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:
Senior executives accountable for gender diversity and inclusion
Annie Coleman, Group People and Culture Officer, and Richard Burton, Head of Corporate and Investment Banking, are responsible and accountable for gender diversity and inclusion.
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.
Senior executive pay linked 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 2021
Value Diversity, Equity and Inclusion
At UniCredit Diversity, Equity and Inclusion are key tenets underpinning the very essence of our business and performance. They act as an integral and critical part of our corporate culture, ensuring consistent growth and opening up new business opportunities.
They enhance the potential for innovation and creativity and foster a work climate defined by positive impact based on productivity, well-being, and the engagement of our people. By leveraging "diversity of thought" and ensuring all voices are heard, DE&I enables our employees to speak up, to challenge, and to express their potential and talent to best meet our customers' needs and deliver for all our stakeholders.
We aim to empower our people to do this through a common purpose fortified by our Values of Integrity, Ownership and Caring.
UniCredit Diversity, Equity and Inclusion principles are also key elements of our ESG framework, being a cornerstone of the People and Culture strategy, fully integrated within our business model to ensure long term sustainable growth.
Promote gender parity and inclusion across the Group
Through our external commitments and participation to Capital Market Indexes we reaffirm our pledges towards greater gender equality, diversity, equity, and inclusion.
In October 2021, during the G20 Women's Forum Italy, our Group CEO signed the CEO Champion Commitment "Towards the Zero Gender Gap", ensuring the topic is firmly established as a key corporate commitment with concrete objectives and a framework to move towards greater gender equality, and diversity and inclusion in our Bank.
Since signing up to the Charter, our women representation in senior management roles has risen to 21% in June 2021 (with an increase of 12 p.p. compared to 9% of June 2018) exceeding our 20% Charter commitment by 2022. 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 by 2025 has been set.
In addition to this, 46% of our Board of Directors, 40% of our Group Executive Committee (GEC) and 33% of our Leadership team are made up of women. We also maintain a good representation of women in the Group's new hires, with a stable trend of 55% in the last 2 years.
As a pan-European bank, we also focus on international benchmarking to define ambitions, learn from global best practices, and continue to improve.
As a result, UniCredit has been included for the second time in the Bloomberg Gender-Equality Index (GEI), an important acknowledgement for us which demonstrates our commitment to ensuring that we strengthen our Group-wide pipeline of talented women in line with our pledge for a more diverse leadership team.
For the first time, UniCredit has been included in the Financial Times Leaders in Diversity 2022 Index, assessing employees' perceptions of their employers' inclusiveness or efforts to promote various aspects of diversity. These include gender balance, openness to all forms of sexual orientation, race and ethnicity, disability, and age.
The Group is strongly committed towards closing the non-demographic gender pay gap and our Group Remuneration Policy framework is embedding the equal pay principle, with country specific considerations. Several initiatives have been implemented across the Group to address pay differences, including guidelines for our compensation process, allocation of salary budgets as well as specific ambitions related to DE&I assigned to Top Managers within the annual goal setting process. Thanks to these efforts we are already observing progress in this respect.
Whilst we remain conscious of the journey ahead, we are taking concrete actions, strengthening our continued commitment to Diversity, Equity and Inclusion, making it part of everyday business at UniCredit.
A number of initiatives have been put in place across the Bank as well as a rigorous monitoring process to support our ambition to achieve gender parity across all organisational levels.
The Group Development Offer is fully aligned with DE&I strategy, embedding the behaviours required to promote a more equitable culture. Dedicated Inclusive Leadership Programs including Unconscious Bias training have been rolled out to all managers across the Group to equip them with the right tools and skills to build a more inclusive working environment. In addition, career development programmes aimed at enhancing women in leadership across the Group have been delivered, including a dedicated Sponsorship Programme.
Everyday Inclusion matters
UniCredit continues to invest in creating an inclusive work environment breaking down barriers and building a fair and respectful workplace where everyone can excel. DE&I is embedded throughout our employee journey, from recruiting and onboarding, to learning and development, performance management and compensation.
Fostering inclusion means promoting an equal opportunities workplace, where people, regardless of gender identity, age, race, ethnicity, sexual orientation, backgrounds feel safe and can perform at their best. UniCredit is committed to ensuring that all our colleagues have a healthy work-life balance, and this is even more important when it comes to working parents. From this point of view, flexibility in the workplace is one of the key pillars of the Welfare programme we are developing in collaboration with our Family Board. As a demonstration of the Bank's ongoing commitment to improving the welfare programme, UniCredit has defined a Group-wide minimum standard for parental leave, applying it in all the Group countries: mothers are offered at least 16 weeks of paid leave, while fathers at least 4 weeks, on a voluntary basis.
Disability is also at the centre of the Group Diversity, Equity, and Inclusion agenda. We are strongly committed to, and continue working on, creating a disability inclusion and barrier-free environment, supporting our people and clients through accessible online services (e.g. UniCredit Intranet, App and new corporate website) and remote workplace initiatives, such as paid leave and dedicated workspaces, have also been developed to prioritise health, safety, and work flexibility also beyond COVID-19.
We aim to put our people at the centre of our value creation, boosting a positive and inclusive workplace where everybody can feel part of. In this direction, being nominated Top Employer in Europe for the last 4 years is a significant achievement for UniCredit.
Together we continue to nurture a supportive and inclusive work environment, unlocking the potential of UniCredit.