Inclusion at Virgin Money
On 15 October 2018, Virgin Money UK PLC (formerly known as CYBG PLC) acquired Virgin Money Holdings (UK) plc and following Court approval the business of Virgin Money plc was transferred to Clydesdale Bank PLC on 21 October 2019.
At Virgin Money, inclusion is at the heart of our culture. It’s written into our values. This is because we are striving to build a workforce which reflects the diversity of our customers, helping us to better understand their needs, make more informed decisions, build stronger relationships, and tap into new ideas and innovation. As part of our inclusion strategy, we want to build a truly inclusive culture, where every colleague and customer feels they belong. This is why we have embedded inclusion within all the key drivers of cultural change including: performance; selection; values and behaviours; and development.
We are committed to delivering our inclusion strategy and are serious about the work we are doing to be recognised as an inclusive, customer focused organisation both inside and out.
The sections below detail some of the important work we are undertaking to bring our inclusion strategy to life:
Leading inclusion at Virgin Money
Reflecting the importance of inclusion to our organisation, members of our Leadership Team are Executive Sponsors of the strategy. This means our Leadership Team are active role models, allies and advocates of our inclusion strategy, securing support from across all parts of our organisation. They also provide important visibility and support for our Colleague Network Groups for Gender, Age, Disability, Ethnicity and Sexual Orientation, unlocking access across the organisation and acting as ambassadors for our Group externally.
Our Executive Sponsors and our Group HR Director also act as our steering group for inclusion. While each has their own individual areas of focus, all Leadership Team members actively support and drive inclusion at Virgin Money.
Board Diversity and Inclusion
As a Board we are committed to delivering our inclusion strategy and although new appointments are always based on merit, careful consideration is given to the benefits of improving and complementing the diversity, skills, experience and knowledge of the Board.
The Board's Governance and Nomination Committee will make sure that the Board is made up of competent colleagues with the necessary balance of diversity, skills and experience required to ensure that the Board can function effectively.
As part of our commitment to our inclusion strategy, we are building strong female representation at all levels within the Group – including at Board, executive and senior management levels. We are proud to have signed up to the Women in Finance Charter which reflects our commitment to build strong female representation at all levels within our organisation. We have set measurable objectives for achieving gender diversity, and our progress towards achieving these objectives are reported to the Board.
As at 30 September 2018, the percentage of female representation on the Board was 27% (based on three female Directors and eight male Directors) which has since risen to 31% (based on four female Directors and nine male Directors). It is the Board’s intention that this proportion improves even further and our target is to achieve 33% by 2020, achieved through the natural cycle of Board renewal. Notwithstanding our gender diversity target, Board composition is based on meritocracy. Virgin Money also has a target of 40% women in senior management roles by 2020 as part of Women in Finance Charter commitments.
It is Virgin Money's intention to broaden diversity on the Board beyond gender diversity alone, to reflect the communities in which the Bank operates and serves.
The Board Composition and Renewal Policy sets out the Board's approach to inclusion. Under the policy, the Governance and Nomination Committee is responsible for reviewing the composition of the Group’s Boards to ensure that their membership is diverse. A separate Diversity and Inclusion Policy applies to all colleagues across the Group.