While institutional investors made modest improvements in gender balance in 2026, progress continued to lag at the chief executive level, according to a report by the Official Monetary and Financial Institutions Forum.
It ranked investment organizations with an average gender balance index score of 51, up from 50 in 2025, noting North America was the strongest-performing region and Asia-Pacific recorded the sharpest improvement in gender balance.
However, female representation at the top declined, with women leading just 11 of 50 pension funds analyzed in 2026, down from 12 in 2025 and 14 in 2024. Women accounted for 38 per cent of executive committee roles (up slightly from 37 per cent) and 31 per cent of C-suite roles (up from 30 per cent) while board representation edged down to 33 per cent.
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The data also pointed to a persistent imbalance across role types, with women holding 50 per cent of administrative roles but just 34 per cent of business roles, which remain more closely tied to investment decision-making and leadership pipelines .
Within the C-suite, representation was strongest in finance and operations, with women holding 53 per cent of chief financial officer roles and 44 per cent of chief operating officer positions, compared to 29 per cent of chief investment officer roles.
The highest-ranked pension funds were concentrated in North America and Europe, led by the New York State Common Retirement Fund with a score of 98, followed by the Caisse des Dépôts et Consignations (97) and Kommunal Landspensjonskasse (96).
While overall scores improved, the report noted the decline in female chief executives alongside gains at lower leadership levels suggests the pipeline to the top remains uneven and progress at the highest level remains limited.