Responsibility to our employees, customers, communities and society is the foundation on which we deliver inclusive capitalism. Holding ourselves to high standards of integrity is central to how we operate. It is practising what we preach, and it is also good business.
We understand the impact of our actions on the lives and welfare of our employees and communities. Complying with laws and regulations and meeting high ethical standards are the foundations on which we work. Our major focus this year has been on managing the impact of Covid-19 on our employees and customers – keeping people safe and healthy while maintaining access to critical financial services.
An engaged and productive workforce is the lifeblood of our business and we spent time listening to our people, supporting their wellbeing, exploring external perspectives and reaffirming our commitment to building an agile and inclusive business. We launched a range of initiatives to help meet the growing social needs arising from the Covid-19 disruption.
We are investing society’s capital for society’s benefit in socially and economically useful areas which create jobs, improve living standards and deliver returns.
Employee expectations of company culture are changing and new challenges are emerging around how to maintain a sense of culture when the majority of employee interaction is moving online. The conversation on inclusion has evolved to be seen as a critical function of culture, and it is central to our core philosophical belief in inclusive capitalism.
In 2020, our median gender pay gap continued to narrow driven by improvements in our investment management and housebuilding businesses but offset by a widening in our retirement and insurance businesses. We are making progress but we know there is always more to be done. Like all companies, Legal & General can and must play a role in driving positive change.
As part of practising what we preach, we are committed to meeting the highest standards of business ethics, honesty, openness and accountability. We have a number of group wide policies that highlight our commitment to the specific standards people can expect from doing business with us.