In July 2016, Phoenix became one of the first companies to sign HM Treasury's Women in Finance Charter. This is a commitment by HM Treasury and signatory firms to work together to build a more balanced and fair financial services industry.

In signing the Charter, Phoenix pledged to promote gender diversity by:

  • Having one member of our senior executive team who is responsible and accountable for gender diversity and inclusion  
  • Having an intention to ensure the pay of the senior executive team is linked to delivery against these internal gender diversity targets 
  • Publishing progress annually against these targets in reports on our website 
  • Setting internal targets for gender diversity, particularly within our senior management.

Over the past two years we are pleased to report that we have made positive progress against our pledges and, as an organisation, we remain focused on this strategic objective:

  • Group Finance Director and Group Director, Scotland, Jim McConville, continues as the accountable senior executive.  
  • Our targets are published annually on our website and form part of our Phoenix Group Annual Report and Accounts.
  • All Executive Committee (ExCo) Scorecards task the individual with making a proportionate contribution to our Diversity agenda.

As part of our inclusion strategy, we have developed a range of networks, focused on LGBT, ethnicity, working parents and professional women's development and this year launched the Phoenix Group mentoring programme. We have undertaken a strategic review of our employment proposition and our recruitment and selection processes. We continue to develop a proposition that is inclusive and attractive to all potential employees.

It is clear that there has been good progress on our broader Diversity and Inclusion agenda.  However our targets, set for completion by the end of 2018 have been impacted by changes in senior management through acquisition, structural changes, resignation, and retirement. We have not therefore met the targets we set for completion by 2018. This is disappointing.

We are confident however, that the solid foundations we have put in place through 2018 will positively impact these figures in the coming year. 

On 31 August 2018 we completed the purchase Standard Life Assurance Limited. This transaction included the transfer of approximately 3500 employees to Phoenix. In order to give an accurate picture of how our business has performed against the targets we published in February 2018, we have recorded our employee data as at 31 August, the day before the purchase was completed. 

Against our Charter targets, our figures for the current Phoenix organisation are as follows:

  Aug 2018 Target by end of 2018
Top 100 Roles 22 30
Successors 36 40
Gender Pay Gap 24.9 <22

 Our targets are ambitious and sector leading, and we continue to be committed to them.  From this point forward, we will report our progress against these targets based on our combined entities, with a commitment to achieve them by the end of 2021.

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