Gender pay gap, disclosure included in management report

CYBG PLC – Annual report – 30 September 2017

Industry: banking

Strategic report (extract)

Delivering to our stakeholders (extract)

Colleagues (extract)

Inclusion (extract)

Gender pay gap

An important element of inclusion is to reduce our gender pay gap. As part of this year’s Annual Report and Accounts, for the first time, we are disclosing our April 2017 gender pay gap in accordance with the UK Government regulations for gender pay gap reporting.

Our overall mean and median gender pay and bonus gap based on a snapshot date of 5 April 2017 (pay) and bonus paid in the 12 months to 5 April 2017 is:

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We are confident that we do not have equal pay issues, and conduct a biannual equal pay audit in partnership with our trade union, Unite. Through this audit we review the gender distribution of performance, base pay, allowances and bonuses paid to our staff. We are confident that performance is not gender biased and where pay gaps exist they are not driven by gender.

Our gender pay gap is largely driven by the fact that we have more men than women in senior roles. Our Women in Finance Charter commitments are a public demonstration of our ambition to increase the proportion of women in senior roles. We are also working to increase career progression at all grades.

This commitment includes:

  • reviewing our approach to parental leave to encourage shared parental leave;
  • reviewing other working policies to make flexible working easier, particularly in   more senior roles;
  • ensuring our recruitment processes attract a diverse range of candidates;
  • making our unconscious bias training mandatory for all colleagues;
  • establishing a sponsorship programme to develop more diverse leaders;
  • formally linking executive reward to our inclusion targets;
  • continuing to undertake our equal pay audits in conjunction with our trade union Unite;
  • transforming our performance management approach to encourage ongoing personal improvement, removing the risk of any gender bias; and
  • reviewing our reward practices to ensure they help us reduce any gender pay gaps.

Through all of these practices we are aiming to create meaningful progress with regards to inclusion in senior management, based on robust pipelines of diverse talent.

[Note (not part of extract): From 6 April 2017 employers in Great Britain with more than 250 staff will be required by law to publish the following four types of figures annually on their own website and on a government website:

  • Gender pay gap (mean and median averages)
  • Gender bonus gap (mean and median averages)
  • Proportion of men and women receiving bonuses
  • Proportion of men and women in each quartile of the organisation’s pay structure]

 

 

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