Test Environment

EXECUTIVE SUMMARY

1. Purpose of this policy

This document describes the Board Diversity Policy for Talbot Underwriting Ltd (TUL).

2. Regulatory requirements

This policy sets out how Talbot will comply with the PRA’s requirement for large insurers to maintain a Board Diversity Policy. This is part of the PRA’s Senior Insurance Manager’s Regime.

3. Policy ownership

The Board Diversity policy is owned by the Board of Talbot Underwriting Ltd.

4. Roles and responsibilities

The table below lists the key roles and associated responsibilities:

 

  Roles   Responsibilities
Talbot Governance Team
  •  Drafts the Board diversity policy, in conjunction with the HR department as required. 
Talbot Board
  •   Reviews and approves the Board Diversity policy on an annual basis.
Talbot Nominations Committee
  •   Oversees the process of appointing new Board members as required.

 

POLICY STATEMENTS

1. Introduction

The Board Diversity Policy (the “Policy”) sets out the Board of Talbot Underwriting Ltd.’s (the “Board”) approach to and promotion of diversity. The success of Talbot Underwriting Ltd (the “Company”) is enhanced by building a diverse and inclusive culture. The Board’s approach to diversity sets the tone for the entire Company, which is governed in greater detail in the Company’s policies.

2. Board appointments

The Board nominations process is a formal and transparent process and welcomes the benefits of diversity and a number of measurable factors are considered by the Board including gender, race, ethnicity, sexual orientation and age, as well as diversity of approach, skills and experience. The Board Nominations Committee is responsible for review of the structure, size and composition of the Board, and makes recommendations to the Board with regard to the appointment of new members.

Board appointments are based on merit and candidates are considered against objective criteria. The Board acknowledges that the overall effectiveness of the Board and prudent management of the firm and protection of policy holders is supported by a diverse membership. The Board considers that a Board which benefits from a diversity of thought encourages constructive debate and mitigates the risk of ‘groupthink’. Board members are asked annually, via the Board Effectiveness Review, to consider whether the Board has the right balance of skills, knowledge and experience, and whether the nominations process pays due regard to the benefits of diversity.

The Board places high emphasis on ensuring the development of diversity in senior management roles in the Company, and expects the firm leaders, including the CEO, to promote a culture of diversity. Diversity at Board level is supported by ensuring diversity at senior management level and the executive pipeline, through career development and ensuring a level playing field for progression. The Board has therefore set an aspirational target of 33% female representation on the Board, and progress on moving the Company to a more diverse workforce is monitored by the Board via reporting from the Human Resources and Learning & Talent Development teams.