Legal & General Group Plc (Legal & General) has reported a continued decrease in its median gender pay gap for 2020
22 Mar 2021
In new figures published today, Legal & General disclosed that its Group-wide median gender pay gap narrowed by 1.9%, to 26.6%. The improvement was driven by progress in its investment management division and CALA Homes, with a narrowing of 0.8% and 5.7% respectively.
However, these gains were offset by a widening of the median gap in its largest holding company, L&G Resources (by 4.4%). 2020 also saw the Group-wide mean pay gap widen by 3.2%: a deterioration when compared to the movement between 2018 and 2019, where the gap widened by 0.4%.
Like other companies in the core industries across which Legal & General operates, particularly financial services and investment management, the gender pay gap is the result of having historically employed more men than women in more senior, higher-paid roles. As well as actively working to address this gender imbalance, Legal & General is tackling the underlying causes of its pay gap by creating a more diverse workforce and a more inclusive culture through sustained, long-term action:
In 2020, Legal & General also established its Global D&I Council, which reports to the Group Executive Committee and Group Board. The Council is responsible for driving forward an ambitious D&I agenda, which includes initiatives to further embed inclusive practices in the way the organisation recruits, retains and progresses its people.
Emma Hardaker-Jones, Group HR Director at Legal & General: "The gender pay gap is a result of deep-seated social inequalities. At Legal & General, we are taking long-term view and addressing the gap by improving diversity, equity and inclusion within our business and across society. Our actions will enable us to build a diverse workforce and an inclusive workplace, where everyone can contribute and succeed. We will know that we are bringing our ambition to life when we see a continued, sustained narrowing of the gap. There is much more to be done, but we are making progress and are committed to driving this change forward."
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2022