Travers Smith LLP is pleased to have partnered with the Pensions and Lifetime Savings Association (PLSA) on its new Diversity and Inclusion Made Simple Guide, the first guide of its kind for the pensions industry, which has been published today.
There is robust and extensive evidence showing that teams which are more diverse and inclusive make better decisions and achieve better financial outcomes.
This guide introduces some of the concepts and good practice associated with diversity and inclusion (D&I), including:
- what D&I means
- a summary of the benefits of D&I
- some practical steps for trustee boards to help promote greater inclusivity.
It is aimed primarily at trustees of occupational pension schemes, but many of the principles discussed will be of interest and use to a wider audience, in particular sponsoring employers, trustees of contract-based schemes, advisers and consultants.
Caroline Escott, Policy Lead for Investment and Stewardship, PLSA, said: “There is a growing body of evidence to show that diverse boards make better decisions, avoiding behavioural biases such as groupthink. Yet PLSA research shows that 83% of boards are male.
“We’re pleased to have worked with Travers Smith to publish what we believe is the first practical, step-by-step guidance specifically aimed at building more diverse trustee boards. We hope this will create the diverse trustee boards which are needed to respond to and reflect diverse savers’ needs.”
Daniel Gerring, Partner and Head of Pensions, Travers Smith, said: “The Travers Smith Pensions Sector Practice is delighted to have worked with the PLSA on the creation of this new Diversity and Inclusion Made Simple guide – the first of its kind for the pensions industry. The benefits of diversity and inclusion in decision-making are now well established, so there is much for trustees and the rest of the pensions industry to gain from taking on board these simple concepts and measures."
Click here to download the Diversity and Inclusion Made Simple Guide.