Insurance and reinsurance marketplace Lloyd’s of London has set an interim target of 35% female representation in leadership positions by the end of 2023, and 20% female representation in Boards and Executive Committees.
Going forward, new market entrants will be expected to meet the new gender leadership targets on arrival.
The new target was announced alongside the release of Lloyd’s Culture Dashboard, which is intended to track the market’s collective progress towards a more inclusive environment.
The Culture Dashboard benchmarks the market’s starting point and is based on data gathered from Lloyd’s culture survey, as well as market participant data across key demographic characteristics.
It presents the current view of gender, ethnicity, sexual orientation and disability, alongside the importance of culture within individual firms.
Lloyd’s acknowledged that there is more work to be done to build and improve its data and ensure that it is presenting the most accurate view of where the market stands collectively.
As part of the effort to improve market data and measure progress, Lloyd’s will be running its annual Culture Survey for the second time, in October this year.
It also plans to set a market target for ethnicity in Q2 2021, once it has improved the collection of ethnicity data and other characteristics.
“Last year, we committed to building a much more inclusive market – one that we are all deeply proud to be part of, and one that welcomes and represents the diversity of our customers globally,” said John Neal, Lloyd’s CEO.
“In the Corporation, we have achieved parity in less than two years and we are all the better for it,” he added. “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 Corporation will continue to do more in leading the market on all aspects of inclusion.”
Fiona Luck, Lloyd’s board member and non-executive director responsible for talent and culture, also commented: “Creating an inclusive and high-performing culture is fundamental to the future success of our marketplace. To get there we must be brave in our actions to accelerate change, and transparent in how we measure our progress and hold ourselves to account.”
Luck went on: “The setting of a gender target, with a commitment to parity in the next decade, together with presenting an honest view of our starting point, represents an important step towards that critical goal.”