Today, Lloyd’s of London announced that a plan of action that is aimed to address reports of sexual harassment has been developed by the company.
It has pledged to introduce a series of new measures as a response to the reports regarding a pervasive culture of sexual harassment at the insurance market.
A Bloomberg News report that was released last week emphasised the issues involving sexual harassment in the 330-year old insurance market, where business is still essentially done face-to-face.
In a statement, Lloyd’s announced that it will add two women, Vicky Carter and Fiona Luck, to its nominations committee, succeeding Charles Franks and David Manning.
It also said that it had made a commitment to listen to the accounts of the women mentioned in the Bloomberg article in a safe and confidential space.
Lloyd’s said that it had introduced various policies, including sanctions and possible life bans on entering its City tower, in order to “create better understanding and awareness of the issues.”
The plan of action includes a market-wide survey on the issue, new training, and an independent route aimed for reporting inappropriate behaviour.
The specialist market insures a range of complex risks from footballers’ legs to oil rigs. It was established in the coffee house of Edward Lloyd way back in 1688.
Last year, the first woman CEO of Lloyd’s and a champion of diversity, Inga Beale, stepped down from her position after the market experienced a two billion-pound loss in 2017. John Neal succeeded her in October 2018.
In the statement, Neal stated: “It has been distressing to hear about the experiences of women in the Lloyd’s market.”
He added: “I am determined that Lloyd’s offers a safe and inclusive working environment for everyone.”
Lloyd’s publishes is scheduled to publish its annual results for 2018 on Wednesday. It is also expected to outline a new strategy that aims to improve performance.