MUFG's Inclusion and Diversity strategy aims to ensure that we fully embrace diversity and embed an inclusive culture where all perspectives, skills and expertise are valued. We recognise that having a robust Inclusion and Diversity programme is instrumental in supporting the sustainable growth of our business, and - more importantly - we know that focussing on this is the right thing to do for our employees and those who want to join us.
While we broadly define diversity as all the qualities and characteristics that make us different from one another, gender diversity is a particular focus for us at MUFG given the commitments we made when we signed the HM Treasury Women in Finance Charter in 2017.
When we signed the Charter, we committed to improving the gender diversity across our senior positions in the UK by increasing representation by at least 10% by 2022 – meaning that we wanted to increase the proportion of women in Managing Director roles by at least 2%, year-on-year.
It has been three years since we have signed the Charter and although we have increased the proportion of women in Managing Director positions by 3% over three years, we have missed our target of 2% growth year-on-year for the first time. This was primarily driven by hiring decisions during the year, and the acquisition of DVB Bank's aviation finance team that added a significant proportion of senior employees in the UK.
In order to ensure we remain on track to meet our targets for 2022, we have taken a number of actions including but not limited to:
- Refreshed our gender strategy that outlines action to focus on how we attract, develop and retain female talent at MUFG.
- Our EMEA Management team participated in Unconscious Bias training in May 2020 and have introduced Unconscious Bias training to our learning curriculum for managers so as to improve awareness of bias in the workplace and how unconscious bias can influence decision making.
- Increased the number of development initiatives to bolster the female talent pipeline leading up to the Managing Director population.
- Introduced a Reverse Mentoring programme for our EMEA Management Committee who will be mentored by women at Vice President level.
In addition to this, we have a number of important opportunities in the pipeline including an external review of key policies and processes to mitigate the risk of bias in our key procedures.
Our efforts to enact real change as part of the Women in Finance Charter runs in parallel and in partnership with initiatives set by our Early Careers team, who have set themselves the target of requiring each intake within our Apprentice, Intern, and Graduate programmes to be at least 50% female. We have been consistent in exceeding our targets in these areas of the business since the origination of this programme three years ago and are hugely proud of what we continue to achieve in this space.
We may have made some positive progress over the last three years and are excited to continue to drive progress at MUFG, but we acknowledge that there is much more work to be done. The next twelve months will see continued development of our Gender Strategy, as well as the launch of other initiatives that will bolster the evolution of a more inclusive and diverse workforce.
The EMEA Inclusion and Diversity Strategy has the unequivocal support of our EMEA management team, led by Regional Executive Takanori Sazaki and John Winter, CEO of MUFG Securities EMEA, Head of MUFG Bank – London Branch, Head of Global Markets and Corporate and Investment Banking EMEA.
For more information on our Inclusion and Diversity strategy and activities please click here.