The City can put on a good show for Pride, but its C-suite record shows LGBT representation still has a long way to go, writes The Bank of London chief executive Anthony Watson
A pivotal moment in my journey occurred at Microsoft in the early 2000s when a colleague made a vile and shocking gay slur to someone else in the room, not realising that I was gay myself. This incident shocked me so much, it empowered me to embrace my true identity and come out, despite open hostility to LGBT people at the time.
Yet openly LGBT executives like me are still a very rare sight in business. Whilst diversity is often championed, visibility and representation of LGBT people in particular remains disproportionately low, pointing to a glaring gap in corporate inclusivity.
There certainly isn’t much diversity on display in FTSE 100 board rooms, with only two openly gay CEOs: Antonio Simoes of Legal & General, who only assumed the role this year, and Stuart Machin of Marks & Spencer, who only recently rejoined the ranks of the FTSE 100. It is a sobering statistic emphasising how much work still needs to be done.
Today, I am proud to be the first and only openly gay person to found and run a bank in the UK or Europe. Being gay has been one of the greatest blessings in my life, driving me to be transparent and vocal about issues that matter and are now an essential part of my identity.
However, it is disheartening to see the continuous oversight of LGBT diversity. Whilst other strands of diversity are crucial, they should not overshadow or replace LGBT inclusion, especially with LGBT hate crime on the rise for the first time in a generation.
The challenges within and beyond the City are significant. Bias has been a persistent force throughout history, and its impact is being embedded into new technologies. Anthropologist and gender studies expert Mary Gray noted in a 2021 Forbes interview that AI would “always fail” LGBT people due to its inherent static nature, which struggles with evolving identities within the LGBT community. We must strive for AI that fosters inclusivity, not marginalisation. It is imperative AI development includes LGBT perspectives to ensure fair and equitable outcomes for all.
The fight for LGBT rights remains critical, as these rights are being eroded in subtle and significant ways digitally and legislatively. Sadly being openly LGBT in business, especially in banking and finance, is still perceived as ‘something odd’ by both regulators and industry. Authentic inclusion means being true to oneself and having workplaces, and opportunities in those workplaces, that embrace our differences. As Pride in London’s campaign this year beautifully states, it’s about “shining a light on the presence of London’s LGBTQ+ community, and the power they have to be drivers of change by living authentically and without apology”.
Boards, hiring managers and recruiters must prioritise potential over past limitations, embedding diversity at every organisational level. When employees can bring their authentic selves to work, they can fully focus on their work performance free from fear. Surely every employer wants 100 per cent of their employee to be present and not just a token percentage of what that employee is comfortable bringing to their place of work? Although some companies are making strides to improve AI and support LGBT rights and inclusive workplaces, real change will happen when these principles are woven into the daily operations of all businesses, not just highlighted during Pride Month. The emphasis on diversity should include all facets equally, recognising that each brings unique strengths and perspectives.
It is time for corporations to recognise that true diversity includes sexual orientation and gender identity. Authentic inclusion is not a zero-sum game; it enriches the entire organisational fabric and drives innovation and growth.
Let’s move beyond tokenism and towards genuine, comprehensive inclusion where every individual feels seen, valued and empowered.
Anthony Watson CBE is the founder and group chief executive of The Bank of London