International Monetary Fund. Western Hemisphere Dept.
with the staff’s recommendations and noted that a new comprehensive program of Fund TA has been agreed and is being implemented. Country authorities and bankCEOs supported the objective to consolidate the banking system. Some authorities warned that proposals should not entail any significant use of fiscal resources. Some bankCEOs thought that convincing bank shareholders on the efficacy of consolidation could be difficult. The authorities broadly agreed with the Safeguards Assessment’s findings and recommendations and expressed a commitment to implementing them
Ms. Ratna Sahay, Mr. Martin Cihak, Mr. Papa M N'Diaye, Mr. Adolfo Barajas, Ms. Annette J Kyobe, Ms. Srobona Mitra, Miss Yen N Mooi, and Mr. Seyed Reza Yousefi
Using a new dataset, we measure the large gap between the representation of men and women in leadership positions in banks and bank supervision agencies worldwide. Women occupied less than 2 percent of bank CEOs positions, and less than 20 percent of the board seats in more than 80 percent of the observations across banks over time. Contrary to common perceptions, many low- and middle-income countries have a higher share of women in bank boards and banking supervision agency boards compared to advanced economies. Econometric analysis suggests that, controlling for relevant bank and country-specific factors, the presence of women as well as a higher share of women on bank boards is associated with greater bank stability, as represented by higher z-scores and lower nonperforming loan ratios. We also examine the share of women on boards of banking supervision agencies by compiling a new dataset. We find that it is associated with greater bank stability. Further research is needed to identify specific mechanisms through which these stability benefits are achieved, and to understand the conditions that have facilitated entry of women into leadership roles in banks and supervision agencies.
Ratna Ratna, Martin Čihák, Papa N’Diaye, Mr. Adolfo Barajas, Ms. Annette J Kyobe, Ms. Srobona Mitra, Yen Nian Mooi, and Seyed Reza Yousefi
Overall, the data show that the share of women on governing boards of both banks and banking supervision agencies is low. In particular:
Women hold less than 20 percent of bank board seats and account for less than 2 percent of bankCEOs . Only 15 banks out of almost 800 in 72 countries in our sample had women CEOs in 2013 ( Table 1 ). Most of the banks with women CEOs were non-systemic.
Banks with Women CEOs, 2013
Westpac Banking Corporation
Belize Infrastructure Limited
Belize Social Investment Fund
Belize Water Service Limited
Caribbean Regional Technical Assistance Centre
Central Bank of Belize
Caribbean Court of Justice
Climate Change Policy Assessment
Caribbean Development BankCEO
Chief Executive Officer
Central IT office
Cash Management Unit
statements and to make these available in bank branches and on the internet. Consider what actions the BoL itself can take to promote wider public understanding of banks’ disclosures, and to assist the financial news media to provide well informed commentary and analysis of banks’ disclosures.
Review the existing penalty provisions applicable to banks for non-compliance with supervisory requirements, with a view to empowering the BoL (or the Courts on the application of the BoL) to levy fines on banks, bank directors and bankCEOs, where the fines are
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Flannery , Mark , and Sorin Sorescu