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Diversity and inclusion

Valuing our differences to deliver exceptional results

Diversity of thought is critical to our success. Helping us to deliver our purpose in an innovative and entrepreneurial way. We value everyone individually, from all backgrounds and experiences.

Embedded into our everyday

Our approach to diversity and inclusion ('D&I') is part of our culture and values which flow from our purpose. We don’t just focus on what we deliver, but how we deliver it.

PIC’s Diversity and Inclusion Forum is made up of employees from across the business. The forum allows our employees to raise issues that are important to them, in a respectful and engaging way.

The Forum has three goals:

  • engage – demonstrate that we’re a good corporate citizen by supporting worthwhile initiatives which align to our values and role model best practice
  • educate - educate, inform, and inspire at all levels on how D&I contributes to a successful business, and promote our D&I approach externally to attract talent
  • enable – enable our current and future people to reach their full potential by providing opportunities and removing barriers

As early adopters of this initiative in the summer of 2021, the programme continues to grow with new cohorts each year.

We’ve been leading this programme from the start and one of its key focuses is increasing gender diversity to retain women within the profession.

An apprenticeship programme aimed at diverse early careers talent. We offer apprenticeship qualifications and experience of working in financial services. Our approach to recruiting talent for this programme is focused on potential, rather than academic achievement, and the programme is open to people from school leaver age and upwards.

We’re an early member of this global membership group that aims at increasing LGBT representation within the sector.

Women in Banking and Finance ('WIBF') is a not-for-profit membership network that has championed women in financial services for over 40 years. Their vision is, "A financial services sector which offers women equal opportunities as employees, customers, and entrepreneurs to reach their full potential and to contribute to building better businesses and places to work for all."

GAIN is an organisation designed to explore the opportunities and benefits from employing a neurodiverse workforce within the insurance, investment and related financial services industry. By joining GAIN as a founder member, PIC is committed to engaging, educating, and enabling neurodiversity to thrive in the workplace and for its customers through its diversity, equality and inclusion ('DE&I') agenda.  

Board Diversity

Board Diversity Policy Statement

1.1 Policy statement

1.1.1 This policy sets out PIC Group’s approach to promote diversity and inclusion in the composition of the Boards and it reflects PIC Group’s values in respect of diversity and inclusion

1.1.2 PIC Group believes that its success is rooted in the diverse nature of the environment in which it operates and is dependent on PIC Group’s ability to leverage differences, collective experiences, variety of backgrounds, talents, skills and knowledge. PIC Group also recognises and values the benefits that diversity can bring to its Boards

1.1.3 The Boards place great emphasis on ensuring that their membership reflects diversity in its broadest sense. The Boards considers a number of factors including gender, social, educational and ethnic backgrounds, age, disability, sexual orientation, skills, experience, diversity of thought and other relevant personal attributes are crucial to provide a range of perspectives, insights and challenge that are needed to support good decision making and successful delivery of PIC Group’s business strategy

1.1.4 The Nomination Committee supports the Boards by reviewing and considering the diversity of the Boards as part of the annual effectiveness review and ongoing succession planning when recommending the appointment of new Board members. The review takes into account the challenges and opportunities facing PIC Group, the balance of skills, knowledge, experience and diversity of the Boards as well as time commitment needed on the Boards in the future

1.1.5 The Boards recognise that PICG shareholders with a holding of 10% or more of ordinary shares are able to nominate directors, known as “Appointed Directors” and that the Committee can therefore only nominate the remainder of directors. Nevertheless, the Boards expect PICG shareholders who nominate directors to take into account the overall benefits of diversity and inclusion, and consider these when nominating their representatives to the PICG and PIC Boards

1.1.6 New appointments to the Boards are made on recommendation of the Nomination Committee who consider candidates on merit and against objective criteria. Candidates are considered from a wide range of backgrounds taking into account a broad set of qualities, experience and competencies and the diversity benefits that each candidate can bring to the overall Board composition, to ensure a fully rounded and effective Board

1.2 Diversity objectives

1.2.1 The Boards are committed to promoting diversity and inclusion in the boardroom and objectives for achieving Board diversity may be reviewed on a regular basis. The Boards, on recommendation from the Nomination Committee, have agreed the following measurable objectives for achieving diversity on the Boards, noting that Directors are appointed for a minimum of 3 years

1.3 Reporting and monitoring

1.3.1 The Nomination Committee is responsible for ensuring that the Boards have the right balance of skills, experience and knowledge and, in accordance with its terms of reference, shall: regularly review the Boards’ composition, succession planning, talent development and the broader aspects of diversity; ensure any search firms used understand the Boards’ values and approach to diversity, including this Board Diversity Policy, and will    comply with those values and approach in identifying and proposing suitable candidates for appointment to the Boards; identify suitable candidates for appointment to the Boards on merit against an objective criteria having regard to:

  • report annually in the corporate governance section of the Annual Report on the progress towards the targets in this Board Diversity Policy
  • the skills, experience, background, independence and expertise of current members of the Boards report annually in the corporate governance section of the Annual Report on the progress towards the targets in this Board Diversity Policy review the Board Diversity Policy regularly and in light of relevant regulatory and market developments in relation to Board diversity targets regarding diversity and inclusion characteristics, recommend any revisions to the Boards

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