Women in Finance charter hits 300 signatures

Women in Finance charter hits 300 signatures

HM Treasury’s Women in Finance charter has reached the milestone of 300 signatures, with the British Friendly Society and NFU Mutual among the latest firms to sign up. 

The insurers joined American Express, the Pensions and Lifetime Savings Association and LV General Insurance in the latest group of 33 signatories announced yesterday (20 November).

The charter was introduced as a voluntary initiative in 2016 to improve the representation of women in finance.

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It asks firms to set internal targets for gender diversity within senior management including the appointment of a team member responsible for progression and inclusion.  

Organisations are also expected to publish annual reports detailing target progress and harbour an intention for the senior executive team’s pay to be linked to delivery against the diversity targets.

Emma Thomson, product strategist at British Friendly and founder of Women in Protection, said the insurer was "delighted" to sign up to the charter. 

She said: "We’re delighted to sign up to support this valuable initiative that’s helping to improve gender diversity in our market.

"British Friendly is committed to improving levels of inclusion and diversity in insurance, both for consumers and those who work within our industry through various means including internal HR and proposition developments and membership of the Women in Protection Network." 

Julian Mund, chief executive of the Pensions and Lifetime Savings Association, said pension schemes had long made it clear they expected diverse boards at the companies in which they invest. 

He said: "This is key to a firm's long term success. What is right for companies, must also be right for pension funds. 

"At the PLSA, we have a responsibility to ensure that women are represented fully across the wider pensions sector and becoming a charter signatory shows our continued commitment to this issue."

Mr Mund said the association has already achieved its goal of having 50 per cent women in the senior management team. 

In August the Financial Services Compensation Scheme signed the Women in Finance charter, claiming gender diversity was "crucial" to its success.