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. A combination of demographics, skills, experience, race, age, gender, educational and professional background and other relevant personal attributes on the Board is important in providing a 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 has a specific objective to maintain at least 3 female Board members and, recognising the emerging target for FTSE companies to move towards 33% female representation, to take opportunities to increase the number of female Board Members over time where that is consistent with other skills and diversity requirements.
The Board also 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 Black, Asian and Minority Ethnic 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.