The City’s new Lord Mayor has urged that, while the financial hub’s recent environment work has been noted – more work needs to be done on diversity.
“Fewer than one in 10 management roles in financial services sector are held by Black, Asian, or other ethnic minority people,” City Lord Mayor Vincent Keaveny said.
“I am deeply proud of the City’s work on leading the conversation on investment for the ‘E’ in ESG. As Lord Mayor, I want the City to lead the next conversation, to lead the work on the ‘S’ in ESG.”
Keaveny, who was sworn in as the City’s 693rd Lord Mayor on Saturday, added that employees from less privileged backgrounds take an extra year to progress through each stage of their careers – despite no evidence of poorer performance, according to research from the City of London Corporation.
“I know that’s wrong, you know it’s wrong and I want to put an end to it.”
Speaking at the first Lord Mayor Banquet since 2018 tonight, Keaveny is expected to announce a new Global Impact Investment Summit to build on recent sustainable finance commitments.
The Summit, to be hosted by Keaveny next year, will aim to set impact investment standards and secure more finance for social infrastructure projects.