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The Female FTSE Board Report 2016
In addition, from April 2017, larger employers will also need to publish their mean and median gender pay
gap; the proportions of men and women in the four quartiles of their organization; and their gender bonus
gap. These regulations will increase gender pay gap transparency.
“Board membership is driven by engaged
Chairmen and pipeline development is driven
by engaged CEOs. The CEO holds the power
and needs to be utterly committed to the
development of women in the organization
in a way that is measurable and reportable.”
– (FTSE Chairman)
What has been most interesting to observe over the past five years is how organizations have come to
recognize the value in using gender targets, initially unpopular when Lord Davies announced the 25%
for women on boards, to instigate the change that many varied initiatives had thus far failed to do. In
February 2014, Lloyds Banking Group became the first FTSE 100 company to establish a formal gender
target to address its executive pipeline. They very publicly announced a target, i.e. that 40% of their top
5,000 senior management roles globally would be held by women by 2020. A number of other financial
institutions have subsequently followed suit and in March this year, a report into financial service firms
of all sizes,
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concluded:
“So we recommend that every Financial
Services firm operating in the UK be
encouraged to publish its own inclusion
strategy and targets on an annual basis –
and that progress against these internally
generated targets be reported. We
recommend that this strategy is owned
and driven at Executive Committee level
by a senior member of the Committee
responsible and accountable for its design,
execution and success. And we propose that
success against these internal measures
forms part of the annual bonus outcome of
all senior Executives.”
– Jayne-Anne Gadhia CBE - CEO VirginMoney
Targets for Gender Balance