City body abandons diversity requirements as backlash grows
A professional body representing tens of thousands of UK insurance and pensions workers has dropped its diversity, equity and inclusion (DEI) plans amid a growing corporate backlash against the schemes.
The Institute and Faculty of Actuaries, which represents thousands of mathematics experts who calculate risk for insurers, said it would not proceed with a proposal that would have required its members to 'encourage diversity, equity, and inclusion'.
The body said that a consultation on its DEI programmes had found 'strong support' for the 'principles of belonging, fairness, respect, and to building a profession that is more representative of the society we live in'. However, a move to mandate DEI demands into its code of conduct had seen 'opinions diverge'.
The institute said it would drop a plan to change its code of conduct and would also not implement separate DEI guidance, instead tweaking its current codes of conduct barring harassment and bullying.
It comes amid a gathering corporate backlash against diversity programmes, with some companies rolling back initiatives amid concerns they are unfair themselves. Technology companies including Meta and Amazon have ditched their DEI teams, while retailers Walmart and Target said they would drop diversity programmes.
DEI programmes are in retreat following a change in the political weather in Washington. The initiatives have come under relentless attack from Republicans and Donald Trump.
Mr Trump has taken an axe to US government diversity programmes, which he has criticised as 'radical'. He told the World Economic Form last week that DEI policies were 'absolute nonsense, throughout the government and the private sector'.
The president on Thursday blamed diversity policies under Barack Obama and Joe Biden for poor safety standards after a deadly crash in which a military helicopter collided with a passenger plane over Washington.
Mr Trump said: 'I put safety first. Obama, Biden and the Democrats put policy first. They actually came out with a directive: 'Too white.' And we want the people that are competent.'
Conservative activists have filed shareholder proposals at banks including Goldman Sachs and JP Morgan, urging them to review their DEI schemes.
However, some finance giants have defended their diversity metrics and targets.
Asked about shareholder activists at the World Economic Forum in Davos earlier this month, Jamie Dimon, the JP Morgan chief executive, said: 'Well. Bring them on.' Christian Sewing, the chief executive of Deutsche Bank, said this week the bank stood 'firmly behind' its DEI policies.
The Institute and Faculty of Actuaries trains, regulates and represents around 32,000 actuaries worldwide.
Actuarial science is crucial for calculating long-terms risks at insurers, pension plans and for government welfare programmes, helping to set prices and forecasting potential losses.
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