FTSE 100 firms have stepped up when it comes to ethnic diversity at the top
@ChangeRaceRatio campaign founder @Lord_Bilimoria President of @CBItweets reflects on the #ParkerReviewReport, published today (16 Mar), on increasing #diversityandinclusion in UK boardrooms.
Lord Karan Bilimoria, CBI President and Chair of Change the Race Ratio, said:
“FTSE 100 firms have stepped up when it comes to ethnic diversity at the top. Now it’s time for those last few companies to follow suit and end the all-white boardroom.
“UK plc has reached an important way point, and it’s time to step up the pace of progress. The FTSE 250 must show the same effort and focus to improve ethnic diversity at senior levels.
“The Parker Review has created a groundswell of action which has led to real results in the boardroom. Government needs to match business progress by bringing in mandatory ethnicity pay gap reporting in the same way they have done for gender.
“Our Change the Race Ratio campaign exists to help businesses to improve, not only to measure their progress. I encourage all companies to sign up.”
‘CHANGE THE RACE RATIO’ CAMPAIGN REACHES 100 SIGNATORIES
11th Jan 2022: Momentum continues to build around Change the Race Ratio – a campaign aimed at increasing racial and ethnic participation in business – with a total of 100 firms now signed up since the campaign launched on 1st October 2020.
Latest campaign signatories include BAE Systems, Bolton Associates, Britvic, First Group, JLL, Mace Group, Miles Advisory, Paysafe and Sage.
Lord Karan Bilimoria CBE DL, CBI President, said:
“We can and must vastly improve racial and ethnic diversity in business. Not only is it a vital step towards giving more people the chance to succeed and making society more inclusive; the business case is also crystal clear. Diverse companies perform better on every metric.
“I’m incredibly proud to reach the milestone of 100 companies signed-up to our campaign commitments. We have been overwhelmed with interest since Change the Race Ratio launched.
“All firms have a role to play in shifting the dial on diversity in business and that’s ensuring talent from all walks of life can thrive in the workplace.”
Charles Woodburn, BAE Systems Chief Executive Officer, said:
“We are very proud to support the Change the Race Ratio campaign in helping to bring greater ethnic diversity to British businesses. We believe that developing an inclusive, diverse workplace where everyone contributes their unique experiences and insights will help drive innovation and future success for business.”
Stephanie Hyde, JLL UK Chief Executive, said:
“Like many businesses we are working towards a more diverse and inclusive culture and making this latest commitment to Change the Race Ratio is central to this. Ultimately, we want JLL to be a place where people feel like they belong and thrive, and that all individual differences are valued.”
As signatories of Change the Race Ratio, companies make the following four Commitments to Change:
- Increase racial and ethnic diversity among Board members. Take action to set targets, aligned to Parker Review, achieving:
- FTSE 100 – At least one racially or ethnically diverse Board member by end 2021.
- FTSE 250 – At least one racially or ethnically diverse Board member by 2024.
- Be transparent on actions
- Publish a clear action plan to achieve the targets and share progress in the Annual Report or on the company website.
- In addition, disclose ethnicity pay gaps within 2 years of joining.
- Increase racial and ethnic diversity in senior leadership
- Take action at ExCo and ExCo minus one to set clear and stretching targets and publish them within 12 months of making this commitment.
- In addition, aim to establish a separate target for black participation at both levels.
- Create an inclusive culture in which talent from all diversities can thrive
- Focusing on recruitment and talent development processes to drive a more diverse pipeline; data collection and analysis; fostering safe, open and transparent dialogue with mentoring, support and sponsorship; and working with a more diverse set of suppliers and partners, including minority owned businesses.
Are you a business interested in finding out more or wanting to become a signatory?
New Change the Race Ratio signatories include BAE Systems, Bolton Associates, Britvic, First Group, JLL, Mace Group, Miles Advisory, Paysafe and Sage. The full list can be found here.
The campaign has updated commitment number 3 – from ethnicity pay reporting deadline from ‘by 2022 at the latest’ to ‘within 2 years of joining the campaign’. This change applies retrospectively to all signatories who have joined since January 2021, to ensure there is a 2-year timeframe in which to meet the target upon a company joining.
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