Anniversary

Ascot's 25th anniversary

Board Diversity Policy

OBJECTIVE AND SCOPE

The Board Diversity Policy (‘the Policy’) sets out the Board of Directors of Ascot Underwriting Limited’s (‘the Board’) approach to diversity.

The Policy applies to the Board of Ascot Underwriting Limited (‘AUL’). Diversity in relation to employees of the wider Ascot Group located in the United Kingdom is covered by the AUL and Ascot Underwriting Holdings Limited Diversity, Equity & Inclusion Policy.

ROLES AND RESPONSIBILITIES

The overall responsibility for reviewing and approving the Board Diversity Policy lies with the Board.

POLICY STATEMENT

The Board places emphasis on ensuring that its membership reflects diversity in its broadest sense and recognises the benefits of having a diverse Board. It believes that recognising and encouraging diversity is important in providing a range of perspectives, insights and challenge needed to support good decision making.

The Board will take opportunity, as and when appropriate, to further improve diversity in its broadest sense.  The structure, size and composition (including, but not limited to, skills, knowledge, experience and diversity) of the Board shall be considered as part of the annual evaluation of performance and effectiveness of the Board.

As part of its broad recruitment practice, the Board shall consider:

  • candidates on merit,
  • against objective criteria, and
  • with due regard for the benefits of diversity on the Board.

On gender diversity, the Board is committed to maintaining the 20% female board representation and 25% female executive director representation ambitions that have been set across the Lloyd’s market.

The Board recognises that diversity and gender balance at Board level can only be achieved if there is a pool of diverse candidates from which to recruit. With this in mind the Board seeks to identify and develop employees with the potential to become future executive Board members by providing training and personal development opportunities.

The Board will only engage executive search firms who are signatories to the Voluntary Code of Conduct for Executive Search Firms.  Any search firm engaged should be committed to addressing gender and/or ethnic diversity.

The Board is responsible for ensuring that adequate succession planning is in place for the Board and in doing so shall have regard to this policy and the composition and skill requirements of the Board at that time.

ENTIRETY OF POLICY

There are no supporting standards and guidance documents relating to this Policy.

FREQUENCY OF POLICY REVIEW

This Policy must be reviewed at least annually taking into account any new or changes to legislation, or more frequently should a significant change in the business, market or regulatory environment occur.