Women in Finance Charter

Our commitment to making Women in Finance work for everyone.

HM Treasury’s Women in Finance Charter is a commitment to improve gender balance across the financial services sector, at every level.

The Charter commits firms to supporting the progression of women into senior roles in the financial services sector. It requires firms to publicly report on progress against targets to support this progression.

By signing up, organisations pledge to promote gender diversity by:

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

Our Vision and Commitment

The Women in Finance Charter is focused on gender diversity, but our ambitions are much bigger.

Many of the Charter’s recommendations are about fairness, equality and inclusion for everyone.

With that in mind, we aim to develop the actions and initiatives that improve diversity but which also create a truly inclusive workplace community, where opportunities for development and progression are accessible to all and respect is embedded in all our interactions.

What we’re doing

The spirit of the Charter reflects the way we operate and delivers on our internal promises to ‘always do the right things’ and ‘value our differences’.  We made significant progress early by achieving the WIF Charter target in 2018 although we haven’t been able to sustain that progress this year. 

We are determined to continue to build an environment where everyone’s views can be heard, and contributions are valued.  We’re seeing the progression of talented women across the business through the organisation and will now be supporting the Charter across the Aldermore Group including MotoNovo Finance (MNF).

We’ve changed the way we operate around diversity and inclusion, by setting up an umbrella agenda supported by senior leaders across our four core areas of focus.  These are:   

  • Inspiring future female leaders 
  • Mental health
  • BAME colleague network
  • LGBTQ+ and Allies

 

We’re fully committed to making a difference, to building a culture that makes Aldermore an even better place to work and where colleagues are backed to be their best.

December 2021 update

We know, first-hand, greater diversity and equality contributes to a positive culture and the benefits can be seen every day in how we interact with each other, as well as how we engage with our customers. This year we’re reporting against HM Treasury’s Women in Finance Charter as Aldermore Group, which includes Aldermore Bank and MotoNovo Finance. 

As of 30 June 2021, we have recorded 21% female representation in senior management. Unfortunately, we haven’t met the Charter’s 30% target this year. However, we have committed to achieving this in 2022 and going further by setting a target of 50% by 2025.

As in previous years, we will be providing more detail about our Women in Finance performance along with our gender pay data for the Group and our individual entities (Aldermore Bank and MotoNovo Finance), in an annual report and can be viewed here.

What we still have to do

Aldermore has consistently invested in creating a culture that recognises talent, rewards performance and is attractive to new hires as an employer of choice. Signing up to the Women in Finance Charter was a natural next step for a company that is always evolving, We’re putting in place new commitments and reviewing interim milestones, that will further build momentum and be evidenced in the next reporting year. 

The areas we’re concentrating on are: 

  • Gender – Increasing the number of women represented in senior management roles to 30% in FY 2022 (currently 21%); 40% by end of FY 2023; and 50% representation by 2025
  • Race and ethnicity – Ensuring at least one Board Director from an ethnic minority background by 2024 and increasing the percentage of Black, Asian and minority ethnic colleagues in management roles (level 4 and above) to reflect the UK population
  • Delivering gender balanced shortlists for all roles at Senior Management.

 

Governance

To make the lasting change we want to see as early as possible it has to be led from the top of our business, which is why our Group CEO, Steven Cooper, is the leading executive responsible for our progress.  In addition, our Inspiring future female Leaders programme is led by our Group CFO, Claire Cordell, which is focused on identifying and nurturing female talent and removing the barriers that may prevent them from developing and taking on more senior roles.

We’ve set clear key performance indicators that are regularly reviewed and discussed.  Our current KPIs also include a path to achieve parity in gender pay.

Target: 50% of senior managers will be women by 2025.