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Corporate Responsibility

Our people and culture

Large green heart

A diverse and inclusive culture is key to the successful delivery of LV=’s future strategy.

We are committed to creating a culture which respects and values individual differences, a place where everybody feels comfortable being themselves and where their views are recognised and respected in a truly inclusive business. For 2017 gender balance was a key focus.

Board diversity

The board has adopted the following diversity policy, it shows that LV= recognises and embraces the benefits of having a diverse board, and sees diversity at board level as an essential element in maintaining a competitive advantage. A truly diverse board will include and make good use of differences in the skills, regional and industry experience, education and professional background, race, gender, and other qualities of directors. The board supports the target for 30% female representation on the board by 2020. Corporate Governance and Nomination Committee will review and assess the board composition to ensure a consistent and fair approach.

Application of the board diversity policy

In reviewing board composition, the Corporate Governance and Nomination Committee will consider the benefits of all aspects of diversity including, but not limited to, those described above, in order to maintain an appropriate range and balance of skills, experience and backgrounds on the board.

Performance against policy

As at year-end, women made up 13% of the LVFS board including 17% of non-executive directors. During the year the board appointed one executive director and one non-executive director (both male) and recommended two further directors who have been appointed in 2018 (one male, one female). These appointments are based on the recommendations of the Corporate Governance and Nomination Committee, using the assistance of an external recruitment consultant.

Women in Finance

Women in Finance Charter

We want talented people to have equal opportunities to grow their careers at LV= and we’re committed to increasing the female population at senior levels in line with the voluntary HM Treasury Women in Finance Charter we signed up to in 2016. We’re on track to achieve our pledge to have 40%, or above, female representation at senior levels by 2020.

30% Club

In 2017 as part of our focus on gender diversity we signed up as a partner to the 30% Club, a cross-company, cross-sector mentoring scheme, with the ultimate goal of broadening the pipeline of female talent coming through organisations and making a step-change to the number of women attaining senior and board roles.

Women in Finance Awards

The Women in Finance Awards are the finance industry’s largest diversity event and in 2017 we sponsored the headline award ‘Woman of the Year’, as presented by our chairman, Alan Cook.

We were also very proud to see one of our colleagues and Pride network champion, Debbie Cannon, awarded ‘Insurance Leader of the Year’ at the awards for her truly inspiring journey, her compelling honest story, and for standing up as a role model to other women in the sector.

Employee engagement

We know that having engaged employees has a positive impact on customer experience and therefore business performance, which is why each year we invite our people to give us feedback via our Engage employee survey. 2017 has been a year of significant change across the group and we recognise that the uncertainty that our people have experienced during this time is reflected in the sustainable engagement score of 76%, 5% lower than 2016.

Reward and recognition

We are committed to making sure our people are rewarded fairly through the regular review of our pay levels to ensure they are competitive both internally and externally with market rates. We pay all our employees at least the Living Wage rates of pay. In 2017, the average full time employee salary was £32,200 (2016: £31,500). In addition to basic pay, all our employees participate in an incentive scheme which is structured around both individual and business performance. In 2017 the average bonus was 11.7% of bonus-able earnings.

All employees automatically become members of the LV= Pension Plan when they start working for us. They also have access to the LV= Pensions Village which allows them to track their contributions and the impact contribution levels will have on their retirement plans.

Gender pay gap

UK employers with over 250 employees must now report on their gender pay gap. This is a measure of the difference between males’ and females’ average earnings across an organisation and something that we welcome because we want talented people to have equal opportunities to grow their careers and we believe that gender balance is vital to our success. We have published our gender pay gap, using data from April 2017, and at 28%, our mean gender pay gap is lower than the indicative average for the financial services industry (34%). We understand why it exists, recognise there is work to be done and are focused on the steps needed to close the gap. To view our full Gender Pay Gap Report visit LV.com.

Proportionately the split between the overall number of males and females working for LV=, as at the end of 2017, stood at 52% female and 48% male. From a job role perspective where a band A is most junior and band E most senior, the infographic below shows the ratio of female employees in each band:

Gender data 2017

Bar chart showing gender data between different pay bands and gender. Please see table 1 for a gender pay gap breakdown.

Graph of gender data 2017
Table 1 - The gender pay gap breakdown

Band

Typical roles

Number of employees

Male

Female

Band A

Sales, service and claims representatives

2,097

35%

65%

Band B

Team leaders, personal assistants and administration

1,989

46%

54%

Band C

Technical and managerial

1,644

64%

36%

Band D

Senior leaders and heads of department

77

74%

26%

Band E

Executives

16

81%

19%

Total

5823

48%

52%

See our People and Culture pages from our Annual Report and Accounts

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Our people and culture