Women in Finance Charter
Over the years, UniCredit has been consistently investing into the development of our leaders (in all the geographies where we are present) with an ambition to raise their career aspirations, empower them with the skills and know-hows to aim at and achieve more.
We involve our employees in various leadership programs and specific individual development initiatives, targeting at an equal representation of female and male participants to be able to provide them with an equal base for growing into the more senior roles in the organisation.
We accept that further progress is needed with respect to diversity and gender balance and additional targets have been set up, both at Group level and locally, such as: increasing the number of women part of the promotion process for leadership roles, monitoring the distribution of short lists and ensuring equal opportunities to women throughout the whole recruitment process.
A pledge for gender balance across financial services
In June 2018, UniCredit joined the UK HM Treasury Women in Finance Charter to give its full support to help improving gender diversity in the financial services sector in the UK and worldwide. Joining this initiative is part of UniCredit's Group-wide Diversity Action Plan (launched in 2017) that follows a number of decisive actions already taken by the Bank to reach a more balanced gender distribution at all organisation levels through specific initiatives related to: recruitment and talent professional development, remuneration, work-life balance, education.
About Women in Finance Charter
The Charter is a commitment by the UK's HM Treasury and signatory firms to work together to build a more balanced and fair industry. Firms that sign up to this Charter are pledging to be the best businesses in the sector. The charter engages financial services firms to support the progression of women in senior roles, signing the declaration and committing to 4 topics.
By signing the Charter UniCredit is committed to:
Gender diversity targets in senior management
Set up a target of 20% (+/-1%) women in the Senior Leadership roles (Executive Vice Presidents and above) by 2022.
Senior executive pay linked to gender diversity targets
Variable remuneration for Senior Leadership roles is based on a subset of financial and non-financial KPIs linked to the priorities and annual strategies of the Group/Division. Among non-financial measures, since 2017 a mandatory KPI on "People" is cascaded to all Senior roles, including targets on gender pay gap/balance and on gender diversity initiatives in general. From 2019, to support the 2022 commitment of women % in senior management roles, specific targets have been cascaded to selected Top Management roles.
Publish progress annually against these targets
In terms of keeping track of progress, UniCredit monitors female representation in the Bank's workforce in the context of organisational hierarchy twice a year at the Group level through the Gender Balance Dashboard. As part of joining the Charter it is committed to also monitor the progress against the Diversity and Inclusion targets and to publishing them externally.
Furthermore, details on the structure of UniCredit's workforce are published annually in the Group Integrated Report.
Our Progress in 2020
Since signing up to the Charter, our female representation in senior management has grown to 14% (June 2020 - an increase of 5 p.p. compared to 9% in June 2018) in line with our 2022 target. We are confident that the Group is well on track to meet our Charter target supported by a number of initiatives put in place across the Bank in the past year and beyond as well as a rigorous monitoring process.
In addition, we have decided to further strengthen our commitment with a Group level target of 30% of female representation in senior management by 2023.
In October 2019, we launched our first Group-wide Diversity & Inclusion Week to continue raising internal awareness and understanding on the topic. The dedicated week saw various events and discussions involving our colleagues, their families, industry experts and NGOs to explore new perspectives and solutions with regards to Diversity & Inclusion aimed at further improving our approach on the topic across the business. In October 2020 a second edition took place with a focus on cultural and behavioural change.
Furthermore, UniCredit continues to invest in creating an inclusive work environment in line with our two core values of Ethics and Respect. In order to better recognise and concretely manage issues linked to unconscious bias, training on the topic was rolled out across the Group last year.
In addition, dedicated development paths have been put in place to drive inclusive behaviours among managers to further help create a shift in corporate culture while promoting strong female candidates in our leadership pipeline. This included UniCredit's partnership with Valore D on the WeFly International Mentoring Programme launched in 2019 supporting talented women in exploring more international careers.
The Group also launched an employee engagement survey at the start of 2020 to listen to colleagues' needs in planning the necessary next steps for continued action towards always creating a positive work environment including attention to gender balance and equal pay.
Lastly, given the unprecedented Covid-19 health crisis in 2020, UniCredit employees formed the Family Board of colleagues from different personal and professional backgrounds to help ensure the Bank has a solid understanding of individual and family needs throughout the crisis to help identify possible solutions to the most pressing issues. These have included the need for flexibility in this new situation, respect for formal working hours, management of remote teams, support for home schooling and work-life balance.