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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 inclusion and diversity 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 demographics, skills, experience, race, age, gender, 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 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.

Objectives for achieving Board diversity are reviewed on a regular basis. On gender diversity, the Board is committed to maintaining at least four women Board members and over time will aim to reach 50% representation of men and women on the Board to match the 50% ambition that the Group has set for women in senior roles. Reflecting these aspirations, the Board will also aim to meet the recommendations set out by the FTSE Women Leaders. Currently, this policy is not applied to the Board committees individually, although we strive to apply similar representation across the committees. The Group has also set a target of 13% of senior roles to be held by Black, Asian and Minority Ethnic colleagues by 2025. The Board will therefore aim to reflect this goal with regard to Board members.

As noted, the Board places high emphasis on ensuring the development of diversity in the senior management roles within the Group and supports and oversees the Group’s ambition of achieving 50% of senior roles held by women by 2025, and of 13% of senior roles held by Black, Asian and Minority Ethnic colleagues by 2025 (including a minimum of 3% of senior roles being held by Black Heritage colleagues). This is underpinned by a range of policies within the Group to help provide mentoring and development opportunities for women and Black, Asian, and Minority Ethnic colleagues and to ensure unbiased career progression opportunities. Progress on this objective is monitored by the Board and built into its assessment of executive performance.

February 2024

 

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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