Leading financial services firms are signing up to a new government Charter designed to improve gender diversity in senior positions in the sector.
The Charter was launched in February 2016, following Jayne-Anne Gadhia's review of women in finance, Empowering Productivity: Harnessing the talents of women in financial services.
Ms. Gadhia, the Chief Executive of Virgin Money, was asked by the Treasury to undertake the review. Recommendations include: financial service firms connect parts of the remuneration packages of their executive teams to gender balance targets; firms set internal targets for gender diversity in their senior management, publish progress reports annually against these targets; and appoint an executive solely responsible for gender, diversity, and inclusion.
The CII & Women in Finance Charter
The CII was one of the first signatories of the Women in Finance Charter, requiring us to commit to a number of actions to promote gender diversity and inclusion.
The CII pledges to promote gender diversity and inclusion by:
- Having a senior executive team (CEO direct reports) who are responsible and accountable for gender diversity and inclusion;
- Setting three year internal targets for gender diversity in our senior management;
Our targets are:
30% female representation on the CII Senior Executive Team;
30% female representation on the CII Board.
- Publishing progress annually against these targets in reports; and
- Having a senior executive bonus scheme linked to delivery against these internal targets on gender diversity.
Subject to the CII's remuneration committee approval, it is our intention to link an element of the executive bonus scheme to diversity & inclusion targets which will include the 30% target as stated above.
Tali Shlomo - People Engagement Director is responsible for our gender diversity and inclusion.