The Group is committed to creating and maintaining an inclusive culture and diverse workforce that is representative of its customers and communities, and in which individual differences are valued and respected. In August 2014, the Board approved an updated enterprise diversity and inclusion strategy for 2015-2017, including an updated Diversity and Inclusion Policy.
The Group’s diversity and inclusion strategy is aligned with business strategy in order to recognise the changing needs and expectations of its customers and shareholders. The three imperatives of the strategy are inclusion, life stage and gender equity. These are underpinned by two key enablers: leadership and flexibility.
As part of this updated strategy, the Group aims to attract, develop and retain talented people from all life stages, and help them to realise their potential. Gender diversity also continues to be a key priority for the Group. The Company is committed to building strong female representation at all levels within the Group, including executive management.
The Executive Leadership Team has direct accountability for execution of this strategy. The Board receives regular updates on diversity and inclusion from senior executives of the Group.
The Company has complied with its reporting requirements under the Workplace Gender Equality Act 2012 (Cth) for the period from 1 April 2013 to 31 March 2014, and has achieved the inaugural 2014 Workplace Gender Equality Agency (WGEA) Employer of Choice for Gender Equality citation.
The Company makes the following disclosures in relation to the ASX Corporate Governance Principles and Recommendations relating to diversity:
Measurable objectives and progress (Recommendation 3.3)
The measurable objectives for achieving gender diversity which have been set by the Board in accordance with the Group Diversity and Inclusion Policy, and the Company’s progress towards achieving them, are set out in the table below.
- Increase the proportion of women in executive management, from 23% to 33% by 2015, 34% by 2016 and 35% by 2017.
- Increase the proportion of women on Group subsidiary boards from 14% to 30% by 2015, and 35% by 2017.
- Increase the number of female non-executive directors on the Board of directors of the Company, as vacancies and circumstances allow, with the aim of achieving a representation of at least 30% by 2017.
- Strengthen the talent pipeline by targeting a 50/50 gender balance in the Australian graduate program intake and an even representation of women and men on the Company’s core Australian talent development programs from 2011 onwards.
- As at 30 September 2014, 30% of the Group's executive management were women.
- The Company has actively encouraged women to join Group subsidiary boards during the year. Of the total number of subsidiary directors, the proportion of women has increased to 32% as at 30 September 2014.
- Diversity, including gender diversity, continues to be an important consideration of the Board in its director succession planning. The proportion of female non-executive directors on the Board as at 30 September 2014 was 18%. The proportion of female non-executive directors on the Board is anticipated to increase to 20% following the Company’s 2014 Annual General Meeting in December 2014.
- Graduate program (Australia): As at 30 September 2014, 46% of the graduates who have accepted positions in the Company’s 2015 graduate program are women. Core talent development programs (Australia): For the 2014 financial year, 47% of the Australian talent development program participants, on an aggregated basis across the Company’s core talent development programs (Elevate, Ignite and Accelerate) were women.
Proportion of women employees and Board members (Recommendation 3.4)
- Proportion of women employees in the whole organisation.
- Proportion of women in senior executive positions (executive management positions) within the Group
- Proportion of women on the Board of the Company.
- As at 30 September 2014, 57% of the Group's employees were women.
- As at 30 September 2014, 30% of the senior executive positions within the Group were held by women.
- As at 30 September 2014, 16% of the Company's Board of Directors (including executive directors) were women. The Company is committed to ensuring that the composition of its Board continues to be appropriate. The Board’s charter clearly states that it should comprise directors with a broad range of skills, experience and diversity. The proportion of women on the Board is anticipated to increase to 18% following the Company’s 2014 Annual General Meeting in December 2014.
Diversity and inclusion
The Group’s gender diversity initiatives and awards during the 2014 year include:
- Workplace Gender Equality Agency (WGEA) Employer of Choice for Gender Equality citation: this inaugural citation recognises organisations that are leaders in creating gender inclusive workplaces in Australia.
- Hiring and promotion: the Group strives to ensure that a mix of men and women are short-listed for all executive management roles, and that hiring decisions are made by interview panels comprised of both men and women where possible.
- Realise program: the Group offers a range of learning and development programs in Australia and New Zealand including the ‘Realise’ and ‘Senior Realise’ programs, which aim to equip female employees with the skills, knowledge and tools to transition into senior and executive management roles. A virtual Realise program is also offered to support regional Australia and offshore employees in Singapore, India and Hong Kong. For the second year a tailored program has been extended to not-for-profit and business customers with limited access to development programs.
- NAB Board Ready program: this is a program designed to educate and prepare women in management positions to become directors of Group companies. The program focuses on building competence and confidence by providing the training and development needed to successfully pursue positions on Group subsidiary boards as well as not-for-profit boards. During 2014 the Company was recognised by Catalyst, a global organisation that supports the advancement of women, as a Catalyst 2014 Practices Recognition Program Organisation for NAB Board Ready.
- Women’s Agenda Leadership Award: in 2012 the Company joined forces with Women’s Agenda to launch the inaugural NAB Women’s Agenda Leadership Award. These awards celebrate and recognise inspiring female talent in business and the community as well as the men and women who help women achieve.
- Women in Boards program: this is a Clydesdale and Yorkshire Bank program which aims to educate, prepare and support women on their path to joining an internal or external board. Clydesdale and Yorkshire Bank received a Silver Award from Opportunity Now for its work to support women’s progression to more senior roles in the workplace. Opportunity Now aims to create a better gender balance for leadership progression; unbiased recognition, reward for all and agile work cultures that are fit for the future.
In addition, the Group’s broader diversity and inclusion initiatives during the 2014 year include:
Two new initiatives that apply to Australian employees under the 2014 NAB Enterprise Agreement:
- Upon returning from parental leave, employees receive a remuneration review to ensure the terms of the Agreement have been applied; and
- Up to 40 weeks of unpaid primary carer’s leave, which continues to attract employer superannuation contributions and is recognised for Long Service Leave accrual
The Company has also introduced a newsletter for those on parental leave in Australia called ‘Keeping in Touch’.
The Accessibility Action Plan 2012-2014
The Australian Network on Disability reviewed the Company’s activities under its Accessibility Action Plan 2012-2014, which highlighted significant progress since the plan was launched in December 2012.
Corporate Champions Program
The Company participated in the Australian Government’s Corporate Champions Program, reinforcing its commitment to employing talented mature age staff.
Asian Leaders New Zealand
BNZ is a major sponsor of the Asian Leaders New Zealand program, which aims to maximise the country’s successful business interface with Asia. The program is also designed to help existing and emerging Asian leaders become future CEOs.
Vibrant, Clydesdale Bank’s lesbian, gay, bisexual and transgender (LGBT) network, was recognised as the Stonewall Scottish Employee Network Group of the Year in 2014.