Beazley : publishes 2019 UK Gender Pay Report

Beazley plc |2019 UK Gender Pay Report

2019UK Gender Pay Report

Beazley plc |2019 UK Gender Pay Report

Beazley plc

2019 UK Gender Pay Report

This Report sets out the results of our third gender pay gap analysis for UK employees, performed in line with legislation that came into force in April 2017. The Report also provides additional analyses we have undertaken to better understand the causes of our gender pay gap, as well as the initiatives we are currently implementing to improve our position.

Our results for 2019

As a result of a continuing focus on getting more women into senior roles our pay gap has reduced this year. While our bonus gap has also reduced, this may fluctuate in future years because it includes our long-term incentive plan, which makes awards based on three and five years prior to 2019.

Gender pay and bonus gap

The table below shows our UK mean and median gender pay gap and gender bonus gap. The gender pay gap figures are based on hourly rates of pay as at the snapshot date of 5 April 2019 and bonuses paid in the 12 months to 5 April 2019.

	Mean	Median
Gender pay gap	32.1%	32.5%
Gender bonus gap	72.0%	43.8%

Proportion of employees receiving a bonus

The table below shows the proportion of male and female employees who received a bonus during the 12 month period to 5 April 2019.

	Males	Females
Received a bonus	98%	99%

Pay quartiles

The charts below illustrate the gender distribution in the UK across four equally sized quartiles.

Upper

Lower middle

	Males 73%		Males 49%
	Females 27%		Females 51%

Upper middle

Lower

"We are encouraged to see both our gender pay and bonus gaps have decreased since last year"

Andrew Horton

Chief executive officer

	Males 68%		Males 42%
	Females 32%		Females 58%

Beazley plc |2019 UK Gender Pay Report

Understanding our gender pay gap

The gender pay gap at Beazley in the UK arises because we have significantly more men than women in our senior positions. This is illustrated by the chart below which shows the distribution of men and women across the different levels of the organisation.

Executives	90%						10%
Senior management
75%					25%
Underwriting
66%				34%
Claims
64%				36%
Support
53%			47%
					Males		Females

Since pay and bonus levels are higher for senior positions within Beazley, the higher proportion of men in senior roles means that the average pay for men across the UK organisation is higher than for women. Whilst we do have a gender pay gap, men and women performing the same role, in the same area, with the same experience and performance receive equivalent pay.

The charts below set out the UK mean gender pay gaps as calculated for the four equally sized quartiles shown on the previous page.

Our bonus gap

Bonuses at Beazley come in several forms. One of which is our long-term incentive plan (LTIP). The LTIP is designed to reward the senior management team for performance over five and three years.

The bonus pay gap figures we report include LTIP awards that were made three and five years prior to April 2019 and at that time we had less women in senior management roles than we do currently.

Addressing our gender pay gap

At Beazley, we believe that diversity of talent and an inclusive culture in the workplace supports growth and helps us outperform the market. We are committed to having diversity at all levels of our business and celebrating differences. We aim to provide our employees with the necessary tools and opportunities to support their progression. This includes providing such support through a diversity and inclusion lens.

Since achieving our target of having three female directors by the 2017 AGM, we have also achieved our goal in May this year of having 33% female Board members at group level. We have also been focused on our goal of having at least 35% senior managers within the organisation by end 2020 and saw this increase to 33% in 2019.

Through our Women in Banking and Finance (WIBF) membership, we have been able to offer a number of women at Beazley opportunities for external development seminars, networking and mentoring outside of the company. One of which was a strengths development seminar in conjunction

Upper (14.8% pay gap)

73%	27%

Upper Middle (2.0% pay gap)

68%	32%

Males Females

Lower middle (4.7% pay gap)

49% 51%

Lower (-5.0% pay gap)

42% 58%

with WIBF which we hosted at our London office. It was well attended by many talented women from Beazley and many other organisations across the financial services sector.

We were honoured to be nominated for the Team Award for Diversity, at the 2019 WIBF awards based on our D&I Steering Committee's work and commitment to addressing the gender balance within Beazley.

We continue to support our managers and annually review succession plans to assist the ongoing development of women into senior roles, as well as providing training opportunities. The launch of our formal mentoring system earlier this year has meant we have already been able to successfully pair more than 40 women in Beazley with a mentor.

These illustrate that the gender pay gap varies at different levels within the organisation.

Beazley plc |2019 UK Gender Pay Report

Declaration

We confirm that Beazley Management Ltd's gender pay gap calculations are accurate and meet the requirements of the regulations.

Andrew Horton

Chief executive officer

Pippa Vowles

Head of talent management

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