The financial services sector took a bold move to shape its future as the industry’s skills body, the Financial Skills Partnership, showcased Leadership 21st Century (21C) at the House of Commons on Tuesday 16 July.
The event was hosted by Lorely Burt MP for Solihull who is very supportive of Leadership 21C. It was attended by senior figures from the industry including regulatory bodies and trade associations. Leadership 21C looks to support the industry to improve its reputation through enhancing the quality of its leadership and governance.
Roy Leighton, Chairman of the Financial Skills Partnership (FSP), who spoke at the event, said, “Leadership 21st Century is a very timely programme with those at the top of the major firms in the financial services sector looking to improve confidence among the public by displaying more effective leadership. It looks to implement good practice and assist in the creation of gender balanced boards.”
Leadership 21C consists of three elements: voluntary statements that will enhance board effectiveness; a toolkit for boards to help them address the issues within board leadership including quality of information, decision making and board culture; and gender diversity guidance for the financial services sector which includes training solutions for the creation of a pipeline of talent as well as for senior women as they reach board level. Each of the three elements was developed as a response to the key challenges expressed by the industry.
FSP developed Leadership 21C with the support and involvement of the Association of British Insurers (ABI) and British Bankers’ Association (BBA), the regulators - the Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC), major employers, professional services firms, and public service bodies. The programme was developed with co-investment from the UK Commission for Employment and Skills through the Employer Investment Fund.
John Griffith-Jones, Chairman of the FCA spoke at the Commons event of the value of Leadership 21C in helping boards to focus on good practice and behaviours which can be a real challenge for firms. He said that the resource provides an opportunity for firms to see what good practice looks like. He went on specifically to say, “A radical shift in diversity on boards is what will make the difference we need today.”
Stephen Haddrill, Chief Executive of the FRC, said, “An engaged and effective board is essential to a company’s ability to deliver long-term value to its investors and customers. The components of a well-run board, as set out in the UK Corporate Governance Code, are easily understood but much harder to achieve. It requires leadership and a culture of continuous improvement. Programmes such as Leadership 21st Century can help boards get to grips with the issues they need to address in order to become more effective.”
Otto Thoresen, Director General of the ABI, who also spoke at the event, picked up and highlighted one area of the standards which was around the importance of good quality information getting to boards in order that they can work effectively. He went on to say, “What we have here is a very useful toolset for UK financial services boards and a potential benchmark for success.”
In concluding the event, Roy Leighton said, “This is a programme that has been developed by the industry for the industry and its success lies with participation from the entire sector across the whole of the UK. I urge all firms to positively engage with this programme and implement this good practice in their boardrooms.”
For more information please contact Jermaine or Rani at Flame PR on 0203 357 9740/07947 541814 or email fsp@flamepr.com
