Financial Firms To Appoint More Women To Boards Under New EU Directive

The year 2014 will mark the need for more women working in large financial organizations in their boards of directors. Well-known banks, investment companies and building societies will be asked by the European Union to register the number of women they intend to appoint to their boards of directors and also mention how exactly they think they would manage to do it. Download our Equal Opportunities Policy

According to the EU’s Capital Requirements Directive IV large financial companies will have to set up a nomination committee, the aim of which will be to set out the “target for the representation of the underrepresented gender on the management body and how to meet it”.

Consultation papers were published by the UK’s financial regulators, the Prudential Regulation Authority and the Financial Conduct Authority. These revealed the expectations of the EU that the equality on the board of directors will be improved.

These changes are now necessary after the April report from Cranfield University which pointed out that women held only 17% of board positions in FTSE 100 firms.

Linda Jones of law firm Pinsent Masons said that gender targets on UK businesses had to be set long ago.

However, Helena Morrissey, founder of the Thirty Per Cent Club, expressed her discontent with the directive.

“The UK is already making strong progress and to some extent any regulatory measures emanating from EU might seem academic as large banks already have stated targets,” she said.

She added that there needn’t be specially created quotas for women but they in fact had to demonstrate their skills and just then join boards.

RAC Foundation Proposes Four Year Learning Period For Drivers

The RAC Foundation has proposed reforms after which new drivers would have to wait longer and exert many efforts before they receive their full driver’s licence.

For the future drivers will have to graduate through different licences as each of them will have a series of restrictions.

This proposal came because of the high number of people killed in car crashes. The changes will most probably reduce it.

The number of dead and seriously injured young drivers for 2011 is 1,500.

The foundation reported that one in five young drivers crashes with their car in the first six months after they had passed the test, which makes these three times more likely to die on the road than experienced drivers.

In case the proposal is accepted, learners would have to graduate through three tiers. Many legal documents will sort this out.

The duration of the first one is at least a year and it would take place before the driving test is taken.

As drivers pass the first test the next year they would be allowed to drive but with some restrictions like for example limitations on driving at night and the number of passengers that a driver can carry.

The next step is a two-year probationary period. In case during this period the driver receives 6 penalty points, they would have to retake the test.

The US, Canada and Australia were given as examples where similar systems have changed the situation and have reduced the number of dead youngsters.

According to Prof Stephen Glaister, director of the RAC Foundation, their measures would reduce deaths with 60%.

“Our research shows that putting certain restrictions on young drivers allows them to rapidly build up life-saving experience in the safest possible way.”