Our Women in Finance Charter progress and Gender Pay Gap

Continuing to build gender balance across The Co-operative Bank

HM Treasury Women in Finance Charter commitment progress update and Gender Pay Gap Reporting 2021

"In 2020 we successfully reached our committed target to increase female representation in our senior leadership to 40%. As proud as we are of our success to date, we know there is more to do to achieve gender balance. We therefore re-committed to achieving 45% women in senior roles by the end of 2023. As we progress towards this new target, I am pleased to report we have continued to have 42% women in senior roles at our Bank. Like many financial services firms, our Bank employs more women than men and a higher proportion of women than men in our customer facing roles which influences our gender pay gap. We are confident that in the long term, our focused work on gender inclusion and balance at all levels will result in our gender pay gap narrowing."

"I confirm the Gender Pay Gap Reporting data in this document to be accurate."

Nick Slape

Chief Executive Officer

HM Treasury Women in Finance Charter commitment progress update and Gender Pay Gap Reporting 2021

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.

Our five point plan to support our Charter target commitments:

  1. Listening to our colleagues and supporting progression through our values-led workplace environment and family friendly policies
  2. Focused programmes and initiatives to encourage internal progression
  3. Proactive attraction of wider diversity of applicants for externally advertised roles, across all levels
  4. Ensuring equal pay between colleagues
  5. Tailored business area plans to target specific challenges

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