Our diversity targets
We are building an inclusive culture where everyone is valued for who they are and what they bring.
Our Diversity and Inclusion framework guides the action we are taking over 2020-21. The framework reflects our most important priority areas and replaces previous action plans.
Within the four priority areas in our framework we continue to address any imbalance in our workforce, where our data tells us this exists. Our current focus is on achieving better gender and ethnic minority balance through our company and on opening up routes for those from a variety of backgrounds to join our industry.
We believe what gets measured gets done, and that setting a small number of targets demonstrates our commitment to building a more diverse workforce.
We have had gender targets in place since 2016, and were delighted to achieve these in 2020 (for Board and senior leadership levels - both targets were 33%).
From 1 January 2021 we will set the following targets which build on our progress to date in gender diversity and reflect our ongoing commitment to address racial inequality. These will run to end 2025 with regular review by our Board and Executive Leadership Team, reflecting the continually changing context.
|Current position at 30.9.20||Target by 31.12.25|
|Gender Diversity||PLC Board||45%||40% male : 40% female : 20% any gender|
|Senior leadership (CEO-1 and CEO-2)||38%||40% male : 40% female : 20% any gender|
|Global workforce||45%||50% (+/-3% tolerance)|
|Ethnic diversity||PLC Board (UK ethnicity categories)||9%||18% (or +1 director)|
We have structured our new targets in this way for a number of reasons:
- To line up with our external engagement approach and voting standards . It’s important to us to do what we say we’ll do, and ask of others. Our external engagement approach and voting standardscontinue to be developed with line of sight to our own progress.
- To ensure we maintain our policy of always appointing best person for role.
- To recognise that gender is not limited to male and female identities.
- The Sir John Parker Review (2017) recommended all FTSE 100 companies to have at least one director of colour by 2021. Since 2019 we have met this recommendation and have set our target for an additional director by 2025.
Through our targets we commit to improving and sustaining gender balance and ensuring that diversity in the broadest sense informs decision making. We are setting our first target for ethnicity at Board level, building on the recommendation of the Sir John Parker Review. We will continue to collect colleague data (voluntarily) to provide a firm baseline for ongoing action on ethnicity, as well as on all aspects of diversity. Our targets are shared goals across our global locations and are applied in context through local action plans owned by each executive leader.
Progress against these targets, and in a number of supplementary objectives, is reviewed by our Board and Executive Leadership Team on a quarterly basis. These include gender representation in investments, gender and ethnic representation at early careers level and in our hiring pipeline, and diversity in the succession pool for our most senior roles.