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.
One of the key commitments we have made is to increase the representation of women at senior management level. This was a key driver in our decision to sign the Women in Finance Charter back in 2017. In signing the charter, we committed to:
- 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 our 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 target is to increase the proportion of women at senior management level to 25% by 2025. As of July 2021, the proportion of women in this population is 19%.
Whilst the charter focuses on women in senior positions, we remain focused on engaging and developing women at all levels as well as embracing diversity of all forms in order to strengthen inclusion in the workforce. Women make up 42% of our EMEA workforce, however we still have significantly more men in senior roles. Developing a strong internal female talent pipeline is critical to us achieving our targets. We are focused intently on enhancing this pipeline and use internal data to information our strategies and actions plans. This means reviewing our existing recruitment, talent and performance processes as well as internal training and development opportunities, parental and flexible working policies and more.
We are also focused on holding our senior leaders accountable. Our EMEA leadership objective is cascaded to all members of our EMEA Management Team, and includes key diversity metrics including our Women in Finance Charter targets and improving our Gender Pay Gap in addition to other areas of diversity. In addition, each of our senior leaders has a departmental business plan in place with gender targets set for our Managing Director, Director and Vice President levels. This objective forms a part of the performance scorecard for our senior executive team and is linked to pay.
To extend this further, we launched a mandatory manager objective to all line managers from the start of FY2021 to ensure more consistency and quality in our manager capability. This means that all managers are now evaluated on their performance as managers, considering factors including inclusion & diversity.
There is much more work to be done to ensure we remain on track to meet our targets. The next twelve months will see continued focus on how we attract, develop and retain women across our organisation, with the introduction of numerous initiatives to bolster the evolution of a more inclusive and diverse workforce.