'Comply or Explain': New Rules of the Road on Diversity Expectations Are Published by the UK's Financial Conduct Authority and They Mean Business!
‘Comply or explain’ is what #UK market-listed companies will be required to do under new #diversity-focused rules issued over the last 24 hours by THE FINANCIAL CONDUCT AUTHORITY (FCA).
As regulator for #financialservices firms and #financial markets in the UK, the FCA has confirmed that for the period starting 1 April 2022, all UK-listed companies will have to include a statement in their annual report setting out if they have met specific #diversitytargets set by the FCA. Or, if not, explain why not.
These targets include #women comprising 40% of #Board seats, at least on #woman in senior Board role, and at least one non-white ethnic #minority Board member.
Along with UK-listed firms, those organisations required to live by the rules include UK or overseas companies which have #equity shares, as well as any #business which is planning a listing.
There will be some companies comfortable with the status quo, concerned with the FCA’s new requirements. But, as P.T. Barnum once said, “Comfort is the enemy of progress.”
Here’s to progress. Here’s to a better #future.
#diversityandinclusion #diversityequityinclusion #financialservices #leadership #sustainability #culture
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