More Work Needed to Improve Diversity at BOE, Court Minutes Show

(Bloomberg) -- The Bank of England needs to do more to meet its diversity targets for senior roles, according to minutes from its February Court of Directors meeting.

The central bank’s governing body said that “more work is needed” to meet its target of 13 percent black and minority ethnic (BAME) representation in senior levels by 2022. That could be done by giving senior managers specific diversity and inclusion targets, alongside existing interventions like the bank’s sponsorship program, recruitment and internal coaching.

The BOE is on track to meet its target of 20 percent BAME representation at levels below senior management by 2020, the minutes said.

A panel of U.K. lawmakers asked the central bank to clarify how it would improve staff diversity and update working practices by June. They criticized the BOE for lacking “a clear vision of the significant changes needed to modernize its ways of working.”

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