Women in Finance Charter
Since July 2016, Direct Line Group has been a signatory of the Women in Finance Charter. The Charter is a commitment by HM Treasury and signatory firms to work collaboratively to build a more gender balanced and diverse industry.
When signing the charter in 2016 we had 22% women in senior management roles and set a target of 30% by the end of 2019, which we achieved. To continue to stretch ourselves during 2020 we set a new target of 35% women in senior management roles by the end of 2022. At the end of 2021, when current changes have come through we expect women to account for 32.5% of senior management. Our Women in Finance Charter definition of senior management is based on our internal grading structure and represents approximately the 1.25% most senior colleagues in our business.
Our long term focus on investing in women means we have significantly strengthened representation at the most senior levels of our business. At the end of 2021, once current changes have come though we estimate women will make up:
Note: As per FTSE Leaders Review methodology, these numbers are based on excluding administrative staff.
To help meet our Charter pledge, we have:
- Introduced inclusive hiring principles, which include the use of language decoders for job adverts, a stronger focus on diverse shortlists, anonymised CVs and panel based interviewing.
- Focussed on identifying our high-potential women and supporting their personal growth by investing in coaching and development programmes.
- Introduced a people scorecard to assess Executives’ performance against a number of people metrics and deliverables, of which the Women in Finance Charter is one and this links to their Annual Incentive Plan.
- Provided our people with maximum flexibility to deal with lockdown, home schooling and caring, while protecting pay.
- Signed the ABI’s making Flexible Work Charter, which commits us to (1) publishing our flexible working policy externally (2) advertising the majority of roles as full time, part time and/or job share (3) ensuring we have processes and guidance in place to support different forms of flexible working. We see this helping to increase the proportion of women we attract to apply for senior roles.
We are proud to be one of the few companies in the FTSE250 with woman as a Chair and CEO and while our gender pay gap continues to be low compared to the broader financial services sector, we know there is more to do.
Our Chief Executive Officer, Penny James and our Chief People Officer, Vicky Wallis, are joint sponsors of our diversity and inclusion agenda, with our Commercial Managing Director, Jon Greenwood accountable for our progress on the Women in Finance Charter.