Belgium’s financial sector hits new high for women in leadership, but challenges remain
The Belgian financial sector has reached a new milestone in gender diversity, with the number of women in senior roles continuing to rise across banks and insurers. According to the latest annual report by Wo. Men in Finance, women now hold 35.7 per cent of senior management positions, the highest level since measurements began in 2019. The network represents 70 institutions, together accounting for more than 90 per cent of the sector.
Rising representation in senior roles
Founded six years ago, Wo.Men in Finance is an advocacy network with a focus on driving diversity in the industry. Co-chair of the organisation Claire Godding reports, “We’re seeing remarkable progress. We now have a great cohort of women in top positions who can serve as role models and inspire other women in the sector.”
Godding believes this visible leadership is already driving change: “Women working at a lower level suddenly see that it's possible and are also becoming more ambitious.”
The upward trend extends across management layers. Women now represent 47.4 per cent of middle management, another small but steady increase. Departures among senior female managers have also decreased, suggesting that efforts around retention and workplace culture are beginning to pay off. Febelfin notes that such progress reflects “the particular attention paid to retention and culture”.
Quotas deliver measurable impact
Quotas continue to play a decisive role. In companies where gender quotas apply, 41.4 per cent of directors are women, compared with 26.4 per cent in organisations not covered by legislation. For Wo.Men in Finance, it is clear evidence that structural measures remain essential.
“What we've achieved over the past six years is unique,” says Godding. “We're the first and only sector trying to create impact for women in such a systematic way. We're now hearing that the technology sector wants to be inspired by us. That's good news.”
"Need for increased vigilance"
Yet the report also flags new areas of concern. For the first time in five years, the proportion of women in talent pools which are identified as future top leaders has fallen, from 42.2 per cent to 39.4 per cent. This decline may reflect the fact that more women have already moved into senior roles; however, the report warns, it still “underlines the need for increased vigilance in order to continue to guarantee the progress of female talent”. Middle management also saw a slight increase in voluntary departures among women.
The annual review highlights a shift from relying solely on formal structures towards building a genuinely inclusive culture. The most effective institutions, the report notes, are those that link inclusion goals to leadership evaluations, track progress through dedicated KPIs, and integrate inclusive behaviours into leadership expectations. “When structure and culture reinforce each other, leadership becomes more human and more successful,” says report co-author Nathalie Delaere.
Ongoing challenge: family and career
Looking ahead, Wo.Men in Finance plans to deepen its work on family and career balance, an issue repeatedly raised in focus groups with young parents. While flexibility helps, the network argues that real inclusion requires “structural equity, recognition of mental load and shared responsibility”. A new sector-wide parenting survey will be launched in 2026 to identify which measures make lasting differences for working families.
“Six years after the signing of Wo.Men in Finance, I clearly see that our industry approach is accelerating our members’ progress on diversity and inclusion,” says Godding. With 30 CEOs (ten of them women) set to join the network’s next meeting, the sector aims to consolidate its gains while tackling the challenges that persist.
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