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 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also 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. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023