Jorgovanka Tabaković: The importance of women and gender
equality
Speech by Dr Jorgovanka Tabaković, Governor of the National Bank of Serbia, at the Conference
organized by the Official Monetary and Financial Institutions Forum, on the occasion of the
launch of the Global Public Investor Gender Balance Index, London, 7 March 2018.
* * *
Ladies and gentlemen, esteemed colleagues,
1. Know thyself, 2. Nothing in excess, 3. Make a pledge and mischief is nigh. The inscription on
the entrance of Apollo's temple in Delphi with these three rules is the key to a successful life, if
success is measured by satisfaction with oneself, and others' satisfaction with us.
However, these three commandments are highly illustrative of the woman and her role in society
today. What do we want as individuals, what is our accomplishment, what are we ready to
sacrifice in achieving the selected objective, and is every sacrifice for the fulfilment of that
objective necessary and justified? And do we know how to remain masters of our peace, our
happiness, without promising too much because we are offered the chance to participate in the
game?
As the end of February is near and 8 March draws closer, the titles of high-brow world weeklies
and magazines usually resemble one another. As a rule, the gist of these articles is centred
around the difficulty of striking a balance between motherhood and career.
Why is the choice always OR, black or white, career or motherhood, as I wish or not at all?
Balance is the key to success.
A career or motherhood?
Motherhood is not inevitably a family. But family is both an obligation and support. How have we
sacrificed family in favour of services? Instead of solidarity within our homes, family and
generations, we've got paid services - of childcare, care for our parents, care for the elderly. We
now have lonely beings who, in a race for individuality and acknowledgment, have lost a
measure and, thus, a clear objective for achievement. Not all relationships are based on
purchase and sale transactions. Not everything can be bought. It is therefore necessary to
preserve humanity, self-respect and the respect of others.
Being a woman is wonderful. Being a mother is even more wonderful. I testify this with my
experience with three grown-up children - two daughters and a son. They are good and
educated people that I am proud of and whom I respect.
Being a successful woman, a satisfied women and a mother who shows that these two things
can go together - this is the best way for motivating others.
As a woman governor who comes from beautiful Serbia, I have chosen for today's event the
following topics: 1) the issue of vertical advancement, 2) the issue of the first promotion, 3) the
dilemma what the legislator can do, and 4) of course - the implementation of gender equality in
Serbia, with a focus on the financial sector.
Issues of vertical advancement
In terms of the corporate ladder, it is hard to explain why women's participation at the top of the
ladder narrows. This cannot be explained either by the choice of the profession or the purported
"lack of ambition" among women. Women's participation in the total number of students
graduating from management colleges is increasingly higher each year. However, the number of
women in managerial positions does not follow this rate. The situation in Serbia is similar. More
girls graduate from universities than their male colleagues. More women complete PhD studies
than their male colleagues. Still, this does not influence too much the increase in the number of
women on the vertical corporate ladder.
Issue of the first promotion
What is the reason for this? In the past, there was a belief that women are simply not
determined in asking for promotion, but this seems not be the case any longer. For instance, the
research carried out by the McKinsey consulting firm in 2016 shows that women equally request
promotion as their male colleagues. The research also shows that women get promoted at an
equal pace as men from the medium and senior management. However, the advancement at
lower positions is much more commonplace among men. One of the reasons may be the fact
that employers are less motivated to appoint to managerial positions women who are in such a
life phase when it is likely that they will go on maternity leave and have small children.
One of the reasons explaining this pattern also lies in the imbalance in terms of understanding
family responsibilities. Although men today assume more obligations in relation to the upbringing
of children than was the case with their fathers, research confirms that they usually
overestimate their share in caring about children. It also seems that they underestimate the
consequences of the care about children for the careers of their female partners. Still today,
fathers who participate in raising their children by changing nappies and driving children to
school - are rare.
What can the legislator do? Offer a chance, but the chance should be used. A person should
believe that the chance is not only a dead letter, a quota. Evidence is needed that the chance is
real. But these are only successful examples. Examples at all levels. Because society is led by
the best, but society also needs the average ones whom we must promote.
Let us not forget that official state policies also play a role in the division of responsibilities of
both parents. It is not only that state policies aim to equalise the cost of labour for men and
women. They can affect, often indirectly, the companies' decisions on who to promote more or
more frequently.
In Serbia, the state guarantees a year of paid maternity leave for the first and second child. The
leave can be used either by the mother or the father. For the third and fourth child, this period is
two years.
Unfortunately, sometimes policies that seem neutral at first sight in fact widen the gap between
men and women. For instance, some universities introduce the possibility for men to go on
maternity leave. Some men use such leave to write books and carry out research, and not to
look after the baby. In this way, they ensure advantage over other colleagues. I do not wish to
generalise, I'm just giving examples.
What is the situation in Serbia?
From a legal perspective, citizens of Serbia enjoy gender equality guaranteed by the
Constitution. Through generations, a lot has been done to raise social awareness about the fact
that there are no special women's rights, but the obligation of society and each individual to
consistently respect the BASIC human rights.
In Serbia, women make up 56% of students who enrol in universities, and as much as 58% of
those who graduate. Women take a lead in PhD studies as well, whereby they have an
educational advantage over men in Serbia.
Women in government institutions
In the Government of the Republic of Serbia, the situation today is much more favourable.
Women take five places - including the president of the Government and four ministerial
positions. The number of women in government institutions is increasing as well. One third of
the total number of MPs in the Serbian Assembly are women, which is almost five times more
than ten years ago.
In Serbia's financial sector
As the central bank governor, I can say that I am proud that women in Serbia are dominant in the
financial sector. Women in Serbian banking make up the majority of employees, though they are
somewhat less present on managerial jobs. Women are executive board presidents in ten of 29
banks, and presidents of the boards of directors of five banks. In terms of activity, women in
Serbia are the best paid in financial activities.
At the National Bank of Serbia
When it comes to the National Bank of Serbia, which I head for the sixth year, I can freely say
that gender equality is respected and implemented. The Bank has been operational for almost
134 years already, with women governing the Bank for somewhat more than six years. The
Bank has had 31 governors, of whom two women. (The first was elected in 2003 and endured
only several months, whereas I am into the sixth year of my term.) However, chronologically,
women's involvement in managing central banks is dominant in the 21st century. It has often
been the case that women make up the majority of members of the Executive Board of the
National Bank of Serbia. They thus had the key influence on making strategic decisions.
Today, women at the National Bank of Serbia take the position of the governor and a
vicegovernor. Ten of 21 general managers at the Bank are women. Furthermore, of total 189
managers, 115 (58%) are women, while 83 are men (42%).
Let me conclude. Women's participation in senior management positions still lags behind the
participation of men. The ratio is usually one to five. Women are not less ambitious than men,
but the time when women merit the first managerial position overlaps with the time when they
start a family. The legislator can offer a chance, but the chance should be used. One should
believe that the chance is not only a dead letter, a quota. Evidence is needed that the chance is
real. Because society is led by the best, but society also needs the average ones whom we
must promote. I can personally confirm that at the National Bank of Serbia which I head for the
sixth year there are no quotas for the promotion of women to managing positions. The persons
currently heading the Bank's organisational parts are experts with considerable experience. I
know that such a balanced and modern approach has given a significant contribution to the
great success that the National Bank of Serbia has achieved in fulfilling its mandate.
Thank you for you invitation. I wish that next year both statistics and the reality improve in favour
of women.