Women in Finance Charter
Update (as at October 2019)When we signed up to the Charter in 2017 we had 39% female representation. As of September 2019 we have 33% female representation in senior management. We believe we are on track to meet our Charter target by our deadline. Following an organisational restructure in 2019, we now include our international operations in the reporting for the Charter; previously the figures were solely focused on our UK business. Whilst we see this as a positive move, it has resulted in an increase to the total staff in workforce figure which has had the effect of reducing the percentage of female staff in senior management. Looking at the numbers behind the percentage, there is actually an increase in the number of female senior managers. We remain committed to achieving and exceeding our charter target by 2022 and continue to focus our efforts on working to attract, retain and promote female employees across the business. Initiatives that we are concentrating on include promoting and encouraging flexible work in, including advertising all job roles as flexible. We are also expanding our talent development programmes, and reviewing our succession planning to ensure we support and promote our female talent. We are confident that these and our other activities aimed at ensuring diversity and inclusion which are critical to our business will lead to the achievement of our 40% target for female representation.
Original statement (as at April 2018)
Last year the government asked Jayne Anne-Gadhia, CEO of Virgin Money, to lead a review into the representation of women in senior managerial roles in financial services. This work complements the government's wider programme of work to tackle gender inequality and support women in the work place.
Collinson has signed up as a signatory to the HMT Women in Finance Charter for all roles within Insurance & Assistance and as a result will deliver against the following recommendations:
- Assign a senior member of the executive team who is responsible and accountable for gender diversity and inclusion
- Set internal targets for gender diversity in senior management
- Publish our progress towards these targets annually
- Have an intention to ensure the pay of the senior executive team is linked to the delivery of these targets
Our internal targets for gender diversity in senior management are as follows:
- We will not appoint to senior management without first actively engaging with all of the female potential successors in the department to help them assess their readiness for a new challenge and to encourage potential candidates to apply for the role.
- We will interview at least one female candidate in at least 90% of selection for roles in senior management.
- Over the next 12 months we will aim to at least maintain the representation of females in our senior management population at 40%
- Talent management processes will be in place and actively supported in the next 12 months.
- Talent management processes will include targets for the inclusion of female employees.
- We will work with females who are selected for talent management processes to identify if additional mentoring or coaching would be of value in helping them achieve the next layer in the organisation.
- For Executive posts, we will identify the most likely female successor (irrespective of "time before ready for post") and ensure that development plans are in place.
- Ensure that all succession plans contain at least as high a proportion of females as for our total population at that level.
We have the intention to ensure the pay of the senior executive team is linked to the delivery of these targets:
The internal targets for gender diversity in senior management will form part of the objective set for every member of the Insurance & Assistance executive team within Collinson. Progress towards them will be formally reviewed at the end of April 2018 and performance vs all objectives which include the gender diversity targets will be part of the overall remuneration outcome for the 2017/18 Financial Year.
Your senior executive team member who is responsible and accountable for gender diversity and inclusion is:
Head of Compliance and Governance, Insurance & assistance