One of the Square Mile’s most powerful women has slammed City firms for ‘woolly’ targets on racial diversity, warning that bosses should be heavily penalised for not changing quickly enough.
Baroness Helena Morrissey – dubbed Superwoman as she has nine children and ran one of the City’s biggest funds during her time at Legal & General – has joined the advisory board of Reboot, a think-tank focused on race in the workplace.
Proper goals: Baroness Helena Morrissey has joined the advisory board of Reboot, a think-tank focused on race in the workplace
She said companies need to set proper goals on the opportunities for ethnic minorities within their organisations which should then be linked directly to bosses’ pay.
Morrissey, 55, chair of investment site AJ Bell, said companies first need to collect proper data on the ethnic composition of their workforce.
According to Reboot’s survey of 440 finance companies, many employees feel their firms are failing to foster an inclusive culture.
Morrissey said it is important for companies to be ‘confident that skin colour is not a barrier to progression’.
