Our Commitment
TP ICAP is committed to building an inclusive place to work, where everyone has an equal opportunity to succeed within our Company.
As signatories of the Women in Finance charter, we have made a public commitment to increase the representation of women in senior leadership and management roles. We are pleased to report that we have met our target to have women comprise 25% of our senior management roles by the end of 2025 ahead of schedule.
2022 Highlights
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We continue to exceed our Women in Finance targets to achieve 25% senior women in the business by the year 2025: as of September 2022 female representation in senior management was 27.8%.
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We remain committed to being a diverse board and are meeting the Parker Review and Hampton Alexander representation targets (36% of our Board is female). Four of the last five Board appointments were female, a good demonstration of our commitment. Also, on 7 February 2023, Kath Cates agreed to become TP ICAP’s Senior Independent Director, replacing Michael Heaney with effect from 1 March 2023.
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Work was carried out during the year to expand the Group’s employee networks. The Americas, APAC and EMEA have all established networks to best align with local needs. Together, they operate under the name TP ICAP Accord. Run by colleagues for colleagues, the networks connect and support employees on a variety of issues including gender, health and wellbeing, and multiculturalism. A notable achievement in 2022 was the work undertaken by our Veteran’s Network in the UK. This led to TP ICAP receiving the Gold Award from the UK’s Armed Forces Covenant Employer Recognition programme.
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In 2022, female representation in non-broking roles increased from 34% to 35%, reflecting new recruiting and retention efforts. They included working closely with our recruitment vendors to ensure a more diverse set of candidates, and launching a dedicated Women’ Development Programme.
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We hired a Head of Inclusion, Diversity and Engagement, Claire Harvey, in January 2023. A GB Paralympian, Claire brings a wealth of expertise and experience built at organisations that include Vodafone, KPMG, the FCA and the Ministry of Justice in the UK.
Women In Finance Charter
At TP ICAP, we are committed to building a diverse and inclusive place to work, where everyone – regardless of their gender, educational background, ethnicity, ability, age or sexual orientation – has an equal opportunity to succeed.
The Women in Finance Charter reflects the UK government’s aspiration to see gender balance at all levels across financial services organisations. TP ICAP signed the Charter in September 2018. At that time, we had 16% senior female representation within the business.
Our target was to achieve 25% senior women in the business by the year 2025, with a midway target of 20% senior women by the end of 2022. As of September 2022, we have exceeded our midway target and are on track to meet our 2025 target. We will continue to drive progress by executing a series of measures that include:
Recruitment:
- Ensure our third-party recruitment providers produce short-lists for advertised roles that include at least one woman;
- Provide unconscious bias training for senior hiring managers.
- Development: Support women reach their full potential at every level across our business through:
Mentoring initiatives:
- Support from our D&I Advisory Board; and
- Assistance from our Women’s Networks globally.
- Culture: Strengthen an inclusive environment through:
- Enhancing family friendly policies;
- Formalising flexible working; and
- Increasing the visibility and acceptability of options for all employees with caring responsibilities.
Gender Pay Gap
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As signatories of the Women in Finance charter, we have made a public commitment to increase the representation of women in senior leadership and management roles. We are pleased to report that we have met our target to have women comprise 25% of our senior management roles by the end of 2025 ahead of schedule.
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Our gender pay gap remains material given that we have more men than women in front office broking and senior management roles. Both these roles attract higher rates of pay relative to other positions. This therefore significantly increases average male pay – in the market and at TP ICAP – creating an overall pay and bonus gap.
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Increasing the number of women in senior and front office roles across the business is therefore central to closing our Gender Pay Gap over time. To this end, we are focusing our eff orts on three core areas – recruitment, development and culture. In so doing we will build a more diverse and inclusive workforce that will help drive our sustainable growth ambitions.
