For those that haven't come across it, the "Rooney Rule" (named after Dan Rooney, former owner of the Pittsburgh Steelers and former chairman of the NFL’s diversity committee), was implemented at the NFL in 2003 and states that teams must interview a Black, Asian and Minority Ethnic (BAME) applicant when recruiting for senior coaching positions.
Although it has spread to other sporting leagues (including the FA last year), this is the first time that I've heard it be adopted by a company in FS.
Goldman's Sach's implementation states that two "diverse" candidates must be implemented for any open position.
This follows initiatives to ensure gender diversity on shortlists (such as in politics and consulting), and ethnically diverse shortlists in other industries. Surely this is an idea who's time has come?
Goldman Sachs Implements Its Own ‘Rooney Rule’ in Diversity Push
Managers at Goldman Sachs Group will be required to interview two diverse candidates for any open job, a push the firm hopes will change its heavily white, male workforce.
Companies warned 'you lack senior women'
Firms including Domino's Pizza and JD Sports told to appoint more women directors or risk investor warning.
Dozens of firms, have been told to put more women in their boardrooms. Recent data have also shown that instead of getting closer to the 30% women on Boards the figure has been decreasing. The Investment Association and the government-backed Hampton-Alexander wrote to 69 companies calling on them to have 33% of their boards made up of women by 2020.
I believe it is disappointing that this step needs to be taken although on the other hand such a step simply needs to be necessary to keep these companies on their toes and on the radar.
An important point in this article is that the fact that companies had failed to bring women into board rooms and into leadership positions "does not reflect the population of very talented women capable of making great contributions in boardrooms".
The first companies (so far 10%) have started to report their GenderPayGap (due April 4) over 2019. Although the first statistics are that the overall gap has decrease from 9.7% to 8.4%, 4 out of 10 companies show worse results than last year. It is going to be interesting if there is a real difference between those 4 and the other 6 in a sense of the measures that have been taken to start closing the gap.
The financial sector is doing particularly poorly (average appr. 22%) and is only beating by the construction industry.
Looking at some of the individual financial services companies, shows that the median in the sector is even worse and immediate action is necessary in these companies. You might even conclude that something structurally is wrong in these companies !!
It would be to easy to just promote women in more senior positions (although when this is overdue it clearly should be done). Instead (structural) measure need to be taken to ensure that the pipeline of women in companies is growing and their career path at a minimum are aligned with those of men ie equal opportunities.
Nevertheless, the individual can contribute as well by becoming a mentor, when recruiting putting aside the biases you might have (or at least be aware of them and challenge them), taking up your equal share of parental leave as a man (or even go beyond), etc.
I believe it is not just a companies responsibility and we should all do our bit to get to parity.
Gender pay gap grows at hundreds of firms
The pay gap has widened at one in four firms that have revealed their figures ahead of the deadline.
LGBT History Month is a month-long observance of lesbian, gay, bisexual, transgender and queer history, as well as a means of raising awareness for the issues faced by LGBTQ+ people. This year’s theme is Peace, Activism and Reconciliation and the calendar of events run through to March. You can find what’s going on here.
On February 1, the government pledged £2.6million towards 12 organisations who are working to improve the lives of LGBT in the UK as part of the LGBT Action Plan.
This week a blue plaque was unveiled by English Heritage at Butler’s Wharf for film maker Derek Jarman marking 25 years since his death, and this February’s LGBT History Month. This are just a couple of many events happening around the UK, in the capital and in various Investment Management companies.
So what has been happening around LGBT History Month in our Investment Management community?
We’ve visited some events this month: here's a digest of two of them and thanks to @Andy Milner for his input and photos
LGIM organised together with InterInvest, a panel discussion around “Trans inclusion in the workplace”. A very interesting panel discussion around the personal experience of the panel members in the workplace and some very valuable insights in how we all can be more inclusive. The main take away being to be an ally in the workplace by standing up against incorrect behaviour, discrimination, being thoughtful and of course inclusive. You could say that this should be in general the case, nevertheless the trans community, due to the many stigmas and biases linked to it, deserves more of it.
Schroders organised another event, with the main speaker Tim Hailes (Managing Director & Associate General Counsel in the Investment Banking Division of JPMorgan Chase & Co and first openly gay Alderman for the Ward of Bassishaw in The City of London), linking his experience as a gay man to the major events in the LGBT history in the UK.
Some great history facts with quotes of Tim Hailes - you can see the timeline in the photo below.
A story of challenges, moving back into the closet and confidently stepping out of it again, humour and unexpected support of people and colleagues around him. All over a self confident and uplifting talk.
LGBT History Month has traditionally gone unmarked in the investment industry but this year LGBT Great is calling on all firms to embrace it by showing continued support for the #hereiam campaign.
LGBT Great, is the organisation focused on improving equality and inclusion in the investment industry, In November it launched #hereiam with a goal to identify over 1,000 LGBT+ individuals within the industry over five years to ally with and promote as role models. The campaign also highlights existing LGBT Great Role Models, with Schroders, Legal & General Investment Management, Lane Clarke & Peacock LLP, AGG Wealth Management and The Investment Association.