The charter, which was inspired by the Women in Finance charter that aims to improve gender diversity in organisations, was created by Harry Matovu QC, barrister at Brick Court Chambers and founder and chief executive of Powerful Media Michael Eboda.
As a signatory, firms commit to have one member of its senior executive team who is responsible and accountable for black representation, inclusion, recruitment, career progression and opportunity.
It must also create an action plan to improve black representation and inclusion, recruitment and career progression, setting internal targets within five years to improve black representation, publish annual reports of steps taken to identify, develop and promote black talent as well as progress against baseline data.
The responsible senior executive’s performance appraisals should also specifically include an “assessment of progress” against internal target delivery.
TSB has consequently introduced a representation target of three per cent for employees with black and black mixed heritage by 2025.
It added that it wanted to increase its BAME (black, Asian and minority ethnic) representation to 14 per cent by 2025. The bank added that amongst the bank’s senior leadership, BAME leadership would rise from seven per cent to 10 per cent.
A TSB spokesperson said: “We recognise within our BAME representation, black colleague representation does not reflect the UK population and we have taken measures to address this overall and for our senior leader black representation.
“Joining the Black Talent Charter closely aligns with our approach and reflects our commitment to achieve our ethnicity goals and specifically address the underrepresentation of black colleagues and senior leaders across TSB.”
Its plans to “attract, develop and train diverse individuals” by including a mentoring framework, reverse mentoring and targeted development initiatives to support internal progression. There will also be a TSB manager programme to create inclusive leaders and a workplace adjustment passport to provide best practice for supporting those with a disability or those recovering from illness.