Board Diversity Policy
The Board Diversity Policy (the ”Policy”) sets out the Board of Lloyds Banking Group’s (the “Board”) approach to diversity and provides a high level indication of the Board’s approach to diversity in senior management roles which is governed in greater detail, through the Group’s policies.
The Board places great emphasis on ensuring that its membership reflects diversity in its broadest sense. Consideration is given to the combination of demographics, skills, experience, race, age, gender, educational and professional background and other relevant personal attributes on the Board to provide the range of perspectives, insights and challenge needed to support good decision making.
New appointments are made on merit, taking account of the specific skills and experience, independence and knowledge needed to ensure a rounded Board and the diversity benefits each candidate can bring to the overall Board composition.
Objectives for achieving Board diversity may be set on a regular basis. On gender diversity the Board is committed to maintaining at least 3 female Board members and over time will expect female representation on the Board to match the 40% target that the Group has set for senior executives. Reflecting these aspirations the Board will aim to meet the Hampton-Alexander objective of 33% female representation by, or soon as possible after, the target date of 2020. The Group has also set a target of 8% of senior roles to be held by Black, Asian and Minority Ethnic (“B.A.M.E”) executives by 2020, and will aim to meet the objectives of the Parker review for at least one B.A.M.E. Board member by, or soon as possible after, the target date of 2021.
As noted the Board places high emphasis on ensuring the development of diversity in the senior management roles within the Group and supports and oversees the Group’s objectives of achieving 40% of senior roles held by female executives by 2020, and of 8% of senior roles being held by B.A.M.E executives by 2020. This is underpinned by a range of policies within the Group to help provide mentoring and development opportunities for female and B.A.M.E. executives and to ensure unbiased career progression opportunities. Progress on this objective is monitored by the Board and built into its assessment of executive performance.