Such initiatives included the Hampton-Alexander Review and Parker Review, and similar initiatives in international markets.
While some companies may already provide diversity disclosures to existing voluntary UK initiatives and in annual reports, the FCA said its measures would help ensure reporting beyond the largest listed companies and more consistency.
It said the approach would also provide flexibility for overseas companies, since the ‘comply or explain’ approach allows any national or cultural context to be explained.
The proposals follow the FCA’s recent discussion paper published in July, exploring how to promote diversity and inclusion across the financial services sector as a whole.
The FCA said diversity will be an ongoing focus and it will be consulting on these proposals for 12 weeks, with a closing date of October 22, 2021.
Subject to consultation feedback and FCA board approval, it will seek to make relevant rules by late 2021.
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