Middle managers must not shirk diversity responsibilities

A BlackRock director has urged middle managers at other large fund groups to work harder to improve their diversity agendas.

Speaking at an LGBT conference organised by City & Financial Global, BlackRock director and senior portfolio manager Andrew Lennox said managers of all levels at the asset management giant were incentivised to promote inclusion and diversity.

Lennox said: “At BlackRock a very large percentage of executive committee compensation is linked to including diversity in the work they do and that is filtered down to middle management.

“But this is an area where some very large firms like mine have got a bit stuck and that is something we are very focused on.

“As long as middle managers get the message that their performance is driven by inclusion and diversity as well as other work they do, it pushes up the agenda as well.”

The comments come as new figures reveal that of 37,256 FCA-registered directors, only 15 per cent stated they were female. Eighty-eight people did not disclose their gender. Under new targets, the FCA aims for 45 per cent of its senior leadership team to be female by 2020 and 50 per cent by 2025. The figure currently stands at 36 per cent, down from 39 per cent in 2016.