We believe in the benefits of a diverse workforce and are proud of our inclusive culture.
We recognise that there is a lot more we could be doing as a business to promote and encourage diversity; we also recognise the need to be both pragmatic and aspirational in our approach to doing so. Having recently endorsed an employee-led group focusing on our inclusivity initiatives, we are taking further positive steps in the right direction.
One of these steps is voluntarily publishing our gender pay gap report. On the ‘snapshot date’ of 5 April 2018, our headcount was below the required threshold of 250 employees for publishing our data. As at that date, our headcount was 225 employees (133 males and 92 females) in our largest entity, LGT Vestra LLP. As we are a partnership, our data for our 48 partners has been removed in line with the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.
We want to be transparent with our stakeholders (clients, staff, our parent company LGT and society more generally) about our current gender pay gap position and what we are doing to address this.
The hourly pay data includes basic pay and bonus because of our bonus payment date. If we remove the bonus element, the mean hourly pay gap is 22% and the median is 19.5%
Our mean bonus gap is significant and this is due to a significantly larger number of senior client relationship managers that are male. In addition, we have 13 part-time employees, of which 12 are female. As the bonus figure used for the calculation is the actual bonus payment received rather than taking into account the full time equivalent, this has an impact on the bonus gap.
This is calculated by separating out all employees at 5 April 2018 by gender and accounting for how many of each gender received a bonus in the relevant bonus payment period (6 April 2017 to 5 April 2018). Some employees at 5 April 2018 were not employed during the bonus payment period or did not have the requisite length of service or performance standards to qualify for a bonus payment.
We divided the hourly rates for our 225 employees into quartiles, from largest to smallest hourly pay rate in order to derive the proportion.
"Our pay gap exists as fewer females hold senior positions within the firm, which is reflective of the financial services industry in general. However, I am confident that we pay our male and female colleagues equally for equivalent work and this remains a priority for our Remuneration Sub-Committee to review on an annual basis. We believe that diversity and inclusion makes business sense on all levels and want to be known for our positive and inclusive culture."
Ben Snee, Chief Executive Officer, LGT Vestra
"A diverse and inclusive environment promotes different ways of looking at issues and we believe there is strength in diversity of thought. One encouraging aspect of our firm is that when looking specifically at the gender pay of our Partners, the calculations show that the median pay and mean average pay for our female Partners is higher than that of their male colleagues."
David Scott, Chairman, LGT Vestra