Charlotte Hogg, our COO, oversees the Bank-wide diversity initiatives under our Senior Managers’ responsibilities. The Bank’s commitment to diversity cascades through the organisation. Our diversity goals now form an explicit part of the objectives of each Executive and the management of individual directorates. Our recruitment process is open and transparent to all, including for senior appointments. The Bank has also been focussing heavily on how to create the right environment to achieve these targets. We are looking closely at what drives performance, differentiates talent, motivates the right behaviours, and creates barriers to success. We have made a strong commitment to flexible working at all levels of the organisation. Over 11% of our staff are employed on a formalised flexible working arrangement. In a recent survey, almost two thirds felt that they had a good balance between their work and personal life. Encouragingly three quarters believe that the Bank takes diversity seriously. Our Women in the Bank network set up a mentoring programme, which is now in its second year. This is complimented by the work of some of our other thriving staff networks – our Bank of England Ethnic Minority (BEEM) network for example has established a “building bridges”, reciprocal mentoring programme – designed to foster relationships, networks and understanding between senior management and more junior BAME colleagues. We also have an LGBT network working hard to promote understanding, increase awareness and break down barriers. Our broader leadership training programme emphasises unconscious bias training to ensure diversity can flourish and progress.
This training is part of our broader focus on values. Values count heavily when assessing performance and reward. All managers – including myself – are assessed by colleagues on their values and behaviours – with direct and explicit feedback. BIS central bankers’ speeches  3  We are monitoring the effect of all of these changes, including through regular staff surveys. We are aiming for further significant improvement in how our staff perceive the Bank’s support for diversity initiatives and goals over the next two years. There is more to do to reach our medium-term target, but we are encouraged by the momentum that we’ve established, we believe we have the right plan in place, and are heartened to see that our approach chimes with the conclusions in today’s report. Finally, we are conscious that sustained effort across the financial service sector will be selfreinforcing; we will all benefit from each other’s progress. So without further ado, I will pass over to the Economic Secretary to the Treasury so that she may tell you more about the Report and the broader initiative it supports. 4  BIS central bankers’ speeches