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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 and inclusion 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. Consideration is given to the combination of diversity demographics, skills, experience, educational and professional background, and other relevant personal attributes on the Board to provide the range of perspectives, insights and challenge needed to support good decision making.

New appointments and succession plans are made on merit, taking account of the specific skills and experience, independence and knowledge needed to ensure a rounded Board and the diverse benefits each candidate can bring to the overall Board composition. They should promote diversity, inclusion and equal opportunity.

Objectives for achieving Board diversity are reviewed on a regular basis. On gender balance, the Board is committed to maintaining at least four women Board members and aspires to maintain 45-55% female representation on the Board, higher than the FTSE Women Leaders recommendation of 40%, while recognising the limited numbers involved. On ethnicity, the Board is committed to meeting the Parker Review recommendation of having at least one Black, Asian or Minority Ethnic Board member, which the Board currently exceed. Currently, the Policy is not applied to the Board committees individually, although we strive to apply similar representation across the committees.

The Board places high emphasis on not only its own diversity composition but on the oversight of the Group’s Diversity, Equity and Inclusion approach and ambitions and expects to be kept updated on progress. Any material changes to the Group’s Diversity, Equity and Inclusion approach are approved by the Executive Committee, noted by the Responsible Business Committee and approved at the Board level. This includes material changes in our DE&I ambitions and supporting plans. The Group’s policies are subject to local laws and regulations, and aspirations identified above reflect targets set out in the UK Listing Rules LR6.6.6(9). For further information on the current approach to the Group’s Diversity, Equity and Inclusion ambitions, click here. 

 

February 2025

 

We recognise that everyone is different

We value the unique differences that each of our colleagues bring to work every day. 

Together, we make Lloyds Banking Group stronger and the best bank for customers. We’re working hard to build an inclusive bank that reflects the diversity of modern Britain.

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