Diversity & Inclusion
Our vision
Our purpose is to make people happier about money. In order to do that we need to see and feel the world as our customers do. This means having a truly diverse workforce that reflects the customers we serve and an inclusive culture that enables us to unlock the rich insight and advantage this brings.
That is why we're focused on sponsoring diverse talent at every level and achieving a fully diverse leadership population (gender, ethnicity, disability, LGBTQ+) by 2030. But where we can, we want to go further faster.
Inclusion & diversity means more to us than just chasing a target. Our people are at the heart of the inclusive culture we’re striving to create, which is why we focus on the individual first and ensure our targets are a longer-term commitment.
Our inclusion pledgeAt Virgin Money, the freedom to be your true self means everything to us. We want to change how customers feel about money, so we need to see and feel the world the way they do. Instead of looking for one answer to a complicated question, we rely on the diverse thoughts, feelings, beliefs and backgrounds of our colleagues to help us see the bigger picture.
We're dedicated to asking questions, listening closely, assuming good intentions and uncovering new thoughts and opportunities together.
Building an inclusive culture
Our code of conduct "doing the red thing" makes sure that we live up to our responsibilities in enabling colleagues to be themselves in the work place and encouraging others to do the same.
We've built solid foundations to support our DE&I vision:
- We have a truly inclusive approach to pay
We succeed as a team and our pay reflects that, for our colleagues in our team bonus plan we said goodbye to bell curves and ranking team members against each other, we pay bonuses based on our collective efforts. - We challenge our leadership on inclusion at every turn
We’ve built inclusion into our expectations of people leaders by weaving this into our values, purpose and great leadership framework and challenging them all to be BRAVER . - We work hard to inspire meaningful allyship
We believe we all have a part to play in being more consciously inclusive at work. Through our allyship framework BRAVER we surface the behaviours that promote equity and inclusion and provide a vehicle to help all colleagues to play their part. - We help our colleagues find a balance
We've created policies and initiatives to support our colleagues balance their work-life with their personal commitments. From gender neutral family leave, well-being resources and development programmes, we're passionate about providing the tools for colleagues to progress.
Board diversity & inclusion policy
This Board Diversity and Inclusion Policy (Policy) sets out the approach to diversity and inclusion in the composition of the boards of Virgin Money UK PLC and Clydesdale Bank PLC (Board) and covers at a high level the approach to diversity at all levels within Virgin Money which is governed by Virgin Money’s Group Inclusion Policy.
Policy Statement
As a Board, we are proud that inclusion is at the heart of Virgin Money’s culture driven by our Purpose ‘Making you happier about money’. We are continually striving to build a workforce that represents the communities we serve, helping us to better understand our stakeholders’ needs, make more rounded decisions, build stronger relationships, and tap into new ideas and innovation. As part of our inclusion strategy, we want to build a truly inclusive culture, where every colleague and customer feels they belong. This is why we’re focused on sponsoring diverse talent at every level and achieving a fully diverse leadership population (gender, ethnicity, disability, LGBTQ+) by 2030.
Reflecting Virgin Money’s broader diversity ambition, the Board is committed to ensuring that its own membership is representative of the diverse societies and communities it operates in. Recruitment of Board members will consider candidates from a wide pool including women, people from a minority ethnic background, those with a disability in addition to drawing on other differences and experiences such as in knowledge and skills; age; educational, professional and socio-economic background; and cognitive and personal strengths. These differences are considered in determining the optimum composition of the Board.
- The Governance and Nomination Committee (Committee) regularly reviews and assesses Board composition on behalf of the Board and leads the Board member selection and appointment process, recommending to the Board the appointment of new Directors.
- All Board appointments are made based on merit against objective criteria, in the context of the skills, experience, independence and knowledge which the Board as a whole requires to be effective.
- In reviewing Board composition and in identifying suitable candidates for appointment to the Board, the Committee will also carefully consider the benefits of diversity amongst Board members including age, gender, ethnicity, disability, educational, professional and socio-economic background and other distinctions between Directors such as cognitive and personal strengths.
- The Committee will require that HR and / or any third-party search firm (as applicable) identifies and presents candidates meeting the objective criteria it sets and the Board’s diversity commitments set out in this Policy.
- The Policy, its objectives and targets, will be reviewed at least annually by the Committee and presented to the Board for approval.
- The Policy will align where relevant to Virgin Money’s Inclusion Policy applying to all colleagues and all other relevant policies and principles.
- Progress on achieving the Policy targets and how the Policy objectives have been implemented will be reported in the Virgin Money UK PLC Annual Report and Accounts.
The Board aspires:
- to have a membership comprising at least 40% women Directors;
- to have at least one of the senior Board positions (Chair, Senior Independent Director, Chief Executive Officer or Chief Financial Officer) held by a woman by the end of 2026; and
- to have at least one member of the Board who is from a minority ethnic background1.
Additionally, the Board aspires that the membership of each of its Audit, Governance and Nomination, Remuneration and Risk Committees comprises at least 40% women with one Committee member in each case being from a minority ethnic background.
In setting the above targets the Board recognises that due to its relatively small size the appointment or departure of a single Director can have a significant impact on the achievement of its targets and therefore it is acknowledged that in periods of Board change there may be times when these targets are not met. .
Note 1 – defined by reference to categories recommended by the Office for National Statistics (ONS) excluding those listed by the ONS as coming from a White ethnic background - Ethnic group, national identity and religion - Office for National Statistics (ons.gov.uk)
Effective Date: This Policy is effective from 1 October 2024.
Approved by the Board of Directors of Virgin Money UK PLC
25 September 2024
Our commitments to inclusion
We are committed to delivering our Diversity, Equity and Inclusion strategy to create a more representative and inclusive organisation with a supportive culture and positive working environment. As part of our commitment, we partner and actively develop relationships with external partners who provide us with advice and support and keep challenging us to do more.
Key highlights
We are also proud to have signed up to the Women in Finance Charter as a key part of our inclusion strategy, which reflects our commitment to build strong female representation at all levels within our organisation.
Stonewell's Workplace Equality Index is Britain’s leading benchmarking tool for employers to measure their progress on LGBTQ+ inclusion in the workplace. We are proud to being given the Gold Employer award and we intend on maintaining this status by proactively assessing our progress against their index. We're also dedicated to supporting organisations and individuals and do so by equipping them with the tools and means to connect with, influence and enable the challenge of inappropriate behaviours towards LBGTQ+ people.
We're a Disability Confident Employer within the Department for Work and Pensions Disability scheme. We're committed to ensuring fairness and make reasonable adjustments for our colleagues who requires them.
Virgin Money supports the 10,000 Black and Able Interns programme. This provides paid internships for Black students and graduates through the 10,000 Black Interns programme, and paid internships for disabled students and graduates of all ethnicities through the 10,000 Able Interns programme. We want to remove barriers facing underrepresented talent by providing meaningful opportunities enhanced by mentoring for our interns.
We're a signatory of Race at Work Charter and are committed to making sure career opportunities are accessible and available for colleagues from ethically diverse backgrounds. Our employee network group Embrace are passionate about empowering and enabling ethic minorities. We leverage on our partnership with Black Professionals Scotland to help ensure our workforce represents the communities we serve.
We are taking meaningful action in the pursuit of racial justice. Virgin Money are a signatory of the Black Talent Charter which reflects our aspiration to create a work environment where our colleagues can thrive regardless of race, nationality, or ethnicity. We are committed in embedding practical initiatives for promoting Black talent both into and within the Bank.
The Armed Forces Covenant is a promise from the nation that those who serve or have served in the armed forces, and their families, are treated with fairness and respect in the communities, economy and society they serve with their lives. The Defence Employer Recognition Scheme encourages employers to support defence and inspire others to do the same. We are recognised for the increasing levels of support we provide to the Armed Forces community we employ and for delivering over and above our commitments to the award.
Our Inclusion Steering Group Members
Our colleague Networks are a community of inspiring and committed volunteers who are passionate about championing equity and inclusion throughout the colleague journey at Virgin Money. Our networks support Virgin Money to amplify under-represented voices, be advocates of positive change, and provide safe spaces for peer support.
We have 6 colleague Network groups all sponsored by Senior Leaders who sponsor and advocate for their communities.
Allegra Patrizi
Managing Director Business & Commercial
Balance: Balance is here to develop the insights, confidence and frameworks that create a balanced workforce, where gender isn't an issue.
The Balance network is something very close to my heart and which I am extremely proud and passionate to be the Sponsor for. As an organisation we have done a super job in ensuring we cultivate a diverse and inclusive workforce, and I truly believe that benefits of this are only just starting to bloom. I myself have benefitted greatly from working in empowering organisational cultures and understand first-hand how important it is have the correct support structures to help women thrive. By embedding the key principles of our BRAVER allyship framework, I’ll continue to create a powerful network to enable and empower us to reach our maximum potential……both as individuals and as an organisation.
Lynsey Wilson
Head of Employment (Legal) and Purpose Office
Aspire: Aspire connects colleagues to mentoring, guidance and opportunities to develop their career
I'm thrilled to sponsor Aspire, our internal colleague network focused on supporting all colleagues to achieve their career goals. I’ve benefitted hugely from coaching, mentoring and wider development support throughout my time at Virgin Money. I’m therefore passionate about creating an environment where colleagues are empowered to take control of their career development to help them reach their unique potential. Aspire is a network of supportive allies where we share skills, tools and experience, provide mentoring and networking opportunities, as well as running bespoke events to help our colleagues fulfil their aspirations. The Aspire Network plays an important role in how we deliver on our Purpose for our colleagues and strives to meet our BRAVER ambitions by ensuring the support we provide is accessible to all.
Susan Poot
Group Chief Operating Officer
Vibrant: Vibrant enables and empowers LGBTQ+ colleagues and everyone else to champion equality in all its forms, with customers, colleagues and in our communities.
I am the proud sponsor and ally of the Vibrant (LGBTQ+) colleague network group. I love being part of this enthusiastic, vibrant group of people who support, engage and educate LGBTQ+ colleagues and allies. I have met a variety of courageous, bright, engaging, inclusive and fun people in this network and gained important insights that are helpful as a leader, colleague and friend.
James Peirson
General Counsel and Purpose Officer
Enable: Enable is there to make sure we understand the diverse needs of our colleagues and to support them and their families.
Continuing our focus on supporting inclusion across our organisation, I am delighted to be the Sponsor for disability, enablement and health, working closely with our Enable Colleague Network Group, focusing on understanding more about the disability and health issues experienced by colleagues and customers, and driving initiatives to help make Virgin Money an inclusive bank for all.
Enable provides support and advice for colleagues and their families contending with, or affected by, a range of disabilities or ill health. Our ultimate goal is to make our organisation one where doing business is easy and straightforward for everyone.
Clifford Abrahams
Chief Financial Officer
Embrace: Embrace is here to find and celebrate the things that make our individual cultures so unique.
I am the Chief Financial Officer and Executive Director of Virgin Money Plc, and I am delighted to be the Embrace Network Executive Sponsor. I enjoy working closely on a regular basis with Nidhi Agarwal Chief Model Risk Officer and Extended Leadership Team Executive Sponsor and all members of the Embrace Network that work across the Group and do a fantastic job of supporting colleagues on subjects that matter to us all personally. The benefits of ethnic diversity are clear for business, customers, and the banks ambition to positively impact our communities. I am proud that members of the Network feel it is a safe space to speak up, bring diverse thoughts and collectively we work together to drive initiatives to help make Virgin Money an inclusive bank for all.
Nidhi Agarwal
Chief Model Risk Officer
As the Chief Model Risk Officer for the bank, I am responsible for the management and delivery of the end-to-end model lifecycle at Virgin Money. I am proud to be the Embrace Network Executive Sponsor which allows me to hear colleague stories and experiences of how Virgin Money continues to be a diverse and safe place for everyone to bring their opinions to the discussion table.
A place with ethnic, religious and cultural diversity positively impacts customers and colleagues. I am proud that members of the Network continue to work hard in helping achieve bank’s ambition of promoting diversity and raising awareness of activities that make a difference in our communities.
Lorna Bennie
Head of Dispute Resolution
Vets@Virgin: Vets provides the support and awareness Armed Forces veterans need as they return to civilian life and supporting the families of those who have served or are currently serving.
I am the proud sponsor of Virgin Money’s Vets@Virgin network and it’s great to play a part in providing the support and awareness for the Armed Forces Community as they return to civilian life and support the families of those who have served or are currently serving. As an organisation we have achieved Armed Forces Covenant Gold Employer status, which is a great achievement, and our aim is to maintain this status and continue to support and engage our colleagues, customers, and communities.
It has been a hugely enlightening and enriching experience working with the Vets@Virgin Chairs to drive forward our agenda to maintain an empowering organisational culture and has allowed me to understand first-hand how important the Vets@Virgin network is and the great work it does. By embedding the key principles of our BRAVER ally-ship framework, we continue to create a powerful network to support, enable and empower colleagues.