption leave.

"While more can be done to advance the diversity and inclusion agenda, global recognition like (the EDGE certification) is testament to the good progress we are making," said StanChart Singapore chief executive officer Patrick Lee.

From 2021, employees will also be allowed to work flexibly based on formal agreements to work from home, work from office or a hybrid arrangement, subject to the nature of their roles and managers' approval. This would help employees meet their personal and professional goals best suited to their lifestyle and commitments, said the bank.