In our recent report, produced in collaboration with Diversity Project Europe (DPE), we provide an overview of the state of diversity, equity and inclusion (DE&I) in the European asset management industry. The insights are based on a survey of 30 senior DE&I and HR leaders in asset management organisations, covering a significant cross-section of the industry, interviews with founding members of Diversity Project Europe, and a review of relevant regulations.
The report finds that there is strategic intent and a regulatory imperative on DE&I. European asset management companies recognise that diversity is good for business and have a strategic commitment to DE&I. Moreover, an EU regulatory framework for DE&I is emerging and will help to anchor progress.
We hope this document serves as a launching pad for advancing DE&I practices in the European asset management industry. By addressing the gaps identified and building on existing strengths, we can ensure that diversity, equity and inclusion become integral to our industry.
Ric van Weelden, Chair, Diversity Project EuropeHowever, operationalisation of DE&I by European asset management companies is lagging behind the strategic intent and regulatory imperative across key aspects of DE&I. Many organisations face challenges in resourcing, measuring, and mainstreaming their DE&I efforts, including across the three key areas covered by the report: inclusive culture, gender equality and social mobility.
The emerging EU regulatory framework for DE&I will further reinforce the importance of this topic. EU legislation, including the Women on Board directive, EU Pay Transparency Directive (EU PTD) and Corporate Sustainability Reporting Directive (CSRD), is introducing new obligations for employers. Although they will require a substantial reporting effort, firms can get ahead of regulatory requirements in order to drive positive change within their organisations – helping to turn their strategic DE&I aspirations into reality.
There are a range of actions outlined in this report that organisations can take to embed DE&I throughout their operations, learning from best practice within the sector and beyond. For the sector to thrive in the future, it must embrace and leverage the power of DE&I.
Interested to know more? Make sure to download the full report.
We hope that our analysis will help the asset management sector in Europe better to understand the challenges and opportunities involved in improving DE&I in the sector and spur companies to both individual and collective action.
Johannes Smits, Partner, People and Organisation, PwC SwitzerlandDownload the report
https://pages.pwc.ch/core-asset-page?asset_id=701Vl00000HyUW5IAN&embed=true&lang=en
