Promoting equality in The Co-operative Bank
HM Treasury Women in Finance Charter Update and Gender Pay Gap Reporting 2018
"When we signed the Women in Finance Charter in 2016, the number of women in senior roles was 32%. I am pleased to report, that due to our focused work on gender diversity, in particular for internal promotions, we are on track to meet our 40% target by 2020."
"Our focus for 2019 will be a continuation of the work we are doing with our colleagues as well as driving this change further through a focus on our external recruitment."
"We have also provided as part of this report our Gender Pay Gap figures for 2018, with numbers similar to that reported in 2017 with a slight improvement on our mean pay gap. We anticipate that over time our focused work on gender diversity linked to our Women in Finance Charter commitments will result in this gap narrowing."
"I confirm the Gender Pay Gap Reporting data in this document to be accurate."
Andrew Bester, Chief Executive
Supporting the Women in Finance Charter in 2017
About the Charter
The Women in Finance Charter commits financial services firms to supporting the progression of women into senior management by focusing on developing existing colleagues with the potential to progress, setting public targets for improving gender diversity in senior management roles; and requiring firms to publicly report on progress to deliver against these internal targets to support the transparency and accountability needed to drive change.
The Charter was developed following a joint report, Empowering Productivity: Harnessing the Talents of Women in Financial Services, by HM Treasury and Jayne-Anne Gadhia, CEO of Virgin Money, on increasing opportunities for women in the financial services sector to improve gender equality.
Further information about the Charter can be found at Gov.uk.
Our commitment to gender diversity
The history of The Co-operative Bank demonstrates its strong roots supporting gender equality. The bank was formed to support the co-operative movement and reflect the values and ethics of that cause, the Rochdale Equitable Pioneers Society welcomed women to join, 80 years before women were given the right to vote in parliamentary elections.
Our commitments to the HMT WIF Charter
In 2016 we were one of the first companies to sign up to the Women in Finance Charter. The Charter helps improve opportunities and progression for women, and ensures that talent rises to the top in the finance sector regardless of gender. Our target is to achieve 40% representation of women in senior management roles by 2020 – a 25% increase on our 2016 benchmark of 32%. This is already changing the way we work and we are seeing progress towards our target: by October 2017, this figure had risen to 34%. We have put clear measures in place to help us deliver our 2020 target and will also seek to exceed it, if possible, beyond 2020.
Our five point plan to support our Charter target commitments:
Our gender pay gap
Following the introduction of new legislation, all organisations with over 250 employees will publish their gender pay gap information on an annual basis. As a bank committed to communicating in an open and transparent way, we are publishing our data earlier than the April 2018 deadline.
Our gender pay and bonus gap figures reflect the gender profile of our work force. In April 2017, 58% of colleagues measured for gender pay gap reporting were women. We have greater numbers of women in more junior roles that have lower salaries, but fewer women than men in senior management roles with higher salaries, as well as more women working part-time.
We understand this gender profile is typical of many financial services companies across the UK, however we are committed to addressing this through our commitment to the Women in Finance Charter.