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Parliament to investigate sexism and glass ceilings in Square Mile
Nicholas Cecil, Chief Political Correspondent23.07.09
Sexism in the City is to be investigated by a committee of MPs.
The all-party Treasury select committee will examine how sexist the City is and the prevalence of sexual harassment and exploitation.
Its investigation will also cover "glass ceilings" in financial institutions, pay inequalities, the proportion of women in senior positions and the use of flexible working practices.
Labour MP John McFall, who chairs the committee, said: "At a time when pay and corporate governance are key issues in terms of re-drawing financial regulation, we feel it is important to highlight the issue of gender equality in the financial services industry."
The City's reputation has been damaged by repeated claims of sexism and sexual harassment.
A woman director who was sexually harassed by a billion-pound City fund manager before being fired won £64,320 compensation this year.
Ros Altmann, an independent pensions expert, criticised the "old boy network" in the Square Mile. She said: "Anyone looking at this dispassionately couldn't help but be struck by the over-representation of men in financial decision-making."
However, Ruth Lea, economic adviser at Arbuthnot Bank, stressed talented women could succeed in London's financial quarter. She said: "I know women who work in the City and do fantastically well."
Ironically, only one of the Treasury committee's members, Sally Keeble, is a woman. Women are severely under-represented in Parliament.
