Statement from Lloyd's:
Lloyd’s today announced a series of signature actions designed to make the Lloyd’s market a place where everyone can feel safe, valued and respected.
These actions are Lloyd’s response to the findings of the largest culture survey ever conducted in the insurance sector.
The survey was commissioned by Lloyd’s in the wake of reports of sexual harassment in the Lloyd’s market, however the results paint a more complex picture, with four key themes emerging:
- The experience of women in the Lloyd’s market – women scored more negatively than men across the piece, whilst one in five respondents do not believe people have equal opportunities regardless of gender.
- Speaking up – 8% of all respondents had witnessed sexual harassment over the previous 12 months, however just 45% said they would feel comfortable raising a concern.
- Wellbeing – 40% of survey respondents felt under excessive pressure to perform at work, whilst 24% had observed excessive consumption of alcohol during the past 12 months.
- Leadership – 22% of respondents have seen people in their organisation turn a blind eye to inappropriate behaviour.
The programme of measures announced today builds on the five-point action plan^ put in place earlier this year and is intended to further accelerate the pace of change. Actions include:
- A Gender Balance Plan, setting clear and measurable targets for improving the representation of women at senior levels within the Lloyd’s market, based on the principles set out in the Hampton Alexander review.
- Setting Standards of Business Conduct requiring every person and every organisation operating in the Lloyd’s market to act with integrity, be respectful and always speak up
- Introducing a Culture Dashboard to closely monitor progress in the Lloyd’s market against key indicators of a healthy culture, to be published in Lloyd’s annual report.
In addition, to provide challenge and ensure that Lloyd’s is taking the right actions, we will appoint an independent advisory group comprised of leading experts with experience of successful cultural transformation. This group will be chaired by Fiona Luck, a Lloyd’s board member and non-executive director responsible for talent and culture.
A range of further measures will be rolled out through 2019 and 2020 to address the four key themes. These include promotional campaigns intended to increase confidence in speaking up, and awareness of mental health and wellbeing.
Lloyd’s CEO, John Neal, said:
“I am determined that we create a working environment at Lloyd’s where everyone feels safe, valued and respected. Cultural change takes time, but we have to accelerate progress and the measures announced today are intended to do just that.”
‘The vast majority of people working at Lloyd’s are as committed as I am to taking the action we need to drive measurable results. Creating an inclusive marketplace is a priority for Lloyd’s and crucial to our long-term success.”