Coreco has set our targets to improve the gender balance within the company and senior management, who are an integral part of the day-to-day running of the company.
In March 2016, Jayne Anne Gadhia, CEO of Virgin Money led a review into the representation of women in senior leadership roles in the finance industry on behalf of HM Treasury.
Her report found that the pay gap between men and women is worse in financial services than in any other sector, with a woman earning 60p for every £1 that a man earns. Women made up 23% of boards at City firms but only 14% of executive committees. Just 6% of CEOs in the financial services sector are women.
In response to this, HM Treasury launched the ‘Women in Finance’ Charter. This is a pledge for gender balance across financial services. We signed the charter in November 2017, pledging to ensure gender diversity exists within our leadership team.
The below table represents how the company is doing with female representation across the company. We have hit and are looking to maintain 50% representation on the senior management board and maintain a 40% representation across the company.
| Achieved | Targeted | |||||
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| Across company | 45% | 43% | Min 40% | Min 40% | Min 40% | Min 40% |
| Senior Management | n/a | Min 50% | Min 50% | Min 50% | Min 50% | |
| Directors/Board | 0% | 0% | 25% | 25% | 30% | 40% |
All our employees are paid a base rate and then bonused on performance-based key performance indicators. This does not differ due to gender or any other characteristic, and all members of the same teams have the ability to make the same amount of money. As we increase the female presence within the company we shall make sure this is monitored and all females do not have any gap in their pay compared to their male counterparts. These KPIs include Coreco DNA (expected levels of behaviour throughout all processes including hiring, promotion, and training) which specifically targets hiring, promoting and developing female talent in the organisation.
Andrew Montlake, Managing Director, is responsible and accountable for gender diversity at Coreco.
Coreco’s target is 50% women in senior management by April 2021 and has reached this earlier than expected. Our new aim is to maintain this by the previous set date and to maintain a 40% representation of women in the workforce by April 2021.
Coreco pledge to continue monitoring gender when hiring and promoting whilst also ensuring that Coreco represents the UK’s workforce across race, ethnicity, sexual orientation, class, and disability as well as gender.