Mr. Ed Sibley:

To support Professor Lane's point, when we talk and think about diversity, we think about it in its broadest form in terms of what can and cannot be seen. We also think in terms of experience and capability. We are focused very much on thinking about it in a constructive way. We think about how the board and the executive team work as a whole, rather than just being individual capabilities within. Gender diversity is easier to measure than most other aspects. There is an acute gender diversity issue.

That can be seen in the report and statistics we published in the last couple of years for the numbers of applicants for the most senior positions. It is even more acute when one looks at the roles people are taking up. At entry and middle management levels, it is 50:50 and 60:40; therefore, it is relatively balanced, but as one proceeds further up the organisations, one finds very acute gender diversity imbalances. If we look at the roles that are driving businesses forward such as the chief executives, chief finance officers, chief operating officers and the heads of retail and the like, approximately 94% are male and they often come from similar backgrounds and experiences. We then get into real risks of groupthink, over-optimism, lack of challenge and resistance to external challenge or circling the wagons. This is on top of all that we do in the areas of the regulation and supervision. To my mind, where we see lack of diversity, it is a leading indicator of cultural issues and poor potential outcomes both from a prudential and consumer perspective.