Lloyd’s of London yesterday announced a new set target for women to make up at least 20% of its boards and executive committees at its member firms by the end of 2023, compared to the current 15%, as the bank seeks to improve diversity in the commercial insurance market.
While women currently fill the 29% of the company’s leadership positions, Lloyd’s also declared that it was setting an interim target for 35% of broader leadership positions to be filled by women by the of end 2023, with the aim of “parity over the next decade”.
Recently, the entire company has been under fire since last year problems with sexual harassment and daytime drinking in the market - which employs about 50,000 people.
The UK’s markets watchdog has told the bosses of commercial insurance companies to immediately stamp out bad behaviour in the industry and improve diversity if they don’t want to risk losing their jobs.
Lloyd’s of London CEO John Neal declared: “While we have put in place a series of actions to accelerate change, it is abundantly clear that we have much work to do and we must be impatient in our resolve to get there”.
The 330-year-old Lloyd company, which last month apologised for its “shameful” role in the 18th and 19th Century Atlantic slave trade, claimed it was trying to improve its collection of ethnicity data to set a target for ethnicity in the second quarter of 2021.
It also pointed out the fact that only 52% of market firms were able to provide data on ethnicity currently.
Statistically, those market firms’ data revealed that 56% of people described themselves as white, 4% as Asian, 1% as Black, and 1% as mixed ethnicity. Two per cent described themselves as “other” and unfortunately, 36% preferred not to answer.