The Co-operative Bank has announced it is aiming for 40% female representation in senior management roles by 2020 – an 8% increase on 2016.
This summer the Bank, in which the Co-operative Group has a 20% stake, became one of the first financial institutions to sign up to HM Treasury’s Women in Finance Charter, which commits to improving gender diversity.
The first 72 signatories also included the Co-operative Credit Union, Capital Credit Union, London Capital Credit Union and South Manchester Credit Union.
Just under 60% of the Bank’s staff are female, but women only occupy 32% of senior management roles. The executive management team is 27% per cent female and there are two women (18%) on the board.
Under the terms of the charter, Steven Pickering, chief risk officer, will be the executive committee member accountable for gender diversity and inclusion.
“As a bank defined by its distinctive values and ethics, the Co-operative Bank is delighted to commit to this target, which we think is realistic and will deliver change within our organisation,” he said.
“We will be putting in place clear measures to help us deliver this 2020 target and will also seek to exceed this target, if possible, beyond 2020.
“The charter helps improve opportunities and progression for women and ensure that talent rises to the top in the finance sector regardless of gender.”
To achieve its 40% target, the Bank says it is making changes to the way it recruits and promotes employees, is strengthening its performance management and reward moderation processes, and introducing coaching and mentoring schemes to encourage more women to apply for senior management roles.
It will also look at more flexible ways of working and ensuring equal pay for all genders over a whole career.
The organisation has a dedicated woman’s career network, Elevate, and has committed to publishing gender pay information as part of its 2017 annual reporting process. It has also introduced mandatory staff training on diversity and inclusion.
