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Board composition policy

Our commitment to being a place where everyone belongs.

Equity, diversion, and inclusion


Our Equity, Diversity and Inclusion Policy is essential for our long-term success. This is why it applies to our Board, Board Committees and wider business.


It ensures that we have a diverse, fair and inclusive culture where we celebrate difference, and where all colleagues and members feel they belong. 


Our strategic goal


Our strategic goal is ‘Inclusivity by Design’. This means we will intentionally make decisions which are accessible by all abilities, backgrounds and circumstances. The values that support this commitment apply to our Board members, colleagues and stakeholders. 

 
We will do this by ensuring diversity across all areas of the business. This includes but is not limited to: 

  • gender 
  • ethnicity 
  • sexual orientation 
  • disability 
  • age 
  • religion 
  • socio-economic status 
  • geographical background 
  • professional and educational background 
  • tenure 
  • experience 
  • skills

    Diversity within our Board

We aim to create diverse perspectives within our Board by considering a range of factors, including: 

  • thoughts
  • skills 
  • independence 
  • life experiences 
     
    This diversity will reflect the members and communities we serve and inform new appointments to keep the Board relevant and effective. 

    Our commitment includes a target of having a minimum representation of gender identity at 33% of the Board, with at least two Directors from underrepresented groups.
Governance and Nomination Committee process


The Governance and Nomination Committee will aim to make sure members of the Board and Board Committees have the necessary abilities. These include a suitable range of skills, experience, knowledge and behaviours. To be successful in their roles to look after the organisation’s strategic priorities, this will be required. 
 
All Directors must meet the test of fitness and propriety at all times. This is a requirement of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). Before taking up their role, Directors must receive Prudential Regulation Authority (PRA) and Conduct Authority (FCA) approval, where necessary.  
The Governance and Nominations Committee will report annually on the Board appointment process. This can be found in the Corporate Governance section of the Annual Report and Accounts. The report will include a summary of the Board Composition Policy. The Committee will give an update on the ratios of under-represented groups who make up the Board membership. Board composition will also form part of the Diversity and Inclusion Dashboard. 
 
The policy is reviewed at least every three years. The Governance and Nominations Committee, along with the Inclusion Manager will assess how successful it has been. This will ensure targets for under-represented groups remain appropriate. The Committee will recommend any necessary Policy revisions to the Board for approval.