We believe that the diversity of our people, including but not limited to gender, strengthens our leadership team and, therefore, the effectiveness of its independence, judgement and decision making. In support of this, we have developed a Diversity and Inclusion strategy, with an ambition ‘to have an inclusive culture, which enables colleagues with a diverse range of skills, experiences, backgrounds and opinions to flourish, without barriers’.
Women in Finance
We're committed to increasing the representation of women. To do this, we've set ourselves two targets:
Board: 33% female representation by 2021.
Senior Management Team (top 3 levels of management excluding Board) - 33% female representation by 2021.
We are delivering our strategy through a plan of supporting activities, including joining the Women Ahead mentoring programme, actively supported by our senior leaders. All our Executive Directors have personal diversity objectives as part of their annual bonus scheme.
We have increased female representation in our senior management team cohort in 2017, reaching our target. We realise there is still much to do to sustain and improve our position and we are working towards improving our female talent pipeline.
We are proud to have increased our colleague engagement in 2017 to 80% (78% in 2016). All our colleague’s performance and contribution is assessed against our Values of Integrity, Responsible, Progressive, Straightforward, Collaborative and Passionate.
Our Board Diversity Policy
Leeds Building Society firmly believes in the importance of a diverse Board membership, in its broadest sense and promotes an inclusive culture across the organisation, in line with our Values. We believe the diversity of skills, experience, backgrounds, opinions and other distinctions including gender and race strengthens the capability of the Board and, therefore, the effectiveness of its independence, judgement and decision making.
All Board appointments will be based on merit against objective criteria, the skills and experience of the Board as a whole and with regard to the benefits of diversity.
The Nominations Committee reviews and assesses Board composition on behalf of the Board on an annual basis and recommends the appointment of Directors. The Committee also oversees the conduct of the annual review of Board effectiveness.
The Nominations Committee will agree, annually, the measureable objectives for Board diversity and recommend them to the Board for adoption. Currently, the objectives are to:
- proactively aim for, and sustain, female representation of 33%, both on the Board and in the top three layers of our Senior Management Team (excluding the Board) by 2021
- only engage executive search firms which have signed up to the voluntary Code of Conduct for gender diversity and best practice. External advertising to be considered as part of the attraction methods utilised
- provide enhanced disclosure on the Board appointment process and the consideration of diversity as part of the board evaluation process.
The Nominations Committee will report annually in the corporate governance section of the Leeds Building Society Accounts on the agreed objectives and the progress against these objectives and other initiatives taking place which promote gender and other forms of diversity.