LAPFF Roundtable on Socio-Economic Diversity: 23 March

 

Invitation: LAPFF Roundtable on Socio-Economic Diversity: 23 March @ 3pm (f you are an LGPS officer, pension committee or board member or an advisor please join us next week)

Dear LAPFF members,

I am writing to you to remind you of the Roundtable on Socio Economic Diversity, that is being hosted by my colleague and vice-chair John Gray next week.

HM Treasury and the Department for Business, Energy and Industrial Strategy (BEIS) have commissioned the City of London Corporation to lead an independent Taskforce on Socio Economic Diversity in order to boost productivity and levelling up opportunities for under-privileged communities. This taskforce is intended to improve socio-economic diversity at senior levels in UK financial and professional services and has a vision of ‘equity of progression’ – where high performance is valued over ‘fit’ and ‘polish’.    

My colleague and vice-chair, John Gray, was appointed to the advisory board of this Taskforce last year. Since his appointment, he has been making valuable contributions on behalf of the Forum to this body. The Taskforce has already held a number of roundtables and interviews to try and understand how government, regulators and sector bodies can create incentives for employer action in increasing socio-economic diversity at senior levels in the sector. LAPFF members now have an opportunity to join the dialogue and contribute directly to an industry consultation at a roundtable discussion. Please do bring consultants or fund management contacts along to join the conversation.

Also, another reminder that LAPFF is asking member funds to reach out to these consultants and fund managers to fill out a survey for senior staff at financial organisations to anonymously share their socio-economic background, level of seniority, and views on career progression.

Social mobility is an important issue for the UK and its economy. Research from the Bridge Group shows that employees from non-professional backgrounds progress 25 percent slower than peers, with no link to job performance. These employees report they are exhausted by efforts to conform to dominant cultures, which in turn impacts individual productivity. The Taskforce’s objective to drive forward successful businesses based on the view that people from all backgrounds can perform to their potential and have their abilities recognised aligns very well with LAPFF’s approach to diversity. 

If you have any questions or ish to register, please direct them to Alistair.tucker@lapfforum.org

Best regards,

Councillor Doug McMurdo

LAPFF Chair