Lloyd’s in re­form pledge as insurance firms fall be­hind on ex­ec­u­tive equal­ity

The Daily Telegraph - Business - - Business -

◆ New fig­ures from Lloyd’s of Lon­don re­veal the depth of in­equal­ity within the insurance mar­ket, where 12 firms’ boards still have no women, writes Michael O’Dwyer.

Lloyd’s has in­tro­duced tar­gets to boost the num­ber of board posts held by women at its mem­ber firms from 15pc to 20pc by the end of 2023.

The mar­ket wants to boost fe­male rep­re­sen­ta­tion in se­nior roles from 29pc to 35pc in the same pe­riod.

Lloyd’s is at­tempt­ing to over­haul its cul­ture af­ter it was branded a “meat mar­ket” be­cause of ha­rass­ment faced by fe­male em­ploy­ees. John Neal, chief ex­ec­u­tive, said: “It is clear that we have much work to do and we must be im­pa­tient in our re­solve to get there.”

Seven firms have no women on either their board or their ex­ec­u­tive com­mit­tee, ac­cord­ing to data col­lected by Lloyd’s last year and pub­lished yes­ter­day. At one firm, all the di­rect re­ports to the ex­ec­u­tive com­mit­tee are male Lloyd’s has also com­mit­ted to col­lect­ing data on eth­nic­ity and in­tends to set a mar­ketwide tar­get for mi­nor­ity eth­nic rep­re­sen­ta­tion next year. Women and peo­ple from mi­nor­ity eth­nic groups re­ported more neg­a­tive ex­pe­ri­ences on a range of work­ing cul­ture and well-be­ing is­sues.

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