Boardrooms can break the class ceiling – will yours?
Progress Together and KPMG Roundtable highlights the role of NEDs in driving socio-economic inclusion
Non-Executive Directors (NEDs) have a unique and powerful role in shaping the culture, direction, and priorities of financial services firms. At a roundtable hosted by Progress Together and KPMG on 14th May, NEDs from 16 organisations came together to discuss how they can lead the charge in tackling one of the sector’s most persistent challenges: socio-economic diversity (SED).
The session underscored a stark reality – while some progress has been made, in several firms, up to 80% of senior leaders still come from advantaged socio-economic backgrounds. The roundtable explored how this isn’t simply a pipeline issue, but a structural one that requires deliberate action from the top.
Despite growing awareness, SED remains largely absent from Board agendas. When it does appear, the focus often lies on external community engagement rather than addressing internal progression and representation.
Key themes included:
- The need for senior leaders to share personal stories to build psychological safety and trust
- The role of NEDs in challenging opaque promotion systems
- The importance of embedding SED into Board oversight and culture
The resulting report
If boardrooms are serious about breaking the class ceiling, it starts with leadership.