Read our latest gender pay gap report

Diversity, Equity and Inclusion at British Business Bank

We value the diversity of businesses that we support and are committed to doing everything in our power to help them flourish and grow. Aligned with our ESG strategy, we support major DEI initiatives in the Venture Capital industry and set market standards for our delivery partners. And, to reflect our external ambition internally, we have a progressive DEI strategy focused on creating a workplace where everybody feels included and supported, where diversity is celebrated, and all colleagues can be their true selves at work.

Race at Work Charter logoTo reflect our external ambition internally, BBB signed the Race at Work Charter in March 2021. Building on the work of the 2017 McGregor-Smith Review, the Race at Work Charter is a public commitment to improving the experiences of Black, Asian and ethnic-minority employees in the workplace. It sets out five actions for signatories to take:

  1. Appointing an executive sponsor for race
  2. Capturing data and publicising progress
  3. Ensuring zero tolerance of harassment and bullying
  4. Making equality in the workplace the responsibility of all leaders and managers
  5. Taking action that supports ethnic-minority career progression

Logo: Investing in women code

The British Business Bank was a founding signatory of the Investing in Women Code and our commercial subsidiary British Patient Capital was one of the first institutional investors to sign up to the Code.

The Investing in Women Code is a commitment to enhance female entrepreneurship in the UK by improving their access to tools, resources, and finance.

Learn more about how as an organisation, British Business Bank is committed to upholding this code below:

Learn more about IIWC

Logo: Women in Finance Charter

In September 2018, the British Business Bank signed the Women in Finance Charter, and committed to publishing a yearly update on the progress we’ve made in fulfilling our commitments under the charter.

 

Commitment in September 2022Progress at July 2023
1- That by 30 September 2025, 50% of our senior management – our Executive Committee including attendees – would be female (within a 10% tolerance).When we signed up to the Charter in 2018, we had 33% female representation on our Executive Committee, 35% female representation in our Senior Leadership Team, and 43% women across the Bank’s total workforce of 263 colleagues.
As of 31 July 2021, we achieved 60% female representation on our Executive Committee, exceeding our target of 50%.
In 2022 we updated our target definition to clarify the Bank’s executive decision makers. As of 31 July 2023, we have 46% women Executive Committee members, including attendees.
2- That we would set internal targets for gender diversity in our senior management.Our commitment in July 2018 was to achieve 40% women across our wider senior management team (Bands 2-4) by 30 September 2021. In July 2022, we achieved this target. We also updated our internal target to better reflect our EXCO pipeline.
We aim to achieve 40% female representation at Bands 3-4 by 30 September 2025. This new target represented a stretch, as substantive EXCO members at Band 2 will no longer be included.
As of 31 July 2023, women comprised 41% of our wider senior management EXCO pipeline (Bands 3-4), which is an increase of 3 percentage points since the target was set in September 2022.
3- That we would appoint one member of our senior executive team to be responsible and accountable for gender, diversity, and inclusion.Louis Taylor was appointed as CEO in October 2022 and has assumed responsibility as Accountable Executive for the Bank’s Women in Finance charter commitments.
4- That we intended to link the pay of the senior executive team to delivery against our internal targets on gender diversity.All members of the Bank’s Executive Committee share a common objective relating to Leading Inclusively, which encompasses attracting, retaining, and developing diverse talent, and fostering an inclusive, equitable and transparent culture. Performance against this objective is a factor in determining individual incentive awards, which can be up to 33% of total remuneration.

We recognise that the gender balance on our Executive Committee is a backward step this year and we are putting in place deliberate actions to address this and make further progress.

Since we signed up to the Charter in 2018, the Bank has grown significantly to almost 600 colleagues.

During 2023, there have been significant changes to the Executive Committee and at the time of our Charter submission, we were awaiting the arrival of three new female colleagues onto our C-suite, all of whom will have joined by the end of 2023.

Also, during 2023, we have put in place an ambitious DEI strategy encompassing talent attraction and development, DEI metrics, people policies, communications and training, and stakeholder engagement.

We have increased the use of diverse job boards and have introduced an Inclusion Index into our engagement survey, launched a mentoring and development programme through Women in Banking and Finance, and facilitated sessions on Inclusive Leadership and Allyship for our senior leaders.

In the coming months, we are focusing on bringing to life our inclusive employer brand internally for colleagues and externally for potential candidates.

And we will continue to review our progress and expand our range of initiatives to address gaps and respond to colleague feedback.

A specific area of focus is talent acquisition at middle and junior levels, and we will take deliberate steps to attract female candidates and build a diverse pipeline.

We believe that our recent actions and evolving commitments in the months ahead will enable us to meet our Charter target of 50% women Executive Committee members, including attendees (within a 10% tolerance) by our deadline of 30 September 2025.

We strive to be an equal opportunities employer and are committed to bringing on board, developing, and retaining individuals who can help us meet our strategic goals.

In order to ensure a diverse workplace where talent is celebrated and colleagues have the resources to pursue their own development, we have rolled out a range of policies and programmes.

We are always looking for ways to strengthen these policies and programmes further wherever we can.

Learn more about DEI

Core to the Bank’s mission is making finance markets work better for all smaller businesses in the UK.

Here are just some of the pieces of research we have done into diversity and representation within finance:

Alone, together: entrepreneurship and diversity in the UK

VC and Female Founders

Our Gender Pay Gap data shows the difference in average pay between female employees and male employees and takes into account all roles at all levels across British Business Bank.

Download the Gender Pay Gap Report