Diversity & Inclusion

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, Banking – but fairer, more rewarding, and for the good of society. 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.

1. 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.
2. 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.
3. 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.
4. 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.
5. The Policy, its objectives and targets, will be reviewed at least annually by the Committee and presented to the Board for approval.
6. The Policy will align where relevant to Virgin Money’s Inclusion Policy applying to all colleagues and all other relevant policies and principles.
7. 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)

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.

Learn more

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 organisation.

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.