Board Diversity Policy

OBJECTIVE AND SCOPE

The Board Diversity Policy (‘the Policy’) sets out the Board of Directors of Ascot Underwriting Limited’s (‘the Board’) approach to diversity.

The Policy applies to the Board of Ascot Underwriting Limited. Diversity in relation to employees of the wider Ascot Group is covered by the Equal Opportunities Policy, through our Recruitment Policy and through training.

ROLES AND RESPONSIBILITIES

The overall responsibility for reviewing and approving the Board Diversity Policy lies with the Board.

POLICY STATEMENT

The Board places emphasis on ensuring that its membership reflects diversity in its broadest sense and recognises the benefits of having a diverse Board. It believes that recognising and encouraging diversity is important in providing a range of perspectives, insights and challenge needed to support good decision making.

The Board will take opportunity, as and when appropriate, to further improve diversity in its broadest sense.  The structure, size and composition (including skills, knowledge, experience and diversity) of the Board shall be considered as part of the annual evaluation of performance and effectiveness of the Board.

As part of its broad recruitment practice, the Board shall:

  • consider candidates on merit,
  • against objective criteria, and
  • with due regard for the benefits of diversity on the Board.

On gender diversity, the Board is committed to maintaining the 20% female representation target that has been set across the Lloyd’s market.

The Board places emphasis on ensuring the development of diversity in the senior management roles within the company and supports Lloyd’s objectives of achieving a target of 35% female representation in leadership positions across the market by 31 December 2023.  Progress on this objective will be monitored by the Board.

ENTIRETY OF POLICY

There are no supporting standards and guidance documents relating to this Policy.

FREQUENCY OF POLICY REVIEW

This Policy must be reviewed at least annually taking into account any new or changes to legislation, or more frequently should a significant change in the business, market or regulatory environment occur.