Legal & General Group Plc (Legal & General) has reported a continued narrowing of its median gender pay gap.
16 Mar 2022
Legal & General has published its gender pay gap report for 2021, disclosing that its Group-wide median gender pay gap narrowed by 2.5% to 24.1%.
This movement was driven by a narrowing in all the Group’s reportable entities, including by 1.9 percentage points in the aggregated retail, retirement, capital and corporate businesses; by 2.3 points in the investment management business; and by 4.4 points in housebuilder CALA Homes.
Our pay gap report sets out the progress we have made this year and our plans for the future.
Learning from five years of gender pay gap disclosures, we have identified two long-term focus areas to support in narrowing the gender pay gap. These build on the processes we have in place to ensure fair and equitable reward:
We are committed to continuing to drive change, and our aspiration is to make ongoing, progressive improvement towards creating a more diverse workforce and a more inclusive culture.
We recognise the many barriers to progress, including the inherited pay gap from our industry and the wider labour market; unknown impacts of Covid-19 on attrition and retention; and the potential effects of the coming demographic transition in the housebuilding industry.
It is important that we take these into account and consider the full picture when making decisions and reviewing progress.
Emma Hardaker-Jones, Group HR Director at Legal & General: “The progressive narrowing of our gender pay gap is a positive sign that the efforts we have made to create a more inclusive workplace and a more diverse workforce are having an effect. Reporting our gender pay gap holds us to account and keeps us focused on the meaningful, long-term actions which will continue to drive change.”
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