Board Composition and Diversity Policy
At Principality, we believe that having a diverse, fair, and inclusive culture is essential for our long-term success. We have put in place an Equity, Diversity, and Inclusion Policy that applies to our Board, Board Committees, and the business as a whole. Our goal is to make sure we are an inclusive and welcoming organisation where difference is celebrated and everyone belongs.
Inclusivity by Design is a strategic goal. The values and beliefs that support this commitment apply to both our Board members and our colleagues and stakeholders.
We aim to create diverse perspectives within our Board by considering a variety of factors. These are thoughts, skills, independence, and life experiences. This diversity will reflect the Members we represent and the communities we serve. By doing so, this will inform new appointments to make sure that our Board remains relevant and effective.
Our commitment to diversity includes different areas, including but not limited to, gender, ethnicity, sexual orientation, disability, experience, skills, tenure, age, religion, geographical background, professional and educational background, and socio-economic status. This commitment includes a target of having a minimum representation of gender identity at 33% of the Board, with at least two Directors from underrepresented groups.
The Governance and Nomination Committee Process
The Governance and Nomination Committee will aim to make sure members of the Board and Board Committees have the necessary abilities. These include a suitable range of skills, experience, knowledge and behaviours.
This will be required to be successful in their roles to look after the organisation’s strategic priorities.
All Directors must meet the test of fitness and propriety at all times. This is required by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
Before taking up their role, Directors must receive PRA and FCA approval, where necessary.
The Governance and Nominations Committee will report annually on the Board appointment process. This is found in the Corporate Governance section of the Annual Report and Accounts.
The report will include a summary of the Board Composition Policy. The Committee will give an update on the ratios of under-represented groups who make up the Board membership.
Board composition will also form part of the Diversity and Inclusion Dashboard.
The Policy will be reviewed regularly, at least every 3 years.
The Governance and Nominations Committee, along with the Inclusion Manager will assess how successful it has been. This will ensure targets for under-represented groups remain appropriate.
The Committee will recommend any necessary Policy revisions to the Board for approval.
This policy is part of our commitment to be a more inclusive place to work. A place where our colleagues, and our Members, feel they really belong.
For more information on our commitment, visit our Diversity and Inclusion page.
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