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 link 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 2019
Since signing up to the Charter, female representation in our senior management has grown from 9 to 12 per cent (June 2018 to June 2019) and we are confident that the Group is well on track to meet our Charter target by the set deadline in 2022. This is supported by a number of company-wide initiatives as well as a rigorous monitoring process.
Regarding initiatives, we have set up the Women in Leadership development programme focused on aspiring female executives to help maximise their leadership capabilities so that they can become top players within the Group. The programme aims to increase gender equality at senior levels across UniCredit through creating a forum for selected female executives to meet, share experiences, learn from each other and together discover the leadership style that suits them best.
Furthermore, we have set up various inclusion initiatives starting with the Tone from the Top to cascade the key message of the importance of inclusion for a positive working environment, employee wellbeing and overall business sustainability across all levels within our bank.
A number of local commitments towards fostering gender equality in the workplace have also been undertaken by UniCredit's banks in the different markets. In Italy, we joined the Italian Banking Association's (ABI) Charter "Women in the Bank: Enhancing Gender Diversity"; in Serbia, the "Alliance on Gender Equality" and in Russia the "Ring the bell for Gender Equality" global initiative.
In addition, our Ethics and Respect Manifesto launched at the start of 2019 provides the framework for the continued creation of a positive and inclusive work environment at UniCredit where everyone with the capabilities can excel.