Boardroom inclusion policy
Purpose and Summary
The Boardroom Inclusion Policy (the Policy) aims to promote diversity and inclusion in the composition of the Boards of Directors of NatWest Group plc, NatWest Holdings Limited, The Royal Bank of Scotland plc and National Westminster Bank Plc (the Senior Boards) and in the nominations/appointments process. The Policy reflects NatWest Group’s values, its Inclusion Guidelines and relevant legal or voluntary code requirements.
NatWest Group values and promotes inclusion in all areas of recruitment and employment. The Senior Boards are supportive of this view and understand the need for a diverse mix of talented directors to effective decision-making. This Policy provides a framework to ensure that the Senior Boards attract, motivate and retain the best talent and avoids limiting potential caused by bias, prejudice or discrimination.
Policy Measurable Objectives
These Measurable Objectives exist to ensure that the Senior Boards, and any Committees they delegate nominations responsibilities to, follow an inclusive process when making nominations/appointments decisions:
- The board nominations/appointments process will be based on the principles of fairness, respect and inclusion;
- All board nominations/appointments and board committee appointments will be made on the basis of individual competence, skills and expertise measured against identified objective criteria;
- The search for board candidates will be conducted and nominations/appointments made with due regard to the benefits of diversity and inclusion and to this Policy, with due consideration of the educational, professional and socio-economic backgrounds, gender, age, ethnicity, disability, sexual orientation and geographical provenance of candidates. Due regard will also be given to these diversity and inclusion characteristics when considering appointments to board committees;
- The Policy and any future material updates will be presented to the Group Nominations and Governance Committee for recommendation to the relevant board for approval;
- All relevant Policy updates should reflect the Group’s Inclusion Guidelines and be aligned to the Group’s Values, particularly the value to be Inclusive;
- Policy content should comply with relevant legislation, regulation and the Financial Reporting Council’s UK Corporate Governance Code; and
- Inclusion and diversity progress, including information about the appointment process and progress against our targets, will be reported in the Group Nominations and Governance Committee’s report in the Annual Report.
Targets and ambitions
Targets - We are committed to promoting diversity and inclusion in the boardroom and aim to meet industry targets and recommendations wherever possible. This includes, but is not limited to, aspiring to meet the targets set out in the UK Listing Rules (LR9.8.6 (9)) along with the recommendations of the FTSE Women Leaders Review and the Parker Report: Beyond 1 by '21 (PDF 1,274KB).
The UK Listing Rules require listed companies to disclose annually their position against the following board diversity targets:
- At least 40% of women on the board;
- At least one woman in the position of the Chair, Senior Independent Director, Chief Executive or Chief Financial Officer; and
- At least one director from an ethnic minority background.
Ambition - This Policy also acknowledges NatWest Group's ambition to have gender balance in our global top 3 levels (CEO-3 and above) by 2030.
In this statement references to “the Group” mean NatWest Group plc, its businesses and subsidiaries. NatWest Group plc is a holding company operating through its subsidiaries including The Royal Bank of Scotland plc, NatWest Holdings Limited and National Westminster Bank Plc.