The UK pensions industry is increasingly proactive about diversity and inclusion
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mallowstreet’s first annual report on equality, diversity and inclusion (EDI), produced in partnership with Cardano, revealed that most trustees did not yet consider EDI to be a high priority. Since then, the Pensions Regulator (TPR) published official EDI guidance for trustees and sponsors. This has given the industry a clearer sense of direction and prompted many to start adopting diversity and inclusion policies.
What actions are trustees taking to improve EDI?
Our second EDI Report shows that a growing number of pension funds and trustee firms now have an EDI strategy in place. Trustees are also starting to set targets to improve diversity and inclusion on their teams as well as gathering statistics about the composition of their boards.
The report also highlights the importance of getting buy-in from the board and/or senior management. In fact, this is the main factor driving most schemes to adopt EDI policies. Another important way to advance the journey is by engaging with scheme sponsors on EDI considerations.
