Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Defined Contribution East
    • 2023 ESG Investing
Breadcrumb
  1. Home
  2. GOVERNANCE
April 17, 2018 01:00 AM

Investment Association: FTSE 350 companies need to improve gender diversity

Legal & General Investment Management releases governance report about engagement with companies

Sophie Baker
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Getty Images/iStockphoto

    FTSE 350 companies need to change their ways when it comes to female representation at the leadership level, said the Investment Association, which represents U.K. money managers.

    The association and the Hampton-Alexander Review, a government-commissioned group, have written to 35 of the largest firms listed in the FTSE 350 index to call for change. The Hampton-Alexander Review aims to increase the number of women in senior roles at FTSE 350 firms by 2020, in addition to a number of recommendations including that boards have 33% female representation by that same year.

    The two groups said in a joint news release that 14 of the companies contacted are FTSE 100-listed, including those with all-male executive committees. The news release said BP PLC and Smurfit Kappa Group PLC have all-male executive committees, while Persimmon PLC and TUI AG's combined executive committees and direct reports have low proportions of women. Companies have been asked to explain their poor gender balance and to outline steps they have taken to move toward the targets set by the Hampton-Alexander Review.

    In the FTSE 250, the Investment Association wrote to 11 companies with all-male boards — including Sports Direct and Stobart Group. The IA said it also wrote to 10 firms that chose not to report gender-diversity data to the Hampton-Alexander Review last year.

    The Investment Association, which represents U.K. money managers with £6.9 trillion ($9.8 trillion) in assets under management, called on the firms to take action.

    "The body of research is clear: Firms with a diverse management team and (employee) pipeline make better decisions and drive innovation," said Chris Cummings, CEO of the Investment Association, in the release. "The target of 33% for women in senior leadership positions by 2020 absolutely aligns with investors' desire to see the companies they invest in recognizing diversity as a critical business issue."

    Mr. Cummings added that investors "are becoming restless and want companies to take action."

    Separately, Legal & General Investment Management said it had stepped up pressure on boards to address climate change, diversity and other environmental, social and governance-related issues.

    The firm said in its corporate governance report Tuesday that it had opposed the reappointment of 2,807 company directors in 2017, up from 2,362 in 2016; and voted against at least one resolution at 59% of companies, vs. 56% in 2016.

    The money manager, which has £983.3 billion in assets under management, has also written to many of the CEOs of the world's largest firms to set out how it expects them to address climate change, diversity, long-term strategy and shareholder rights, as well as other issues.

    Among top themes discussed by LGIM with the companies were board composition, executive pay, climate change and succession planning.

    "Our clients are increasingly asking us about a broader range of topics, which has helped us to enhance our approach and to put emerging issues on the agenda," said Sacha Sadan, director of corporate governance at LGIM, in a news release accompanying the report. "There are, however, themes that continue to resonate, and throughout the year we've seen a focus on gender diversity, climate change and governance and culture, all of which we are continuing to engage on with companies."

    Related Articles
    Japan's GPIF joins U.K., U.S. gender diversity organizations to strengthen ESG …
    SSGA expands diversity push to Japanese, Canadian companies
    European pension funds better at promoting gender equality, research finds
    Man Group moves to promote diversity following report revealing pay gap
    Commentary: Pay gap paradox
    Amazon sets policy to have diverse candidates for all director openings
    PwC: Financial support for pension funds reaches pre-crisis levels for FTSE 350…
    Recommended for You
    DiNapoli_Thomas_Jan2023_i.jpg
    New York State Common asks 7 companies to disclose political spending
    ONLINE_180129955_AR_0_WARRKZGXMCND.jpg
    SSGA expands proxy-voting power to investors in certain institutional funds
    Vanguard_Logo_1550_i.jpg
    Vanguard to explore expanding proxy-voting power for retail investors
    Research for Institutional Money Management
    Sponsored Content: Research for Institutional Money Management

    Reader Poll

    January 25, 2023
    SEE MORE POLLS >
    Sponsored
    White Papers
    Show Me the Income: Discovering plan sponsor and participant preferences for cr…
    The Future of Infrastructure: Building a Better Tomorrow
    Fulcrum Issues: Equity Returns and Inflation — Choose Your Own Adventure
    What Matters Most in Considering a Private Debt Strategy
    Why pursue direct lending in the core middle market?
    Research for Institutional Money Management
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Defined Contribution East
      • 2023 ESG Investing