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Virgin Money, Barclays, Lloyds, HSBC and RBS commit to charter linking executive pay to gender diversity

Supported by HM Treasure, The Women in Finance Charter, aims to improve gender balance in the financial services industry

Barclays, Capital Credit Union, Columbia Threadneedle, HSBC, Lloyds Banking Group, Royal Bank of Scotland (RBS) and Virgin Money have committed to a new charter that links executive pay to gender diversity.

Chief Executive at Virgin Money, Jayne-Anne Gadhia conducted the Empowering Productivity review and the charter sets out how to implement the recommendations from this review.

In order to ensure that the correct approach is taken for their business, organisations that sign up to the charter can set their own internal gender diversity targets and strategy to meet these.

Participating organisations must commit to setting targets for gender diversity among their senior management and to linking the pay of senior executives to the delivery of these targets.  One member of their executive team is also to be selected, to take accountability and responsibility for gender diversity and inclusion.

Gadhia said: “Our research showed that in 2015, women made up only 14% of executive committees in the financial services sector. Too few women get to the top and this is not just about childcare. Women are leaving because the culture isn’t right.

“It’s very encouraging that a number of major financial services firms have already agreed to implement our recommendations. As a result, the issue will now be addressed in a way the City recognises. Make it public, measure it and report on it. What gets published gets done.

“The social and economic benefits are clear and I look forward to more financial services firms signing up to the charter in due course.”

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