The British Business Bank signed the Women in Finance Charter in March 2018. The Women in Finance Charter is sponsored by HM Treasury and is a pledge for gender balance across financial services.
The Charter asks financial services firms to commit to four industry actions to prepare their female talent for leadership positions. 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.
|Commitment in September 2018||Progress at March 2021|
|That, by 2021, 50% of our senior management – our Executive Committee – would be female (within a 10% tolerance).||In March (2021), 55% of our Executive Committee members are female. This has increased over the year as we’ve welcomed new people to the team.|
|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 have made this the responsibility of our Chief Executive Officer, Catherine Lewis La Torre.|
|That we would set internal targets for gender diversity in our senior management.||We have set the following targets:
By 2021, 40% of our wider Senior Management Team (Bands 2-4, not just our Executive Committee) will be female. We aim to achieve this through recruitment, development and internal promotion.
All recruitment processes at Director and Managing Director level to include a gender diverse shortlist and interviewer panel.
|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.|
We feel we continue to make great progress against our commitments and are confident that we are on track to meet our targets. Although outside of our commitments under the Charter, we also confirm that 25% of our Board were female at the end of July 2020.
We are continuing with our plans to improve all types of diversity in our organisation and maintaining a diverse work environment.
To support our commitment to the charter, these are our key achievements so far:
- Supported female career development through the launch of our mentoring programme for senior leaders
- Reviewed our approach to inclusive recruitment by ensuring shortlists and interviews for senior colleagues are diverse
- Delivering mandatory hiring manager training on recruitment and flexible working
- Ensuring that working practises are not a barrier to progression by continuing to review our approach to flexible working
- We are currently updating our career site to be more reflective of BBB’s policies on flexible working