The first fund geared toward encouraging gender diversity amongst UK corporations has been launched by Legal and General Investment Management (LGIM).
The investment fund will favour shares in corporations which have the perfect file on gender diversity.
LGIM will rating and rank corporations in accordance to 4 totally different diversity measures, together with ladies on the board.
Only one of many UK’s greatest 350 corporations achieved full marks for gender diversity in its new index.
The investment agency the Renewables Infrastructure Group achieved a prime rating of 100, for the variety of ladies on its board, amongst its executives, in administration and within the workforce.
Companies are anticipated to attain a minimal of 30% illustration of girls in these 4 measures, mentioned LGIM.
Other corporations within the index, which was devised by LGIM, to rating 85 or above had been Merlin Entertainments, info firm Ascential, JD Williams-owner N Brown, Next and Marks & Spencer.
LGIM mentioned the fund, known as the L&G Future World Gender in Leadership UK Index Fund (GIRL), was anticipated to “elevate gender diversity requirements in corporations throughout the UK fairness market, by allocating extra to corporations which have achieved larger ranges of gender diversity.
“The fund aims to empower investors to make a difference to the companies in which they invest and wider society,” it added.
Helena Morrissey, head of private investing at LGIM, mentioned the fund “empowers us all to use our money to help companies to progress”.
“When we invest in the success of women, we are investing in the success of business. Collectively, we can help achieve gender equality and improve gender diversity in the UK,” she added.
LGIM will put £50m of its personal cash into the fund, which will likely be open to each institutional and retail traders.