Pension trustee diversity falls short of the overall population, according to The Pensions Regulator(TPR).
According to TPR’s inaugural diversity survey involving 2,197 respondents, the typical trustee is a white man over 45. Although 78 per cent of respondents acknowledge the value of diversity, just 34 per cent have made efforts to address it.
TPR highlights how important it is for trustees to comprehend diversity in a way that goes beyond outward appearances. Although the poll suggests that professional trustees are more proactive when it comes to diversity initiatives, trustees’ general awareness of TPR’s guidelines regarding diversity and inclusion is still only minimal.
The study’s main conclusions include the important role chairmen play in spearheading diversity initiatives within trustee boards. According to TPR, the research emphasises how crucial leadership is to creating inclusive workplaces and advancing diversity initiatives.
IGG chief people officer Manpreet Sohal says: “Today’s data released by The Pensions Regulator paints a frank picture of what the ‘typical’ trustee looks like, and unfortunately it is less diverse than the overall population. There are a number of reasons why this is, from internal recruitment barriers, to unconscious biases, to lack of awareness of the role amongst less represented groups. However, all of these can, and should, be overcome through the industry working together.
“The inclusion of professional trustees on a board can go some way to challenging this image and enhancing diversity. Recent data conducted by Cardano in conjunction with Mallowstreet has shown that professional trustees are typically well versed in implementing EDI strategies, as well as attracting a broader pool of talent. At IGG we are proud of the diversity we have been able to actively foster and its positive contributions to scheme and member outcomes.”
