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Diversity - Coggle Diagram
Diversity
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FRC Guidance states
Developing a more diverse executive pipeline is vital to increasing levels of diversity amongst those in senior positions. Improving diversity at each level of the company is important if more diversity at senior levels is to become a reality. Greater transparency about the make up of the workforce could support this. This might cover a range of different aspects of diversity including age, disability, ethnicity, education and social background as well as gender
Working with HR, the nomination committee will need to take an active role in setting and meeting diversity objectives and strategies for the company as a whole and in monitoring the impact of diversity iniatitives. Examples of the type of actions the nomination committee could consider encouraging include
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Dedicated initiatives with clear objectives and targets eg. in areas of the business that lack diversity
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Publicly advertising board appointments and working with recruitments consultants who have made a commitment to promote diversity are examples of ways in which the nomination commiteee can access a more diverse pool of candidates from which to appoint. It also suggests that attention needs to be paid to how the interview process is conducted so that candidates with diverse backgrounds are not disadvantaged
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In 2010 the FRC amended the UK CG Code to state that appointments to the board should be made on merit, against objective criteria and with due regard for the benefits of diversity on the board, including gender
In 2013, the CA2006 was amended to introduce for quoted companies a requirement that the strategic report should contain disclosures on gender diversity, not just on the board but also in senior management positions and the workforce as a whole