Description of the action
Through our diversity andinclusion strategy we have a clear five-year plan, including some ambitious targets for 2025, supported by a governance model that spans our entire enterprise and with global workstreams acrossgender, ethnicity/nationality, LGBT+,disability and life stages. We continue to work toward our targets of 40% women and 20%ethnicity in senior leadership roles by 2025, achieving 35% women and a 13% ratio of people of Black, Asian and minority ethnic backgrounds at the Executive Committee and direct reports level – as of December 2021. From May 2022, following some new appointments to the board, we have maintained ourgender balance, whereby four out of nine Directors are women, including the senior independent director and an executive director role and have improved our board diversity with a Director of diverse ethnic background.
Context
Inclusion and diversity are the bedrock of M&G’s culture and, alongside climate change, are one of our strategic priorities as a business. The success of our operations is highly dependent on our ability to attract, retain and develop highly qualified professional people with the right mix ofskills and behaviours to support our business strategy and culture.
Objectives
We are committed to enhancing our reporting metrics. In May 2021 we published pay gap data inclusive ofethnicity for both 2020 and 2021 – with thegender gap for 2021 recorded as 29.3% (2020: 30.5%), and theethnicity gap recorded as 5.7% (2020: 9.3%). We continue to work toward our targets of 40% women and 20%ethnicity in senior leadership roles by 2025, achieving 35% women and a 13% ratio of people of Black, Asian and minority ethnic backgrounds at the Executive Committee and direct reports level – as of December 2021.
Approach
This year our priorities are continuing progress against our 2025 commitments of diversity in leadership of 40% women and 20% Black, Asian or minority ethnic people at Executive Committee and direct reports level. Improving our colleagueinclusion and well-being indices from 83% and 78% respectively in our annual colleague engagement survey. As an investor we also continue to build our reputation as a champion of diversity andinclusion, and are using our influence to encourage other companies to deliver improvements - setting minimum expectations for investee companies on Boardgender diversity, recognising progress on a pathway togender equality by 2027 can differ according to company location and size, and reporting progress and actions taken.
Impact
We became the first business in our sector to publish data forgender andethnicity across a two-year period. Moving forward this year, we are continuing to progress against our 2025 commitments and improve our colleagueinclusion and well-being indices from 83% and 78% respectively our 2021 colleague engagement survey.
