The charter, which was developed in response to Jayne-Anne Gadhia’s Review in March, commits financial service organisations to link the remuneration packages of their executive teams to gender diversity targets.
It also commits organisations to set internal targets for gender diversity in senior management, publish progress reports against these targets, and to also appoint a senior executive to be responsible for gender diversity and inclusion.
Measures EY have taken since joining the charter include inclusive leadership training across the UK, formal sponsorship programmes such as CareerWatch and enabling flexible working at all levels of the business. Meanwhile, LV= has engaged staff through forums such the LV= PACE Network, which connects 800 women within the organisation.
Harriet Baldwin, the economic secretary to the Treasury, said: “It is fantastic that 72 firms have signed up to the Women in Finance Charter. By signing the charter, [organisations] are committing to driving change at the senior levels of the male-dominated financial services industry. Such widespread commitment to the charter will make a genuine difference to gender diversity in financial services.”
Tara Kengla, EY partner at EMEIA Financial Services, added: “We welcome the opportunity to share our own best practice and to learn from others to accelerate gender equality. Organisations that live and breathe diversity and inclusion know the positive impact it has on business performance; it delivers competitive advantage. Creating an inclusive environment where everyone can achieve their potential remains firmly front and centre of our business strategy.”
Julia Tyson, group director of HR at LV=, said: “We believe fostering a diverse and inclusive culture enables us to better respond to the ever-changing needs of our members and customers. Building a more balanced and fair workforce, with equal representation at all levels, is key to this. It’s great to receive recognition for our commitment to diversity but we know there’s still more to do which is why we’re signing up to the Women in Finance Charter.”