head of personal investing LGIM Audience question What do you think is the single biggest impediment to greater progress on diversity in our industry 1 Recruitment practices 2 Working practices ID: 1046829
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1. The Diversity ProjectHelena morrissey – head of personal investing, LGIM
2. Audience questionWhat do you think is the single biggest impediment to greater progress on diversityin our industry?1) Recruitment practices2) Working practices3) Promotion ladders4) Culture5) Image/ perceptions of the industry6) Lack of commitment to change7) Other
3. Broad participation across the industry – thank you!Current members (as at 1 August 2018)Aberdeen Standard Allianz GIAlpha FMCAmundiAon HewittArmstrong InternationalAvivaAXA IMBlackRockBMOBruinBrunel Pension PartnershipCarmignacCFA InstituteCFA UKColumbia ThreadneedleDWSFidelityGAMGoldman SachsHSBC Global Asset ManagementHT Financial MarketingInvescoInvestecInvestment AssociationInvestment2020JanusHendersonJLTJupiterLCPLGIMM&G MercerMFSMuranoNorthern TrustPension Insurance Corporation PLSAPWCA joined-up, collaborative programmeQuilterRedingtonRussell InvestmentsSchrodersState Street Global AdvisorsThe Buyside ClubThe Ocean PartnershipT Rowe PriceVanguardWellington Willis Towers Watson
4. Strong commitment from the Advisory Council (10 commitments now tracked by each firm)Aberdeen Standard Andrew Laing/ Richard CharnockAON Hewitt Tim GilesAviva Euan MunroBlackrock Rachel LordColumbia Threadneedle Mark BurgessHSBC Andy ClarkInvesco Andrew SchlossbergThe Investment Association Chris Cummings/ Jack KnightJLT Mark McNultyJupiter Edward Bonham-CarterLGIM Mark Zinkula Mercer Fiona DunsireMFS Gaby GrougeyMurano Ole RollagNorthern Trust Teresa ParkerPension Insurance Corp Tracy BlackwellPLSA Julian MundQuilter Paul FeeneyRedington Dawid Konotey-AhuluRussell Investments Joe LinharesSchroders Peter HarrisonSSGA Cuan CoulterWellington Philip PerelmuterWiilis Towers Watson Ed FrancisVanguard Sean Hagerty Anne Richards
5. Leadership from the work stream leads/ co-leadsA comprehensive set of initiatives Smart WorkingSamantha LambEarly careerShruti KhandekarGenderCosmo ElmsJane WelshLGBT+Colette ComerfordDisabilityKaty HallidayPeter SlaterAmbassadors’ programmeSarah Bates, Alexandra HaggardPension fund trustees, asset ownersLesley WilliamsMetricsSinead ClarkAC FarstadNeurodiversityMeike BliebenichtHRKate GarnerWorking familiesEmily McGuireEthnicityDawid Konotey-AhuluGavin LewisKey: yellow provide wide support for the DP, green are types of diversity and blue are career stagesReturnersRachel HarrisMarketingLinda RussheimPRCiceroProject ManagementJane Welsh
6. Wide participation in Diverse City charitable events
7. What is your view?Diversity improves a company’s financial performanceA: YESB: NOVOTE NOW!
8. What do you do?Q. I take diversity into account when analysing a company’s financial prospectsA: YESB: NOVOTE NOW!
9. But…we have a mountain to climbOur problem’s not ‘just’ gender but…The gender pay gap data creates an additional hurdle/ incentiveInvestment industry’s gender pay gap is extreme:28.5% average salary gap55.4% average bonus gap30% Club Future Aspiration study: women feel they have less opportunity to fulfil their career potential in male-dominated sectorsCitywire Alpha Female 2018 report shows benefit of mixed gender teams
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11. Why Diversity Programmes DisappointOn the periphery, not the main eventThe under-represented are talking to each otherMandatory unconscious bias training – NO!Think Andy Haldane’s Recruitment ChallengeWe need to overhaul our ways of working, recruiting, promoting,managing, rewarding, celebrating talent
12. We need a greater sense of urgencyDiversity still treated as a special interest issueStuck in ‘early mind-set’ - focused on identity and experiential diversityTime to develop a more sophisticated approach, with bolder ambitionNot adapting, but re-thinkingThe prize is great!Let’s create a new generation of exciting investment talent together