RSA signs Women in Finance Charter

RSA Group

Date:

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RSA is proud to have signed up to the Women in Finance Charter, a joint commitment by financial services organisations and HM Treasury to improve gender diversity in the financial services industry

The Women in Finance Charter is a commitment by signatory firms to work collaboratively to build a more gender balanced industry. The charter commits organisations to supporting the progression of women into senior roles, and requires them to set targets and publicly report on progress toward these.

Cathy Lewis, RSA’s group HR director and executive sponsor for the charter, said:

“This is an important milestone for RSA  and we wholeheartedly support the Women in Finance Charter.
“Becoming a signatory is part of our wider efforts to build an inclusive and diverse culture at RSA where talented individuals feel welcome and included. Companies with diverse workforces are more likely to succeed. We recognise the importance of this commitment to attracting and developing our people, and we look forward  to putting our energy behind it.”

By signing up to the charter, RSA agrees to:

  • Having one member of our senior executive team who is responsible and accountable for gender diversity and inclusion;
  • Setting internal targets for gender diversity in our senior management;
  • Publishing progress annually against these targets in reports on our website;
  • Having an intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity.

RSA will be setting targets for gender diversity as part of the development of our wider diversity and inclusion (D&I) strategy, led by Cathy Lewis and Lynn O’Connor, who was recently appointed to the newly created position of head of D&I.

— ENDS —

In 2015, the UK government commissioned Jayne-Anne Gadhia, CEO of Virgin Money, to conduct a review of the representation of women in senior management in the financial services.

Her report, entitled ‘Empowering Productivity: Harnessing the talents of women in financial services’, found too few women in senior roles despite a healthy number of young female graduates joining the sector.

To address these findings, the government launched the Women in Finance Charter in 2016, asking financial services firms to commit to implement four key industry actions (listed above)  The charter:

  • commits firms to supporting the progression of women into senior roles in the financial services sector by focusing on the executive pipeline and the mid-tier level;
  • recognises the diversity of the sector and that firms will have different starting points – each firm should therefore set its own targets and implement the right strategy for their organisation;
  • requires firms to publicly report on progress to deliver against these internal targets to support the transparency and accountability needed to drive change.

Read the full Women in Finance Charter here.

As part of its commitment to improving D&I across the organisation, RSA is piloting unconscious bias training within Global Risk Solutions with a view to rolling it out to other parts of the group.RSA is a member of the Gender Inclusion Network and participates in the 30% Club mentoring programme aimed at developing high potential female talent. RSA’s targets for gender diversity will be published in due course as part of the development of our D&I strategy.

Lynn O’Connor joined RSA from BP where she was D&I head for global technology.

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