The Bank’s Court – which comprises the Bank’s Governors and non-executive directors – commissioned a review of ethnic diversity and inclusion at the Bank in September 2020, chaired by Diana Noble, a Non-Executive Director of Court. The Review was launched in response to feedback from the Bank’s Ethnic Minorities Network (BEEM) and in recognition that the Bank had not yet made sufficient progress on the important issue of ethnic diversity and inclusion.
The Review had two overarching aims: to ensure the Bank is on the right path, with momentum, towards attracting and retaining an ethnically diverse workforce at all levels; and for the Bank to be a BAME employer of choice.
The decision to conduct the Review was prompted by an awareness on the part of the Bank that it was not moving far or fast enough on diversity and inclusion. However, it was crystallised by events of last summer. The murder of George Floyd in May 2020 stimulated discussions on race and ethnicity, causing individuals and institutions to reflect in a deeper way than before. The Governor and Court wanted to identify and better understand where the Bank was falling short of its objectives and to design more effective actions in response. It also ties in with the Governor’s aspirations to create a more inclusive Bank.
As a first step towards building a more diverse workforce, we have set ourselves new and stretching targets to increase ethnic diversity. By setting targets, the Bank can be held accountable for its actions.
Commenting on the Review, Diana Noble, non-Executive Director of Court and Chair of the Review, said:
“I have consulted widely in my role as Review Chair over the past nine months. And I am left with an optimism that the great people across the Bank share Court’s vision of a fully diverse and inclusive Bank that they are proud to work for. And that they will want to play their own part in ensuring the Recommendations from the Review are implemented and in time become just the way the Bank thinks and acts.”
Bank of England Governor Andrew Bailey said:
“Making the Bank a genuinely inclusive workplace is integral to getting the day job right. We need people to bring their different experiences to the table, and to represent fully the people of this country. To reflect this, we have made achieving a fully diverse and inclusive Bank one of our seven strategic priorities.
We all have a part to play in achieving this aim. The experience of colleagues with different ethnic backgrounds has not reflected the kind of institution we want to be. And I, alongside my fellow Governors and Court, will lead the changes we need to make and implement the Review’s recommendations in full. I am confident we can make this institution an organisation where everyone can thrive and feel proud.”
The Review consulted the Bank’s Ethnic Minorities Network (BEEM) throughout, which offered both advice and challenge on the findings and recommendations. Commenting on the Review, the co-chairs of BEEM said:
“The Bank of England Ethnic Minorities Network (BEEM) welcomes the Court Review of Ethnic Diversity and Inclusion, the findings of which were not news to minority ethnic colleagues. We support the Bank in its transparency and willingness to face up to and tackle these issues head-on, through a concerted effort and commitment from the Bank leadership to fully implement the recommendations agreed with Court. It is so important for a public organisation like the Bank to take the lead in becoming the organisation it aspires to be for the benefit of all its staff.”
Notes for editors
- See the Review of Ethnic Diversity and Inclusion.
- See the Terms of Reference of the Review.
- The Review was conducted by a dedicated team reporting directly to Diana Noble, Non-Executive Director of Court. Feedback and challenge came from a senior-level steering group (including senior Bank staff and external members of the Bank’s Court). Two external advisors (Tom Shropshire and Dr Doyin Atewologun) also provided the benefit of their years of experience in race and ethnic diversity and inclusion.
- Further information on diversity and inclusion at the Bank is set out in the Bank of England Annual Report and Accounts, including:
- Gender and BAME pay gap information p.58
- Diversity and inclusion metrics p.60
- Inclusion and sustainability information p.65-68