Lloyd’s has today released the findings from its cultural survey, which reveals the extent to which sexual harassment has been witnessed in the marketplace. Lloyd’s has highlighted four key themes that have emerged: the less positive experiences of women in the market compared to men; not everyone is speaking up – there is a perception that their concern would not be listened to or taken seriously; the wellbeing of staff; and finally, leadership on these issues.
In response to the findings, Sheila Cameron, LMA’s chief executive, said: “the Lloyd’s market is world-leading in terms of the talent we attract and the opportunities our innovative and dynamic work environment provides. Although the issues highlighted by the survey are not exclusive to this sector, we must be decisive and thorough in our response, firstly because it is the right thing to do and secondly, failure to act will damage our ability to attract and harness the talent that is so vital to the future competitiveness and success of the market.
“I have seen the market change in a positive way in recent years, but this is a journey and there is still some way to go. We must ensure that the actions we now take together will help to regain the trust of the victims of harassment and bullying and will ensure that our market place is equally positive for women and men.
“We are fully supportive of the actions that Lloyd’s has announced in response to the survey. In addition, the LMA Board has today committed to a new initiative that will enable their personal involvement as market leaders in responding to, and eradicating, inappropriate behaviours in the marketplace.”
The LMA Board, which includes 16 chief executives and other senior market leaders from Lloyd’s managing agents, has pledged to work actively through a CEO reporting network to tackle sexual misconduct in the market.
Most market firms have protocols in place to allow for the reporting of sexual harassment, bullying, and other forms of inappropriate behaviour, and Lloyd’s launched an independent 24/7 bullying and harassment helpline in April. However, the findings of Lloyd’s culture survey revealed that many of the respondents did not know who to raise concerns to about behaviour in the Lloyd’s market. Today’s commitment from the LMA Board will create a powerful new avenue through which action will be taken at the highest levels of the market.
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Andrew Brooks, LMA Chairman and Chief Executive Officer of Ascot Underwriting, said: “Any Ascot employee experiencing or witnessing inappropriate behaviour in the marketplace can henceforth report it directly to me, in absolute confidence. I pledge personally to report such incidents to my counterpart at the relevant firm, in order for the firm to deal with the issue appropriately.”
Brooks’ fellow LMA Board members have made a similar commitment, and encourage all market leaders across Lloyd’s to do the same, and to communicate their resolve positively to their entire staff. “Everyone must feel comfortable in their workplace and with their colleagues from across the market,” he said, “and no individuals are to be considered above reproach.”
“Together we can stamp out the remaining poor behaviours,” says Cameron, who has in the past communicated such reports directly to fellow market CEOs. “Today very few people in the Lloyd’s market are willing to stand by silently when unacceptable behaviours are observed. With this constructive resolution we make it very clear that LMA Members will take action at the very highest levels.”
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Notes to Editors
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About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd’s Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £31billion per annum.
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