A QUARTER of companies operating at Lloyd’s of London have met the commercial insurance market’s aim of having 35 per cent of executives who are women, despite progress being “incremental” on diversity.
Lloyd’s said this in a report on Monday (24).
Lloyd’s has been working to improve diversity in the market, which employs 45,000 people in insurance and broking firms based in the City of London financial district.
The firm which was previously acknowledged with issues like daytime drinking and sexual abuse had set its aim to improve and published the first cultural report in 2020.
According to Lloyd’s, 18 businesses, or 26 per cent of those reviewed, reached or even surpassed the aim of having 35 per cent female representation on boards, executive committees, and those committees’ direct reports.
In the last year, 63 per cent of businesses increased the number of women in leadership positions. The average gender pay disparity across Lloyd’s market companies is still significant, at 37 per cent.
It further said that women currently filled 30 per cent of leadership roles. The objective of 35 per cent is supposed to be reached by the end of 2023.
The percentage of ethnic minorities in the people has increased by one point to 9 per cent.
Eleven businesses were able to meet Lloyd’s “ambition” of having one in three new recruits come from an ethnic minority.
John Neal, CEO of Lloyd’s of London said: “Representation of women and ethnic minorities (is) improving across our market – but we can’t be complacent.
“We need to keep that momentum going, and address any areas of weakness, to maintain Lloyd’s unique ability to attract, connect and grow the best talent in our industry.”
Of the 9,500 respondents, 88 per cent stated that they did not wish to voice any complaints about behaviour within their organisation.
There were other areas that needed improvements, such as the implementation of drug and alcohol regulations.
[Source: Reuters]
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