Diversity, equity, inclusion and wellbeing

We believe in a business that's diverse and inclusive

Our DEI strategy

We embrace and celebrate our differences – diversity is our strength

We are committed to creating an inclusive culture where all colleagues feel welcomed, respected, supported and valued.

Diversity and inclusion

Read a message from our CEO, David Hynam.

“I believe that you get the best out of people when you allow them to bring their whole selves to work. DEI is close to my heart and I've championed equality in the workplace throughout my career. My job is to create an environment where people can thrive, give their very best and enjoy what they do every day – and that's how we make a positive difference for our members and customers.

I'm passionate about improving experiences here at LV= of both colleagues and our customers and am committed to creating a positive culture across at LV= that respects and values individual differences and provides everyone with growth and development opportunities. My aim is to develop a rich culture of varied ideas, mindsets, and possibilities where everyone feels they can participate and achieve their full potential at LV=."

Commitment pillars

Underpinning our strategy are three core pillars. These are fundamental in ensuring our long term commitment to our DEI journey.

Transparency

Intent

We will share our DEI strategy and openly report data and progress internally and externally.

We will enable and encourage our people to share their diversity data.

Action

Include socio-economic data in our DEI data collection.
Publish our ethnicity data as part of our Sustainability Report.
Build pride in our culture and DEI activities.

Accountability

Intent

We will ensure everyone has an equal chance. We will reflect the world we live in at every level of our organisation.

We have a zero tolerance approach to discrimination of any kind.

Action

Behavioural, diversity and wellbeing training for line managers and all colleagues.
Introduction of blind CVs in the recruitment process.
Encourage allyship of all our colleagues to build a culture of accountability and ownership for all.

Engagement

Intent

We will educate ourselves on the world around us and learn from each other – we will listen and take action.

We are all different. We will understand and remove any barriers, so everyone is confident that they have the same opportunity for success.

Action

Colleague led networks celebrate events and share stories.
Reverse mentoring opportunities.
Activity in our local communities.

What does this mean for LV=?

To embed our DEI strategy into the heart of our culture, we’ll need to consider the following elements…

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Practices and processes

Include DEI and wellbeing questions in colleague engagement surveys.
Invite and encourage colleagues to be active members or allies of DEI and Wellbeing networks.
Develop diverse talent pipelines.
Ensure people policies and documents are inclusive.
Communicate in a clear and purposeful style.

Image of a group of Women in an office environment

Lead from the top

Promote leader and line manager advocacy and accountability.
Drive sponsorship at a senior level.
Actively engage with colleagues at all levels.
Empower colleagues to drive change.

Learning culture

Provide tools, programmes and support to increase awareness and understanding of DEI for colleagues and LV=.
Build leader and line manager capability.
Enable colleague led DEI and Wellbeing networks to drive initiatives and activities.
Gain regular feedback from internal stakeholders and promote external learning from other organisations and bodies.

Data driven

Collect and report data at an aggregate level internally and externally.
Set targets using external benchmarking and monitor progress transparently.
Use consistent metrics to understand effectiveness of actions taken.

Allyship

Our Balance network is an Employee Resource Group (ERG) that champions gender equality providing resources, safe spaces to discuss issues and support for all gender identities through the milestones that occur in life.

Our Pride network is an Employee Resource Group (ERG) that supports LGBTQIA+ colleagues and allies both in and out of the workplace. The network aims to create awareness and normalise conversation around the topic and values and respects everyone’s unique diversity.

Our Diversability network is an Employee Resource Group (ERG) that aims to champion and deliver a workplace and environment for all our colleagues who have diverse needs to ensure we enrich our organisation through diverse perspective and talents.

Our Respect network is an Employee Resource Group (ERG) that aims to foster an inclusive culture where all backgrounds, whether that be ethnic, religious, cultural or socio economic, are celebrated, valued and heard.

Our Wellbeing network is an Employee Resource Group (ERG) focusing on ensuring our colleagues feel energised and empowered and have the tools and resources to look after their wellbeing and live happier and healthier lives.

Board diversity

We recognise and embrace the benefits of having a diverse Board

We recognise and embrace the benefits of having a diverse Board. We see it as an essential element in maintaining a competitive advantage. A truly diverse Board will include and make good use of differences in skills, regional and industry experience, education and professional background, race, ethnicity, and gender. Other personal attributes of the directors which are likely to support high performance, such as courage, openness, honesty, tact, ability to listen, strength of character, and judgement are also considered beneficial in developing a truly diverse Board. These differences will be considered in determining the optimum composition of the Board and when possible should be balanced appropriately.

All Board appointments will be made on merit and reflect the skills and experience the Board as a whole requires to be effective. The Remuneration and Nomination Committee (Rem & NomCo) reviews and assesses the Board’s composition to ensure that, between them, the directors have sufficient current and relevant knowledge and experience to understand the key activities and risks in the business.

In reviewing Board composition, Rem & NomCo will consider the benefits of all aspects of diversity to reduce groupthink, whilst maintaining an appropriate range and balance of skills, experience and background on the Board.

The Board supports ethnic and gender diversity and is aware of the target for women to represent 40% of Board membership and to have one senior board position held by a female. The Board also supports the Parker Review recommendation to have at least one director from an ethnic minority background by 2024.

The balance this year for the non-executive directors on the Board has remained at a 50:50 ratio, with three male and three female members. As the Board is comprised of two executive directors and six non-executive directors, this achieves 38% female representation overall. The role of Senior Independent Director is held by a female non-executive director and our Board also includes one non-executive director from an ethnic minority background. However, in identifying suitable candidates for appointment to the Board, Rem & NomCo will consider candidates on merit against objective criteria as well as having due regard for the benefits of diversity on the Board.

The Board is committed to ensuring continued focus on the diversity of their membership, and the business as a whole, with the aim of better reflecting the demographics of LV’s customers and members. LV= is a signatory of the Women in Finance charter and has pledged a target for women to represent 43% of senior roles within LV=. The Rem & NomCo will continue to challenge management to improve policies and processes to ensure diversity remains a key focus and targets are progressed and achieved.

Our partnerships

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