Corporate Boards (Diversity)
Debate between Lisa Cameron and Chuka Umunna(9 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text
Mr Umunna
I could not agree more, and I very much welcome the establishment of that all-party parliamentary group. My hon. Friend mentioned the economic benefits. We are not harnessing the huge benefits that our diaspora communities in the UK can bring to the boardroom—their family connections to and cultural understanding of the emerging markets, as we seek to export more and tackle from a trade perspective a current account deficit which is the largest on record.
In response to what I have said, I call on Ministers, first, to set a target for ethnic minority representation on FTSE 100 boards to be met by 2020, so that there are no all-white boards by 2020. That is a sensible target. The 2020 campaign led by Lenny Henry, Trevor Phillips and others has suggested that. I think that is a reasonable suggestion. Secondly, in 2013 the Companies Act 2006 was amended to require companies to include a breakdown of the number of female employees on boards, in senior management positions and in the company as a whole. We should do the same for ethnicity. If businesses do not know the problem in their workplace, they cannot do anything about it. Finally, Lord Davies has done a fine job on gender diversity. Let us now commission him to carry out a similar review on ethnicity. I praise the Government and the previous Government for their political will to make that happen on gender: get Lord Davies to carry out a similar review into ethnic diversity.
Dr Lisa Cameron (East Kilbride, Strathaven and Lesmahagow) (SNP)
I commend the hon. Gentleman for securing this important debate. Does he agree that the issue in respect of individuals who have a disability also needs to be taken forward, and that it has not been addressed appropriately so far?
Mr Umunna
I agree. As is often said in debates when we are considering equality issues, it is not a case of either/or; it is and. We need to look at all these aspects.
Ultimately, if there is not sufficient progress in a reasonable time frame, Ministers must be clear that they will act. Both carrot and stick are necessary if we are to build that fairer, more equal Britain where all my constituents, regardless of their background, can aspire to achieve, to reach for the stars and lead British business.