Old Mutual says its culture 'one of inclusion'

Responding to the Davies Report on "Women on Boards", Old Mutual chairman Patrick O'Sullivan said: "The composition of the Board is a matter for the Nomination Committee, which I chair. Our guiding principle is that successful candidates should be the best qualified for that role, subject to local law, but we also seek to have an appropriate balance of skills, experience and diversity represented on the parent company Board."

He added: "We currently have a significant element of diversity at that Board level, with directors from South Africa, the UK, Ireland, Sweden and Spain, and we intend to build on this base over the next three to four years. We now have one female director out of our complement of 11 and we are aiming to increase this to at least two by the end of 2013 and to at least three by the end of 2015, while bearing in mind that all Board appointments require prior approval by the FSA."

Julian Roberts, group chief executive, added: "For our business to succeed, our culture has to be one of inclusion and opportunity for all our staff. Only by addressing diversity throughout each level will we achieve over time the appropriate gender balance at the executive levels.

"I believe that we can do more to encourage our very talented female senior managers around the Group to progress to the highest positions in the organisation and I am ensuring that gender diversity is actively considered when developing and recruiting candidates for senior roles around the group."