In March 2018, the Bank signed up to HM Treasury’s Women in Finance Charter which commits firms to supporting the progression of women into senior roles in the financial services sector by focusing on the executive pipeline and the mid-tier level.
The Charter was established in 2016, following a government review in 2015 which found that women made up only 14% of executive committees in the financial services sector. The Charter asks financial services firms to commit to four industry actions to foster gender balance in senior managerial roles. These are:
- Having one member of our senior executive team who is responsible and accountable for gender diversity and inclusion.
- Setting internal targets for gender diversity in our senior management.
- Publishing progress annually against these targets in reports on our website.
- Having an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity.
Our commitment to the Charter
Over 400 firms, covering more than one million employees, have voluntarily signed the Charter, and are covered by its aspiration to tackle gender inequality in financial services. By signing up to this Charter we are pledging to be one of the leading businesses in the financial services sector.
Our commitment in September 2018 was:
That, by 2021, 50% of our senior management – our Executive Committee – would be female (within a 10% tolerance).
That we would set internal targets for gender diversity in our wider senior management population. Our aspiration was to achieve 40% women at Director level and above.
That we would appoint one member of our senior executive team to be responsible and accountable for gender diversity, and inclusion. Because we consider this a priority for the business, we made this the responsibility of our Chief Executive Officer.
That we intended to link the pay of the senior executive team to delivery against our internal targets on gender diversity. We have a diversity objective included in the performance appraisal process for our senior executive team.
As part of our commitment to the Charter, we reported our progress against our targets as at July 2022 as follows:
58% of our Executive Committee members were female.
We achieved our target of 40% women within our wider senior management.
We are delighted to have achieved our initial targets under the Charter. Key approaches so far have included:
- Supporting female career development through mentoring, coaching and leadership development programmes for senior leaders.
- Externally promoting our policies and practices on flexible working to attract female talent.
- Targeting diverse talent pools and progressing our gender-neutral recruitment practices.
- Fostering an inclusive environment by continuing to focus on our wellbeing programmes for all.
To support our continued commitment to the Charter, we have set the following targets:
By end-September 2025, we will maintain at least 50% female representation within our Executive Committee, including attendees (within a 10% tolerance).
By end-September 2025, we aim to achieve 40% female representation amongst our Executive Committee leadership and feeder pipelines - Managing Directors and Directors.
Our Diversity, Equity and Inclusion (DEI) strategy reflects our ambition to be an inclusive employer of choice. To make further progress in the gender balance across our senior management teams, we will continue to challenge ourselves by introducing progressive talent and culture practices.
Other Diversity, Equity and Inclusion (DEI) initiatives
We are proud to partner with the following organisations