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QBE INSURANCE GROUP LIMITED Workforce Diversity Policy December 2010

Workforce Diversity Policy.doc

Draft version Approval Owner Frequency of review

Final

December 2010

Remuneration Committee Jenni Smith Annually Group General Manager, Human Resources

Workforce Diversity Policy.doc

Contents
1. 2. 3. 4. 5. 6. 7. 8. 9. Overview ....................................................................... 2 Guiding principles and philosophy................................. 2 Workforce Diversity policy coverage .............................. 3 Responsibility for Workforce Diversity ........................... 3 Review of policy ............................................................ 3 Governance ................................................................... 4 Gender Diversity ........................................................... 4 Disclosure..................................................................... 5 Contact ......................................................................... 5

Workforce Diversity Policy.doc

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1.

Overview
The Workforce Diversity Policy aims to create a workforce that is fair and inclusive and seeks to retain and attract the best people to do the job. Through QBEs vision, values and Essential Behaviours, QBE recognises its talented workforce as a competitive advantage. QBE believes in treating people with respect and dignity as an individual and as a part of this, QBE does not tolerate unlawful acts of discrimination. QBE recognises workforce diversity as an organisational strength, understanding that drawing on a wide variety of capabilities, ideas and insights enhances decision making quality and entrepreneurship. The guiding principles of workforce diversity within QBE have been in place at a regional level; however recent work has been completed to align these principles globally and to more clearly communicate our organisations belief in workforce diversity. During 2010, the QBE leadership teams also considered the Australian Securities Exchange (ASX) Corporate Governance Councils changes to its Principles and Recommendations regarding gender diversity. These are accommodated as part of this broader Workforce Diversity Policy (the Policy). Additionally the Policy is aligned to the principles of the QBE Equal Employment Opportunity (EEO) policies as they apply in each region. This Policy requires local management and a Workforce Diversity Committee to proactively manage workforce diversity practices across the QBE Group, in order to promote appreciation of diverse backgrounds to enable sustained high performance.

2.

Guiding principles and philosophy


The guiding principles, which promote awareness and proactive management practices regarding workforce diversity, are applied across the QBE Group. These are: A diverse workforce is a competitive advantage in retaining and attracting the best people to improve our business performance A skilled workforce that reflects the diversity of our customers and communities, within each country in which we operate, is able to increasingly meet their needs with relevant products and effective service delivery The experience of work for employees is to be inclusive and respectful of individual differences, including but not limited to, family responsibilities Awareness of the rights and responsibilities of individuals with regard to equity and respect for others is important for all employees We promote a work environment that values seeking and utilising the contributions of employees with diverse views and experiences We value practices that provide access to development and promotional opportunities, with final decisions based on merit Promoting the OPENUP QBE culture through the Essential Behaviours to achieve positive business outcomes, including inclusiveness and meritocracy, is a part of every employees role Local diversity practices and reporting vary in each of the markets in which QBE operates, in accordance with the local legislation, business operations and culture.

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3.

Workforce Diversity policy coverage


3.1 3.2 Diversity in the context of QBE encompasses differences in ethnic background, gender, age, sexual orientation, religion and disability. This Policy applies to all employees of QBE globally who are payrolled by QBE, to the extent that this Policy does not conflict with EEO and anti-discrimination legislation as it exists in each market in which QBE operates. This excludes third party agencies where QBE does not fund the payroll for their employees. The principles of EEO and the relevant legislation in each of our regions is an important foundation for this Policy. The principles of EEO are outlined in specific EEO and related policies for each QBE region. This Policy provides guidance for all people practices across QBE, including but not limited to those programs and initiatives specifically aimed at recognising and promoting workforce diversity. This Policy does not replace or limit regulatory requirements.

3. 3

3.4

3. 5

4.

Responsibility for Workforce Diversity


QBE has established a Workforce Diversity Committee (the Committee) which is responsible for reviewing and making recommendations to the QBE Group Board on QBEs workforce diversity practices. The Committee aims to set and monitor specific objectives, in line with this Policy which maximise workforce capability and returns for shareholders. The Committee provides over-arching governance and guidance and ensures workforce diversity retains a focus as a strategic workforce opportunity. The consistent monitoring of the achievement of objectives enables the Committee to remain proactive in its management of workforce diversity. The Committee is chaired by its Group General Manager, Human Resources and has as its members, Divisional CEOs or a delegate from their team, as well as other employee representatives. Regional Leadership Teams also have responsibility for managing local practices and ensuring adequate understanding of this Policy across QBE. Individual leaders across the QBE Group are responsible for acting in alignment and upholding the principles and philosophy of this Policy.

5.

Review of policy
5.1 The Committee will review this Policy at least annually, and make recommendations to the QBE Group Board as to any changes it considers should be made. QBE may change, replace or withdraw this Policy at any time, both on an individual and collective basis.

5.2

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6.

Governance
As part of the QBE Group seeking sound and practical corporate governance, the Committee will give due regard to: 6.1 6.2 6.3 relevant provisions of the ASX Corporate Governance Councils Principles and Recommendations; local EEO and anti-discrimination legislation as it exists in each market in which QBE operates; and commitments made to the Equal Opportunity for Women Agency (EOWA) as part of the statutory reporting requirements for Australian based employees.

7.

Gender Diversity
7.1 The QBE Group Board aims to achieve specific objectives regarding gender diversity. This is to the extent that these objectives do not conflict with affirmative action requirements as they exist in each market in which QBE operates. These objectives are currently: Reasonable participation of women in senior leadership roles Participation of women in accelerated talent programs that provide development focussed on attainment of leadership roles Regular monitoring and management of pay equity between women and men within job families by each region Improved awareness of the options for flexible working arrangements and family support programs available within each region Availability of employee education specific to the benefits of workforce diversity and manager education focussing on workforce diversity management, including role redesign to encourage flexible working arrangements.

7.2

7.3

QBE additionally seeks to achieve the following for women to obtain senior leadership roles: Improved access to resources that assist women in achieving their career goals.

7.4

In certain locations in which QBE operates, additional objectives may be in place for other workforce groups, in line with their local practices and legal requirements. The QBE Group Board has approved these objectives. Each year, the Board will assess annually both the objectives and the progress in achieving them. QBE Executive Management will, as appropriate, be assigned specific aspriational goals regarding diversity management to the extent that these contribute to the principle of appointing to roles those employees or candidates who are the most suited to the requirements of the role, in line with QBEs Recruitment and Selection Policies.

7.5 7.6

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8.

Disclosure
The QBE Group Board will make appropriate disclosure of this Policy to shareholders in QBEs Annual Report. This will include outlining specific objectives regarding gender diversity, as set out in the ASX Corporate Governance Councils Principles and Recommendations.

9.

Contact
Any questions relating to the interpretation of this Policy should be directed to either the Group General Manager, Human Resources (Jenni Smith) at jenni.smith@qbe.com or Head of Talent & Workforce Planning, People & Performance, QBE Australia (Sarah Jones) at sarah.jones@qbe.com.

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