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Stay tuned for the new 30% Club podcast, exclusively hosted by Ann Cairns, Chair of 30% Club and Executive Vice Chair of Mastercard. She’ll be meeting some of the leading women.

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30% Club pays tribute to former chair Brenda Trenowden

London, UK, 30 August 2022: It is with great sadness the 30% Club has learned of the death of Brenda Trenowden, CBE, a former chair of our global campaign.

 

She was actively involved with the 30% Club since its launch in 2010 and became chair of the UK chapter in 2015. She was an executive at ANZ at the time.

 

In 2019, while working for PWC UK as a partner, she became global co-chair, alongside Mastercard executive vice chair Ann Cairns. She stepped down from the campaign in 2020 but supported Ann during the transition to the role of sole global chair.  

 

During her involvement with the 30% Club, Brenda launched many successful activities to help promote gender balance in the workplace.

 

She set a deadline for our campaign’s initial aim of 30% women on the boards of the FTSE 100 by 2020. Building on the Club’s initial focus on chairs as members and improving the share of women on boards, she brought scores of new CEO members into the Club to set voluntary targets for the share of women in senior leadership. She also engaged with many more existing members to help achieve the board target and was delighted when it was achieved early in September 2019.

 

Since then, there has been acceleration in female representation at board level and there are now almost 40% women on board in the FTSE 100, according to data from BoardEx. The 30% Club hopes this will reach parity in the next few years.  

 

Another major contribution from Brenda was as a driving force behind the 30% Club’s Strategy Best Practices Working Group. She co-chaired the group from its inception in March 2019 to review how businesses should incorporate a diversity lens into enterprise-wide strategy development for customers, suppliers and other stakeholders.

 

In November 2019, Brenda opened the market at the London Stock Exchange to launch the working group’s report, Are You Missing Millions? The Commercial Imperative for Putting a Gender Lens on your Business, featuring case studies from the group’s participating firms. Since then, Brenda continued to work across multinationals gathering further case studies and best practices to evolve the thinking in this space.

 

Brenda’s work and dedication to promoting gender diversity in business is a rich legacy and was recognised in the Queen’s Birthday Honours List in 2018.

 

Of her appointment to Commander of the British Empire, Brenda said: “I have the privilege of working with talented and committed women and men as part of 30% Club to affect real change. Improving gender balance in the workplace is so important to driving business success and economic prosperity.”

 

Ann Cairns, global chair of the 30% Club, said: “Brenda’s passion for life and commitment to gender diversity will be sorely missed across the 30% Club and the business community globally. She worked tirelessly to open doors for women, and men, throughout her career and was adamant talent should never be held back because of a person’s gender, race or anything else. The 30% Club is thinking of Brenda’s family and friends at this saddest of times.” 

79% of dissatisfied employees say they’ve experienced an inclusion barrier

London, UK, 19 July 2022: The FTSE 100 is ahead of the S&P 500 and TSX 60 in diversity and inclusion, according to exclusive research for the 30% Club Global Investor Group by Diversio. But a significant number of employees do not feel included at work.

 

Diversio scraped negative employee reviews of companies and analysed these reviews for content.
Diversio found that 79% of negative reviews (ie dissatisfied employees) cited inclusion related
issues as the reason for their dissatisfaction.

 

The FTSE 100’s overall score for diversity, inclusion, and commitment, Diversio’s key metrics for assessing Diversity & Inclusion (D&I), is 65.7 out of a possible 100. Such a score indicates that programming, inclusion, and diversity are closely linked and mutually reinforcing, with higher scores indicating successful D&I policies, practices, and implementation.


The overall scores, based on analysis of publicly available corporate policies and employee reviews, were 58.8 for the American S&P 500 and 55.1 for the Canadian TSX 60. A quarter of each company’s score looked at gender, racial and ethnic diversity at the board and executive level. Another quarter looked at D&I programmes and policies. While half of the score was calculated using anonymous feedback from employees about their experience. These “inclusion metrics” represent the biggest opportunity for improvement. 


Inclusion findings

Inclusion barriers fell into six broad categories: inclusive culture, fair management, career development, workplace flexibility, workplace safety, and recruiting and hiring.

 

  •  
Inclsuive CultureFair ManagementCareer DevelopmentWorkplace FlexibilityWorkplace SafetyRecruiting and Hiring
FTSE Average6.086.256.816.866.646.83
Global Average5.815.946.086.296.326.36

Top scoring companies across all KPIs include:

Pershing Square Holdings, Mondi, and Segro.

Among the 27-inclusion metrics Diversio analysed, inclusive culture and fair management were the most prominent among FTSE 100 companies. Commonly cited pain points cited included issues such as:

●     “Very old school management style, which is male, middle-age dominated”
●     “Domineering/bullying management styles tolerated. Highly political and full of silos”
●     “Profit driven with constant cost cutting at the expense of everything”
●     “Limited promotional opportunities from within. Average pay Culture in upper management.”
●     “Stressful work environment and hard to strike a work life balance.”

Diversity findings

On the plus side, the research found there has been progress on gender diversity at the board level across the indices, with female representation now at 40% for the FTSE 100. Gender diversity at the executive level sits much lower, at 26%.

Racial and ethnic diversity for the FTSE 100 companies have an average of 14% representation at the board level and 13% representation at the executive level.

For the full methodology, see Appendix.

Laura McGee, co-founder and CEO of Diversio, said: “The quickest way for low-scoring sectors and companies to improve is by surveying employees and implementing fundamental programmes and policies, including a DEI strategy with executive level accountability and transparent reporting. Survey data can help leaders understand company culture and any barriers that might be faced by under-represented groups.”

Ann Cairns, global chair of the 30% Club, said: “What the analysis means for companies is that it’s critical to track not just diversity but also inclusion. All companies should have fundamental DEI programmes and policies in place and need to listen to employees to identify pain points and create a smooth funnel to leadership.”

Table: How the three indices stack up against each other, data provided by Diversio.


FTSE 100S&P 500TSX 60
Overall diversity, Inclusion, and commitment score (out of a possible 100)65.758.655.9
% Women at board level40.1%Not enough dataNot enough data
% Women at executive level25.6%23.3%18.9%
% Racial/ethnic diversity at board level13.9%Not enough dataNot enough data
% Racial/ethnic diversity at exec level13%13.8%10.6%
% Racial/ethnic diversity of total population (census data)About 15% (2019 census data)About 38% (2020 census data)About 22% (2016 census data)
Best 3 performing sectorsReal estate, energy, information technologyIT, financials, real estateReal estate, utilities, financials
Worst 3 performing sectorsFinancials, utilities, consumer discretionaryMaterials, consumer discretionary, energyIndustrials, IT, consumer staples

ENDS


Appendix

Diversio Insights methodology

The Diversio Scores
The Diversio Insights platform scores companies in four main ways: diversity, inclusion, commitment, and an overall average. The diversity score is made up of the gender and racial diversity of the board and executive teams of a company. Optimal diversity scores are given to companies with executive and board diversity that correspond with percent representation observed in the population. Diversity data is collected through Mechanical Turk, by scraping company websites or SEC filings. The data is then labelled through a combination of human expertise and algorithms, assigning gender and race/ethnicity to each executive and board member. 1 We then provide the companies with the opportunity to confirm or correct their public data through direct outreach.  The commitment scores are determined using a score of 0 – 3 based on the published documentation surrounding a firm’s policy and governance, recruiting practices, employee engagement, and transparency and data disaggregation. The inclusion score is determined by scraping employee reviews of their companies and having our algorithms identify patterns in employee reviews regarding the barriers employees face every day. These patterns are classified into pain-points from a predetermined set of 27 pain points. Companies with the least pain points score the most highly, while companies with the most pain points score the lowest.

 

Limitations and Data Accuracy
All of our data is based on publicly available information at the time of its collection. Diversio recognises that there are limitations to this methodology. We do not have real time data and could show some information that is 6 months to 1.5 years out of date. We are not able to update our database every time a company institutes a new policy. We cannot be responsible for how often a company updates their public facing image. If the makeup of a board changes without a public facing announcement, our database cannot reflect the new addition.

 

Contact: 30% Club campaign manager Laura Whitcombe, laura@30percentclub.org, or media@30percentclub.org
Website: www.30percentclub.org Twitter: @30percentclub 

 

Notes to Editors

Diversio found that about 97% of companies on the FTSE, TSX, and S&P have implemented D&I programmes and policies. However, the data makes clear that these commitments alone will not create a diverse and inclusive workplace. Companies are encouraged to survey employees to understand inclusion barriers, and double down on advancement opportunities for underrepresented employees.

The analysis reveals the best performing sectors for D&I in the FTSE 100 are real estate, energy, information technology. The worst were industrials, utilities, consumer discretionary.

 

About Us : The 30% Club is a global campaign led by Chairs and CEOs taking action to increase gender diversity at board and senior management levels of the world’s biggest companies. We set targets of a minimum of 30% female representation at the board and executive committee levels. This is the critical mass at which research shows minority voices are heard. However, the ultimate goal is parity.

Under the leadership of Global Chair, Ann Cairns, the campaign continues to expand its international footprint with presence in 20 countries around the world. We support diversity in its very broadest sense and while gender has been our starting point, we fully realise that considerations of ethnicity, disability, sexual orientation, socioeconomic background and beyond are all part of the journey – and that gender identities are themselves evolving rapidly. We believe that only those organisations that foster truly inclusive cultures – cultures that embrace women who look, act and, importantly, THINK differently – can reach their full potential to positively impact their people, their markets and their communities.

 

30% Club UK Chapter’s 2023 Targets

 

  1. 1. Beyond 30% representation of women on all FTSE 350 boards, to include one person of colour. We support the Parker Review goals for at least one person of colour on every FTSE 350 board – in addition, we advocate for gender balance with half these seats going to women, creating 175 board seats for women of colour.

     

  2. 2. Beyond 30% representation of women on all FTSE 350 Executive Committees, to include one person of colour. We advocate for gender balance with half these seats going to women, creating 175 executive committee roles for women of colour.

     

  3. 3. Beyond 30% of all new FTSE 350 Chair appointments to go to women between now and 2023.

 

About Diversio: Global leader in the use of AI technology and sophisticated data analytics to
measure, track and improve D&I, working across 35+ countries and 25+ sectors.

Black women least likely to be top earners

Black women are under-represented and underpaid in executive roles and the least likely to be in the UK’s top 1% of earners. Black women continue to be underrepresented in leadership roles across the UK workforce.

The Inclusion Initiative at LSE, Mastercard and the 30% Club collaborated to undertake interviews with 44 Black women at various stages in their careers. The study was designed to  understand the headwinds and tailwinds that these women experienced throughout their career, with the view that firms interested in nurturing talented women could focus on augmenting the tailwinds that these women experience, as well as reducing their headwinds.

The analysis led to the creation of the TRANSPARENT framework, a new framework to create organisations that are inclusive of Black women in Finance, Professional Services and Big Technology. 

  • Key highlights from the report include:

     

  • 92% of the women we interviewed called for systemic change within their workplaces.
  •  
  • Black women also experience the largest pay gaps when compared to non-Black women and men, as well as Black men (Almeida et al. 2021).

  • The largest gaps are in finance, professional services, and big technology. 70% of Black women in these sectors believe they are being paid less than their comparable peers, with more than 10% of women reporting pay gaps as high as 30%.

     

    From the analysis, the researchers created the TRANSPARENT framework to create organisations that are inclusive of Black women in Finance, Professional Services and Big Technology.

 
Deloitte web post graphic (6)

30% Club global chair and Mastercard executive vice chair Ann Cairns said: 

 

“We were delighted to partner with the London School of Economics on this research, to better understand the barriers Black women face in the workplace. Anecdotally, we have been hearing that Black women experience the most negative impact when it comes to progression in the workplace, specifically in the areas in which we operate; technology, financial and professional services and we undertook this research to validate that.

This thought-provoking research and the TRANSPARENT framework will be used to inform our own future activities and policies going forward within Mastercard. I hope they will also be of use to many other companies wanting to leverage it and tackle the issue within their organisations.”

The Inclusion Initiative (TII) at the LSE, Mastercard and the 30% Club hope to inspire firms to adopt these actions. Moreover, it is envisioned that companies will evaluate the effectiveness of these actions, making transparent the evaluation results.

This transparency allows firms to learn together ‘what works’ for the fair inclusion of Black women in finance, professional services and big technology. Given that the pay gaps experienced by Black women are the largest in the sectors studied, making Black women the benchmark for real change within organisations is appropriate. 

Training, recruitment, operations, promotions, procurement, strategies, and policies should be evidently inclusive of Black women. The call for greater transparency through reporting, audits and monitoring of the progress of Black women will help ensure firms are on track.

Untitled design (11)

Where we are

The 30% Club has come a long way from when it was set up in the UK in 2010.We now span six continents and more than 20 countries. We’re actively expanding into more G20 countries

FTSE 100 meets Parker diversity target

Parker Review

FTSE 100 hits 2021 target

The Parker Review target for the FTSE 100 to have at least one board director from an ethnically diverse background by the end of 2021 has largely been achieved. 

The latest update from the Review has confirmed 89 FTSE 100 companies achieved the target by the deadline of December 2021. A further five have announced new ethnic director appointments in early 2022 and another three report they are actively engaging in recruitment.

Across the FTSE 100, 16% of board directors are now ethnically diverse, and 49% are women. 

The Review states: “These numbers compare starkly and very favourably with the position back in 2016, when only 47% of FTSE 100 companies had people from minority ethnic groups in their boardrooms. The number of companies with minority ethnic directors has doubled.

“We are also encouraged to note that the number of people from minority ethnic groups on FTSE 100 Boards splits evenly between genders, with women comprising 49% of the minority ethnic directors.”

Across the FTSE 250, where the deadline is the end of 2024, 12% of board directors are now from ethnically diverse backgrounds and 44% are women.

At the executive level, there hasn’t been as much progress. The Review states: “As expected, the great majority of these board positions are as non-executive directors.” 

There are also only six CEOs and 12 other executive directors across the FTSE 100 who come from a minority ethnic group. And there are only three board chairs from a minority ethnic group background. 

At the launch of the Review’s latest update, Secretary of State for BEIS Kwasi Kwarteng, said: “Never has there been a more compelling evidence base for the value of building diversity into business, all the way up to the Boardroom.

“Never has it been more clear that British business is seizing the initiative, responsive to the fact that drawing in talent across the diversity of society drives increased value to companies and makes good business sense. 

Leaders for race equity

“Business and Government are united in our shared belief in equality of opportunity to deliver a business environment that rewards meritocratic achievement: discovering, developing, and rewarding talent — irrespective of background.

“Out of uniting around the common goal of excellence, I have every faith that British business and the UK economy will build back better out of this pandemic.”

The update comes just two weeks after the 30% Club UK Investor Group issued a statement addressing the lack of racial and ethnic diversity in UK business and outlined the action it is taking to make positive change.

Members of the group who have signed up to the statement have more than £11 trillion assets under management. 

In February, the group sent letters to the FTSE 100 companies its independent research suggested had yet to meet the Parker Review targets.  

The letter warned the companies that investors may consider voting against companies at their annual general meetings if they fail to take action.

If your company wants to take action to make its senior leadership team more diverse, we have teamed up with Change the Race Ratio and Moving Ahead to deliver the Leaders for Race Equity CEO development programme.

The nine-month cross-company programme for CEOs and minority ethnic group leaders who are in the Exco talent pipeline to share and learn from each other’s experiences and shape strategic action. To find out more, please contact our delivery partners Moving Ahead by emailing race.equity@movingahead.org.  

Where we are

The 30% Club has come a long way from when it was set up in the UK in 2010.We now span six continents and more than 20 countries. We’re actively expanding into more G20 countries

Women in Leadership Scholarship Competition 2022

Copy of COVER IMAGE - INVESTOR GROUP STATEMENT (3)

The Women in Leadership MBA scholarship is a collaboration between Henley, the 30% Club and Financial Times.

Now in its tenth year, the Women in Leadership scholarship is designed to offer practical support for the development of strong female talent and reflects the shared mission of the three partner institutions to encourage gender balance in leadership teams.

The competition is open to both women and men who have relevant experience in the workplace either in managing a team, running a project or planning strategy.

Entries need to answer, in no more than 800 words, the question:

“Would efforts to tackle climate change benefit from more women taking the lead?

Entries must be submitted using the official application form, which can be downloaded at the bottom of this article. The winner will receive a fully-funded place worth up to £39,500 on our part-time Executive MBA – Global or Flexible Executive MBA programme starting in September/October 2022.

Deadline for entry: 23 May 2022 at 5pm.

Judging panel


  • Dr Anne Dibley, Head of Post-Experience and Apprenticeshipprogrammes at Henley

  • Laura Whitcombe, Global Campaign Manager, 30% Club

  • Harriet Arnold, Assistant Editor, Financial Times Special Reports

  • Plus additional judges to be confirmed.
Copy of COVER IMAGE - INVESTOR GROUP STATEMENT (2)

Judging criteria


It is important that participants draw not only on data, research and other evidence to support their arguments but also their own personal experience, which could include examples of initiatives they have worked on, or are in the process of designing.

We want submissions which make us think differently – challenge the status quo and demonstrate a real understanding of the dilemmas faced.

Up to 10 finalists will be shortlisted from all entries received by the deadline.

Participants do not need to apply for an MBA place before entering this competition, but are expected to check that they qualify for entry on to the programme

Where we are

The 30% Club has come a long way from when it was set up in the UK in 2010.We now span six continents and more than 20 countries. We’re actively expanding into more G20 countries

NEW: 30% Club Podcast – Episode 1 featuring Sharon Thorne

More episodes coming soon!

Brain tumour survivor on why Mission Include mentoring is so important for her

Jessica Jones

A year ago, commercial banker Jessica Jones underwent a life-saving operation to remove a brain tumour that left her unable to walk unassisted.

Since then, not only has the 38-year-old mum of three from Swansea returned to the job that she loves but she’s also embarking upon a journey of personal development by being mentored on the 30% Club cross-company mentoring programme Mission INCLUDE.

It was important to Jessica to explain this life-changing experience to her mentor at their first meeting in November. Her diagnosis 18 months earlier changed her outlook on life and her career and will be a big part of her mentoring journey.

At its core, Mission INCLUDE is a structured cross-company mentoring programme that expertly pairs senior business leaders with mentors outside of their industry to challenge and help them progress.

Jessica is a relationship director at NatWest with responsibility for financing SMEs with turnovers of up to £50 million. She has been paired with mentor Laura Pingree, a partner at accountancy firm BDO LLP, who specialises in energy and mining.

During their first meeting, Jessica revealed how the excitement of receiving a promotion in March 2020 was overshadowed, three months later, by the devastating news that she would require life-saving surgery.

“I didn’t want sympathy, but I wanted her to know the journey I’d been on and why I was so determined to get the most out of this experience,” she says.

Jessica explained to Laura that after suffering hearing loss, headaches and tinnitus since 2019, she saw her GP in June 2020, who prescribed migraine tablets. But when the symptoms didn’t improve after a couple of days, she was referred to hospital for a CT scan.

While waiting for that appointment, her blood pressure became abnormally high, so she attended Prince Phillip hospital in her hometown of Llanelli, Carmarthenshire. After two days of tests – and while sat alone due to Covid restrictions – Jessica was given the devastating news that she had an acoustic neuroma causing pressure on her brain stem.

“I was in total shock. Hearing those words, ‘you’ve got a brain tumour’ was terrifying. I was absolutely petrified and burst into tears,” says Jessica.

Backlogs caused by the pandemic meant she had to wait until January 2021 for surgery.

During a gruelling 13-hour operation, which involved removing a section of skull from behind Jessica’s ear, surgeons successfully removed most of the tumour. They advised to leave a small part of the tumour which had grown around the facial nerve, so not to cause facial palsy. The procedure has left her with single sided deafness and a CROS hearing aid.

She was kept in hospital for two weeks. Covid restrictions meant that Jessica’s husband Mark and their daughters Ella who is eight, and five-year-old twins Emily and Lily, couldn’t visit her.

“I was unable to stand the first few days without vomiting due to the vertigo, and each day challenged myself a little more. Thanks to the support of the team there, I finally left the hospital trundling along on a Zimmer frame at the age of 37,” she says. “When I was home, I paid for weekly sessions with a neuro-physio who helped me build the confidence and strength to walk without the frame.”

Her diagnosis left her fatigued and sometimes unable to walk more than 2,000 steps a day, but in September 2021, Jessica was keen to return to the job that she loves.

Jessica's surgery scar
WhatsApp Image 2022-03-02 at 10.50.17

“Natwest has fully supported me since the moment I was diagnosed and on the path towards rehabilitation,” says Jessica. “We spoke about both my personal and career development and I explained that I thought that being mentored by someone outside of banking would help develop me as an individual. They recognised what I had been through – and the journey that still lies ahead – and I’m grateful they gave me special approval to take part in Mission INCLUDE.

“In the 14 years I’ve worked for NatWest, I’d previously been on excellent courses that were bank focused and I have always been very passionate and committed in taking responsibility for my career progression. I knew that I would benefit from having an outside mentor challenge me, hold me accountable and offer external perspective on my development.”

Jessica admits she was initially surprised by who she was paired with.

“When I first read Laura’s/my mentor’s profile, I was unsure as to why we’d been put together as our experience looks so different on paper. But I soon realised we are so well matched. Our personalities are very, very different but whatever algorithms Moving Ahead use to match people, it definitely works!

“We are very open with each other about our lives and our experiences. You need that openness, otherwise the mentoring would be very scripted.”

At their most recent meeting in January, Laura challenged Jessica to apply to sit on a non-executive board during the nine-month programme – something that would help give her exposure to other business issues that could be of use to her in NatWest.

In preparation, she’s also been tasked with gathering 360° feedback from colleagues to see if the areas that Jessica thinks that she needs to develop align with those they suggest.

“I questioned who would want me on their board, but by sharing her own experiences, Laura was able to reassure me that I have transferable skills and that businesses in sectors outside of banking – and outside of my comfort zone – would welcome,” she says. “And I now realise the experience would greatly aid me in my development within NatWest.”

Aside from the one-to-one mentoring, Mission INCLUDE offers other benefits.

“The programme includes regular Zoom events with participants from around the world, masterclasses to get the best out your development, networking sessions with other mentees, and the opportunity to hear from fantastic, thought-provoking expert speakers,” she says.

A recent talk by coach Holiday Phillips on pushing yourself outside of your comfort zone resonated with her.

“On Christmas Eve, I received the news that the remainder of my tumour is stable and I’ll have yearly scans to monitor what is left of it,” she says. “Having the tumour has taught me is life is too short to be taken for granted and to keep pushing yourself, developing and reflecting. Sometimes that means doing things that you’re a little uncomfortable with, but you may never get the opportunity to do again if you don’t do them now. I want to push myself and do things that perhaps make me feel a little bit uncomfortable.”

Jessica can already see the benefits that the Mission INCLUDE programme will bring to her and NatWest.

“I am already learning lots that I can apply to my current role and future development. Having a mentor share their expertise and encouragement will also help equip me with new skills that I can bring to the bank to assist others,” she says.

And it’s not only at the bank that that Jessica wants to help others. Last month, she embarked on an ambitious 10,000 Steps a Day challenge to fundraise and raise awareness for Brain Tumour Research to help find a cure for the devastating disease as a way of thanking all those who helped her. She raised more than £2,500. If you would like to donate, click here for more information.

Where we are

The 30% Club has come a long way from when it was set up in the UK in 2010.We now span six continents and more than 20 countries. We’re actively expanding into more G20 countries

30% Club UK Investor Group statement on addressing racial inequality

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Challenge for change

The 30% Club UK Investor Group has issued a statement addressing the lack of racial and ethnic diversity in UK business and outlined the action it is taking to make positive change.

“As institutional investors, we can contribute to addressing these inequities by taking concrete steps to promote diversity and inclusion across our portfolios and within our organisations,” it states.

Members of the group who have signed up to the statement have more than £11 trillion assets under management. 

The group has sent letters to the FTSE 100 companies its independent research suggests have still to meet the Parker Review targets of at least one board member and executive committee member from an ethnic minority background. They were meant to have done so by the end of 2021.

The letter warned the companies that investors may consider voting against companies at their annual general meetings if they fail to take action.

The Investor Group is committed to actively engage with UK company board chairs, nomination committees and executive teams on the issue of racial inequality in their leadership ranks and workforce.

The publication of the statement builds on the UK chapter of the 30% Club introducing race and ethnicity targets in July 2020. Those targets include members of the Club across the FTSE 350 having at least one person of colour at board and executive committee level by the end of 2023*. And as the 30% Club campaign is focused on gender, we expect at least half of those appointments to go to women of colour.

While the 30% Club works directly with CEOs and Chairs to encourage change, the Investor Group’s been working on improving the availability of data on race equity within the FTSE 100 by engaging with ESG data providers and supporting the creation of new data platforms, such as through its partnership with Diversio.

The Group is also running a race equity training programme for its members to ensure that all investors, big and small, are equipped to take action with the companies they invest in.

COVER IMAGE - INVESTOR GROUP STATEMENT (12)

Diandra Soobiah, co-chair of the 30% Club UK Investor Group, said: “Diversity and inclusion in companies are integral to sound corporate governance and corporate culture. As long-term investors, we see the failure to take diversity seriously as a stark warning about the long-term sustainability of the company.

“Time is up for organisations that seek to simply tick boxes. The 30% Club Investor Group is putting FTSE companies on notice – the laggards need to do much better, and we’re willing to help.

“We all have an important role to play to ensure persistent race inequities in business and our society are addressed. As investors, we can have stronger dialogue with the companies we invest in, with a view to improving diversity and inclusion within companies in the UK.”

Ann Cairns, global chair of the 30% Club, said: “The 30% Club’s UK Investor Group issuing this statement is a significant moment for the UK investor community. With ESG rightfully gaining prominence in the board rooms and executive offices of the world’s biggest companies, addressing racial inequity is imperative for all asset managers.

“It could make a major contribution to delivering the change businesses, economies and societies so desperately need to see. I am tremendously grateful for the hard work done by the co-chairs and members of the 30% Club UK Investor Group to take a stand on racial inequality.”

*The 30% Club’s UK chapter set the 2023 deadline for the FTSE 350 as a stretch target for our FTSE 350 members to help meet the Parker Review target by the end of 2024.

Where we are

The 30% Club has come a long way from when it was set up in the UK in 2010.We now span six continents and more than 20 countries. We’re actively expanding into more G20 countries

30% Club UK Investor Group launches Statement on addressing racial inequality

London, UK, 1 March 2022: The 30% Club UK Investor Group has today issued its statement on addressing the lack of racial and ethnic diversity in UK business.

 

The Group, which is part of a global gender diversity in business campaign, has more than £11 trillion assets under management and has also sent letters to the FTSE 100 companies that have still not met the Parker Review. 

 

The letter warned the laggards that investors may consider voting against companies at their annual general meetings if they fail to take action.

The Investor Group is committed to actively engage with UK company board chairs, nomination committees and executive teams on the issue of racial inequality in their leadership ranks and workforce. 

 

Today’s announcement builds on the UK chapter of the 30% Club introducing race and ethnicity targets in July 2020. Those targets include members of the Club across the FTSE 350 having at least one person of colour at board and executive committee level by the end of 2023. And as the 30% Club campaign is focused on gender, we expect at least half of those appointments to go to women of colour.

 

While the 30% Club works directly with CEOs and Chairs to encourage change, the Investor Group’s been working on improving the availability of data on race equity within the FTSE100 by engaging with ESG data providers and supporting the creation of new data platforms, such as through its partnership with Diversio. 

 

The Group is also running a race equity training programme for its members to ensure that all investors, big and small, are equipped to take action with the companies they invest in.

 

Diandra Soobiah, co-chair of the 30% Club UK Investor Group, said: “Diversity and inclusion in companies are integral to sound corporate governance and corporate culture. As long-term investors, we see the failure to take diversity seriously as a stark warning about the long-term sustainability of the company.

 

“Time is up for organisations that seek to simply tick boxes. The 30% Club Investor Group is putting FTSE companies on notice – the laggards need to do much better, and we’re willing to help.

 

“We all have an important role to play to ensure persistent race inequities in business and our society are addressed. As investors, we can have stronger dialogue with the companies we invest in, with a view to improving diversity and inclusion within companies in the UK.

 

Ann Cairns, global chair of the 30% Club, said: “The 30% Club’s UK Investor Group issuing this statement is a significant moment for the UK investor community. With ESG rightfully gaining prominence in the board rooms and executive offices of the world’s biggest companies, addressing racial inequality is imperative for all asset managers. 

 

“It could make a major contribution to delivering the change businesses, economies and societies so desperately need to see. I am tremendously grateful for the hard work done by the co-chairs and members of the 30% Club UK Investor Group to take a stand on racial inequality.” 

ENDS

 

Contact: 30% Club campaign manager Laura Whitcombe, laura@30percentclub.org, or media@30percentclub.org

 

Notes to Editors

 

The 30% Club’s UK steering committee is made up of 18 individuals, seven are from racially and ethnically diverse backgrounds (39%). 

 

There are three co-chairs of the 30% Club’s UK Investor Group and one is from a racially and ethnically diverse background (33.3%). Members of the Group are institutions rather than individuals. 

 

30% Club’s UK Investor Group signatories to the Statement are: AMP Capital (UK), Astarte Capital Partners, Aviva Investors, AXA Investment Managers, Baring Foundation, Barrow Cadbury Trust, BlackRock, BMO Global Asset Management, Border to Coast Pensions Partnership, Brunel Pension Partnership, Castlefield Investment Partners LLP, Church Investors Group, Eco Advisers Ltd, EdenTree Investment Management, Environment Agency Pension Fund, Fidelity International, Government Pension Investment Fund (GPIF), Federated Hermes, J.P. Morgan Asset Management, Jupiter Asset Management, Legal & General Investment Management, LGPS Central Ltd, Liontrust Investment Partners LLP, Local Authority Pension Fund Forum, Local Pensions Partnership, M&G Investments, Morgan Stanley Investment Management, NEST, Newton Investment Management, Northern Local Government Pension Scheme, Quilter, Resona Asset Management Co., Ltd., Robeco, Royal London Asset Management (CIS) Limited, RPMI Railpen Investments, Sarasin & Partners LLP, Standard Life Aberdeen, Sumitomo Mitsui Trust Asset Management, T. Rowe Price International Ltd, The Health Foundation and West Midlands Pension Fund, West Yorkshire Pension Fund.


About Us 

 

The 30% Club is a global campaign led by Chairs and CEOs taking action to increase gender diversity at board and senior management levels of the world’s biggest companies. We set targets of a minimum of 30% female representation at the board and executive committee levels. This is the critical mass at which research shows minority voices are heard. However, the ultimate goal is parity.

 

Under the leadership of Global Chair, Ann Cairns, the campaign continues to expand its international footprint with presence in more than 20 countries around the world. We support diversity in its very broadest sense and while gender has been our starting point, we fully realise that considerations of ethnicity, disability, sexual orientation, socioeconomic background and beyond are all part of the journey – and that gender identities are themselves evolving rapidly. We believe that only those organisations that foster truly inclusive cultures – cultures that embrace women who look, act and, importantly, THINK differently – can reach their full potential to positively impact their people, their markets and their communities.

 

30% Club UK Chapter’s 2023 Targets

 

  • 1. Beyond 30% representation of women on all FTSE 350 boards, to include one person of colour. We support the Parker Review goals for at least one person of colour on every  
  • FTSE 350 board – in addition, we advocate for gender balance with half these seats going to women, creating 175 board seats for women of colour.

    2. Beyond 30% representation of women on all FTSE 350 Executive Committees, to include one person of colour. We advocate for gender balance with half these seats going to women, creating 175 executive committee roles for women of colour.

    3. Beyond 30% of all new FTSE 350 Chair appointments to go to women between now and 2023.