Business News Round Up (17/10/2022)
UK financial sector lags on boardroom parity
Some countries in Europe are seeing financial services boardrooms approach senior-level gender parity. However, the UK’s reluctance to legislate on the matter means it lags behind leaders like France and Italy on the matter. EY’s ‘Boardroom Monitor’ series charts the experience, training, and skillsets of board directors in the MSCI European Financials Index, as well as at several additional large national institutions. The latest edition of the research saw EY teams canvas views from more than 300 institutional investors in financial companies across the UK, Germany, Switzerland, and France – and found a major shift in boardroom demographics is taking place. Diversity within the boardroom has become an increasingly important issue for businesses globally, both in terms of the business case, in terms of compliance, and, increasingly, in terms of wider social trends towards inclusive practices – with female role models able to encourage other women to participate in the business world. And according to EY, financial services firms are making large strides toward gender parity in the boardroom as a result. Leading the way across Europe’s financial sector, wealth and asset management firms have the smallest gender gap in their board rooms. Around 41% of board members in the segment identify as women. Banking an insurance lag behind, with just over one-third of board members in each segment identifying as women. That is more or less in line with the proportion of women in the boardrooms of FTSE 100 members – but ahead of the wider average.
https://www.consultancy.uk/news/32611/uk-financial-sector-lags-on-boardroom-parity
Rural tourism infrastructure projects to receive share of £3m funding
A total of £3m has been awarded to 10 tourism projects across Scotland, to improve visitor facilities and access and to promote low-carbon transport options. The projects have all been recommended for approval – subject to conditions – to receive cash from round five of the Rural Tourism Infrastructure Fund (RTIF). Managed by VisitScotland on behalf of the Scottish Government, the RTIF was created to improve the quality of the visitor experience in rural parts of Scotland that have faced pressure on their infrastructure due to this increase in visitor numbers. It aims to reduce the impact of visitor numbers on local communities and facilities and create a more collaborative and sustainable approach to infrastructure provision and long-term maintenance of local facilities for the benefit of communities. Round five of RTIF was extremely competitive, with 15 applications considered by the assessment panel, made up of representatives from the Scottish Government, COSLA, Scottish Enterprise, Highlands & Islands Enterprise, NatureScot and Architecture and Design Scotland, as well as VisitScotland.
Greater Manchester is at growing risk of missing its 2038 net zero target – and the UK its 2050 date – without major change in Government policy
Greater Manchester is at growing risk of missing its 2038 net zero target without a major change in Government direction, Mayor Andy Burnham will tell the city-region’s 5th annual Green Summit today. If the UK is to have any chance of becoming net zero by 2050, it needs to free up city-regions like Greater Manchester to go even faster, bringing forward new technologies and building the green skills base. But recent changes in Government policy, such as reopening fracking and restricting solar, combined with the failure to back Greater Manchester’s 2038 plan with funding and powers, mean that the UK is now increasingly likely to miss its 2050 target. The mayor has today written to the new Chancellor Jeremy Hunt asking him to back Greater Manchester’s plans to build 30,000 net zero carbon homes for social rent, and retrofit thousands more, as a way of stimulating regional economic growth. He will say that the best growth is green growth as the jobs created will last for the rest of the century. Net Zero North West estimates that 85,000 new jobs could be created in Greater Manchester through a major home retrofitting programme.
Summit called on the future of Aberdeen’s Union Street
An emergency summit on the future of Aberdeen’s Union Street is being held next month, amid increasing concern over its continual decline. The event on 9 November is being organised by city centre business improvement district (BID) Aberdeen Inspired, with support from the Aberdeen and Grampian Chamber of Commerce Vanguard initiative and sponsors. Businesses and city centre representatives are being invited to attend the summit, to be held at the Douglas Hotel, which aims to find short and medium-term solutions – both temporary and permanent – that can breathe new life into the main thoroughfare. It is proposed that the best ideas and initiatives will be taken forward with seed funding being secured to potentially attract further investment from partners and the private sector. Aberdeen City Council is currently consulting on potential designs for the city centre as part of the Aberdeen City Centre and Beach Masterplan (CCMBP), with views being sought on detailed concepts for Union Street, Belmont Quarter, Schoolhill and Upperkirkgate, the West End, Aberdeen Market and Castlegate. The designs include play areas, public art, events spaces and greening the area with trees, planters and rain gardens.
https://www.insider.co.uk/news/summit-called-future-aberdeens-union-28239870