On International Women's Day, index provider Solactive has announced digital savings and investment platform Avanza has launched a tracker for its newly released Gender Equality index on the Stockholm Stock Exchange.

The passive investment vehicle, AVA Gender Equality Tracker, tracks the Solactive Equileap Europe Gender Equality Index. The index is comprised of the top 75 European companies in terms of gender equality, according to Equileap's gender scoring methodology.

AVA Gender Equality Tracker enables investors to invest specifically in the ESG (Environmental, Social and Governance) criteria. Equileap's methodology takes in to consideration the company's gender balance at non-executive, executive and senior management roles. The organisation also looks at promotions, career development, policies, pay and opportunities for both men and women.

In addition to the gender equality criteria companies must comply with to be included in the index, the methodology also includes an ESG screener which removes any company involved in weapons, gambling or tobacco. This includes companies listed on the Norwegian Ethics Council List.

Timo Pfeiffer, Head of Research at Solactive, said in a statement: "We are very proud to join Equileap in this journey and be able to advocate gender equality. This topic is not only a growing market opportunity but certainly also a matter that concerns everyone's social responsibility."