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LCCI reacts to FCA Diversity and Inclusion regulation

Thursday 21 April 2022

Richard Burge, CEO of London Chamber of Commerce and Industry (LCCI) said:

“Tackling representation across company boards and executive committees is a critical issue and we are pleased by the FCA’s new requirement for listed companies to report and disclose information relating to the diversity of their senior leadership teams. It is a significant step in the right direction for inclusion.

"Businesses should strive to not only reach, but go beyond the targets that are set out by the FCA in order to drive forward successful businesses. It is imperative that that women and individuals from ethnic minority backgrounds are rightfully given seats at the table, as it is clear that reflective leadership can encourage and inspire future generations.

"While it will affect larger companies more obviously, LCCI hopes that smaller and medium sized companies that are the lifeblood of the capital’s economy recognise the importance of this regulation and seek to reflect it within their own companies – whether required or not.”

Tony Matharu, Chairman of the London Chamber of Commerce and Industry’s Asian Business Association, said:

“The Asian Business Association (ABA) helps to create the best conditions in which businesses can flourish locally, nationally and globally. We believe that equality of opportunity is likely to be assisted by the transparency of diversity reporting; giving senior executives the opportunity to positively evidence the inclusive representation of women and ethnic minorities on their boards and executive management.

"Whilst reporting will only capture a snapshot at a given point in time we hope that the FCA’s new rules will be a catalyst for positive change and an evolution in thinking in organisations of all shapes and sizes in the future.”