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 Diversity, Equity and Inclusion Strategy that follows a number of decisive actions already taken by the Bank to achieve gender parity across all organisational levels tthrough 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:
Nominate a senior executive accountable for gender diversity and inclusion
Richard Burton, Head of Client Solutions, is responsible and accountable for gender diversity and inclusion.
Set gender diversity goals in senior management
Our ambition is to achieve gender parity across all organisational levels and, to enable us to track our progress, an intermediate goal of 40% women representation in our Leadership team (GEC plus GEC-1) by 2025 has been set.
Link senior executive pay to Diversity, Equity and Inclusion ambitions
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 Senior roles, including specific ambitions related to Diversity, Equity and Inclusion.
Publish progress annually against our ambitions
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 Diversity Dashboard. As part of joining the Charter, we are committed to also monitor the progress against the Diversity, Equity and Inclusion ambitions 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 2022
Diversity, Equity, and Inclusion (DE&I) are key strategic drivers for our business and remain integral to building a strong foundation for our bank's culture. A dedicated DE&I strategy ensures a more cohesive approach to developing a positive work environment focused on productivity, personal and professional well-being, and continuous engagement of our people.
Promoting gender equality across all organizational levels is a key component of our DE&I approach at UniCredit. We are committed to driving gender balance within our workforce and are actively building a gender-balanced leadership team by increasing the proportion of women in managerial positions, including in our most senior executive roles.
Our ambition is to achieve gender parity across all organisational levels. When we signed the Charter in 2018, we had 9% of women represented in senior management positions. In June 2021, our female presence exceeded the previous 20% Charter commitment by 2022.
To enable us to track our progress, in 2021 we set an intermediate goal of 40% women representation in our leadership team by 2025. As of June 2022, we have 36% female presence in these roles - seeing an increase of 27% compared to June 2018.
In addition, 46% of our Board of Directors and 46% of our Group Executive Committee (GEC) are comprised of women. Further, we are proud to share that female representation within our Group Executive Committee is targeted to be at 50% in March 2023. We have also increased the representation of women in the Group's new hires, achieving 59% in 2022 compared to 58% in 2021, and 55% in the previous year.
With all of this in mind, we are confident the Group is well on-track to meet our Charter target supported by a number of initiatives put in place across our bank in the past year and beyond, as well as a rigorous monitoring process.
We believe diversity in its broadest sense is not only an essential part of running a sustainable business, but a fundamental part of addressing cultural change. Our bank plays a fundamental role to act as the engine of social progress to fulfil our Purpose of empowering communities to progress.
Together, we will continue to nurture a supportive and inclusive work environment, unlocking the potential of UniCredit, its people, and all our stakeholders.