A Commitment to Transparency
2 0 2 2 G L O B A L D I V E R S I T Y, E Q U I T Y, A N D I N C L U S I O N R E P O R T

Table of contents
Our GDEI journey »1

Where we are now: Our firm at a glance »7

Where we are heading: Our strategic approach »12

Our GDEI pillars• Talent »17• Culture »32• Community »39• Investment »42

Measuring our progress and setting goals:
Governance, accountability, and transparency »47

APPENDIX
Glossary of terms »52

EEO-1 data »57

Our global diversity, equity, and inclusion(GDEI) journey
Outstanding people are at the heart of our firm’s mission to drive excellence for clients and positively impact millions
of beneficiaries’ lives. We believe that a diverse workforce, equitable opportunities for all colleagues to reach
their potential, and an inclusive culture are critical to achieving that mission. Diverse and inclusive teams help us
generate differentiated insights, strong long-term investment results, and solutions to complex client problems.
They support our efforts to attract and develop the next generation of talent globally and align with our values andcommitment to the communities in which we live and work.
Last year was exceptionally challenging from an economic and markets standpoint, and 2023 is off to a volatilestart. During this time, we’ve been listening to our clients and employees. They’ve all spoken about the profoundchanges taking place in our world — higher interest rates, geopolitical stress, and a trend toward deglobalization,
among other topics. We know that in order to be a trusted partner, we need to have a clear vision of what GDEI
success looks like. We recognize that this is a journey and that both our firm and industry have a long way to go. As
you’ll see in our second annual GDEI Transparency Report, we will continue to be transparent about where we standand the goals we hope to achieve. We know that we must hold ourselves to the same standards each year if we areto evolve, grow, measure our progress, and improve.
In recent years, we have built several firm and community initiatives, including our:

• Everyday management and coaching (an inclusive manager development program)• Groundbreakers Academy (a professional development program for early- to mid-career diverse talent)• Historically Black Colleges and Universities (HBCU) Scholars Program• Wellington Access Ventures (WAV; a venture capital platform that will invest in diverse entrepreneurs)• Financial Literacy Program (community engagement initiative to support financial awareness and education)
We are determined to expand and accelerate our efforts, increase our investments, and work closely with others in
our industry.

1•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »J E A N H Y N E S , C FA ®
(she, her, hers)
BOSTON

CEO, Managing Partner, Portfolio Manager,
Executive Committee, Global TalentCommittee, and Operating CommitteeOur GDEI journey
As you’ll read in this report, our efforts are focused on four pillars:• Talent – We seek to hire, develop, and promote underrepresented talent across our three platforms (Investment,
Client, and Infrastructure) with the aid of comprehensive campus, early-career, and lateral hiring strategies;
partnerships with external diversity associations; our apprenticeship model; and GDEI education and professional
development programs.

• Culture – We work to sustain an environment based on shared values, equity, and excellence and one that is
supported by mentor relationships, global mobility assignments, business networks, and manager/employee
engagement.

• Community – We tap into the power of community and collective action through external partnerships, including

STEVE KLAR
(he, him, his)our commitment to educational organizations supported by the Wellington Foundation.

• Investment – We leverage our reputation and resources to drive change, through the partners we choose(industry coalitions, suppliers), the opportunities we create (WAV), and sustainable investing (ESG).

BOSTON
President, Managing Partner, Executive
Committee, and Operating Committee

We are committed to more enduring progress at our firm. We know that the path forward will not be a straight line
and that it will require candid conversations, deep reflection, new approaches, and the resilience to acknowledge
failures and pivot. We will continue to draw on the wisdom of our people, our clients, and our peers. We are
optimistic and believe our commitment to tangible action and the values of the Wellington community will bring real
and meaningful change.

T E R R Y B U R G E S S , C F A®
(he, him, his)
BOSTON
Head of Investment Boutiques, Managing
Partner, Executive Committee, andSponsor of Wellington’s disAbilities
Awareness Business Network

2•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Progress report: 2021 – 2022
GDEI is essential to the firm’s business and talent ecosystem because

areas of progress and opportunities for improvement as we continue toit impacts the firm’s culture and performance, client relationships, andbalance both external and internal drivers.

bottom-line revenues. It is a transformation process with a focus on
results that evolves over time through strategic direction, unified effort,
measurement, transparency, and accountability. Meanwhile, there aresocietal, economic, industry, and internal business factors that will influence
the speed of change. This report highlights where we stand today, including

The 2022 GDEI Transparency Report, published in 2023, outlines our holistic
four-pillar strategy (talent, culture, community, investments), tailored
programming, and strategic partnerships. In 2022, our shared values andcollective actions resulted in the following:

Qualitative actions/outcomes% FEMALE

overall firm

O V E-RFemale
ALL FIRM

leadership team L E AFemale
DERSHIP
TEAM

+0.9%

leadership pipeline
L E A D -EFR S H I P
PIPELINE

management

M A N A GFE M E N T

2021% BIPOC

45%

2022

50% –
55%

2026
GOAL

overall firm - bipoc
O V E percent
RALL FIRMBlack Indigenous
People of Color

+0.6%

+0.9%

37%

38%

2021

2022

PROFESSIONALS

–0.7%

+0.7%

45%

investment
INVESTME–
NT
professional
F

42% –
47%

2026
GOAL

leadership team bipoc
LEAD
ERSHIP
TEAM

27%

28%

2021

2022

32% –
37%

40%

39%

2026
GOAL

2021

2022

leadership pipe L E A bipoc
DERSHIPPIPELINE

45% –
50%

2026
GOAL

management

M A N bipoc
AGEMENT

30%

31%

2021

2022

PROFESSIONALS
+3.7%

+2.4%

2021

3

•

40%

2022

45% –
55%

2026
GOAL

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »

+2.1%
–0.7%

12%

11%

2021

2022

17% –
22%
2026
GOAL

18%

21%

2021

2022

23% –
28%

29%

31%

2026
GOAL

2021

2022

2026
GOAL

investment prof –I N V Ebipoc
STMENT

+3.5%

37%

35% –
40%

34% –
39%

2026
GOAL

33%

37%

2021

2022

38% –
43%

2026
GOAL

Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or more

Firmwide metrics summary: 2021 – 2022
2022 HIGHLIGHTSOVERALL• We have increased representation of both our female (+0.9%) and+3.5%

firmwide increaseof BIPOC employees

BIPOC (+3.5%) employees globally, with EMEA experiencing the mostprogress across gender (+1.9%).

• APAC increased the percentage of new hires and existing employees
disclosing their self-identification during a recent “Count Me In” campaign.

73%

internal mobility* of womenand BIPOC in new roles• % undisclosed across EMEA was 18% in 2022 compared to 21% in 2021.
This will be an area of increased focus moving forward.

• We have increased our representation across LGBTQIA+ (+0.6% pp),
military (+0.5% pp), and disability (+0.6% pp).**67%

of promotions were individuals
from underrepresented groups

PROMOTIONS• All officerships, with the exception of associates and support
professionals, increased female representation, led by assistant vice94%

presidents (+2.0% pp) and managing directors (+1.2% pp).
of people managers completed
DEI-related training• The firm elects new senior managing directors annually. Effective
January 2023, there are 16 new senior managing directors. This diverse
group includes 44% female and 19% BIPOC.

HIRING TRENDS• EMEA showed an increase in female (from 57% to 58%) and Asian hires(from 7% to 18%).

• Americas showed an increase in Asian hires (from 26% to 28%).

* Internal mobility includes transfers, promotions, and global/expat assignments** LGBTQIA+ (2.3% to 3.0%); military (1.6% to 2.0%); disability (1.8% to 2.5%)
4•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Firmwide metrics summary: 2021 – 2022
Q U A L I TAT I V E A C T I O N S A N D O U T C O M E S
Hosted learning sessions to strengthen
our managers’ DEI leadership capabilities,
including sessions on unconscious bias,
microinequities, racial equity, cultural diversity,
inclusive leadership, allyship as a management
practice, and gender diversity and identity —beyond the binary

Established criteria to assess and evaluate
diversity association partnerships for
maximizing ROI

5•emerging executive development offerings
to include The Leadership Consortium, Black
British Business Awards’ (BBBA) BAME talent
accelerator programme, and McKinsey &Company’s Connected Leader Academies

Continued to deploy our early- andmid-career hiring, development, andengagement practices

Continued a firmwide hybrid work model, with

Empowered disadvantaged, lower

a 60%/40% weekly split between in-office andsocioeconomic communities toward financial

remote work, as well as flexibility in terms ofsustainability through the firm’s Financial

working hours

Literacy program and community organizations

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Expanded our individual, manager, andFirmwide metrics summary: 2021 – 2022
2 0 2 1 – 2 0 2 2 E M P LOY E E E N G AG E M E N T
AND PULSE SURVEY OUTCOMES
We continue to see our culture and employee engagement as essential
ingredients to sustaining a diverse, equitable, and inclusive environment.
One of the ways that we measure our progress to sustain this type of cultureis through our firmwide employee engagement and pulse surveys. In 2021
and 2022, the firm sustained talent engagement ratings of 87% (2020 Pulse
Survey) and 84% (2021 Engagement Survey). Our employee survey andpulse results were most favorable in the areas of top-down communicationand managers’ support of hybrid work schedules. Employees felt strongly
that our three managing partners communicated timely firm updates andthat managers were supportive of shifting to a hybrid work location model.
Meanwhile, increased focus is needed to support our employees with family

OPPORTUNITIES FOR IMPROVEMENT

care obligations and work/life balance. For example, 69% of our employees

As we move forward, the firm has identified improvement areas that include:

identified commuting time and 40% identified child and eldercare factors as• BIPOC promotions into the leadership teamtheir top obstacle in balancing work and personal priorities.
Our efforts will include a continued focus on flexibility in work location andtime through the firm’s 60%/40% hybrid work model and flexible working
hours. We are also working with our business networks, such as the Parents’
network, to identity solutions to address the needs of working families in our
new hybrid work model.

• Increased percentage of early-career women and BIPOC students
converting into full-time roles• Increased percentage of female hires, including BIPOC females ininvestment and management roles (women hires decreased slightly to
48% in 2022)• Increased the percentage of Global Mobility assignments for womenand BIPOC. In 2022, women held 41% and BIPOC 26% of internal
mobility assignments (i.e., temporary assignment to work in a different
country or region)• Increased representation of talent from the LGBTQIA+, veterans, anddisability communities
6•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Our firm at a glance
WHERE WE ARE NOW

Gender and race/ethnicity by region 1

As of 31 December 2022

2022 population: 3,384

Wellington is a global asset management
firm with employees across the Americas,

G E N D E R2

GLOBAL3

globaln Malen Female

Change in % female:

RACE/ETHNICITY

amer

55%

55%

59%

58%

45%

45%

41%

42%

2021

2022

2021

2022

Series1 +0.9%
Series2

GLOBAL

Series1 +0.3%
Series2

AMERICAS

A PA C 4

EMEA

apac

APAC, and EMEA.

emea

41%

41%

51%

49%

59%

59%

49%

51%

2021

2022

2021

2022

Series1 +0.3%
Series2

APAC

Series1 +1.9%
Series2

EMEA

2021

2022

2021

2022

2021

2022

2021

2022

59%

56%

66%

64%

15%

13%

56%

56%

Total BIPOC

37%

40%

34%

36%

74%

85%

23%

26%

5%
4%
2%
0%
26%

6%
4%
2%
0%
28%
0%
10%
10%
6%
1%

6%
5%
1%
0%
22%

6%
5%
2%
0%
23%
0%
3%
13%
5%
1%

0%
1%
1%
0%
73%

0%
0%
2%
0%
82%
2%
63%
7%
5%
6%

5%
1%
4%
0%
12%

7%
2%
3%
0%
14%
0%
3%
1%
8%
1%

West Asian
Undisclosed

•

0%
5%

3%

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »

0%
0%

0%

0%
11%

2%

1%
21%

Q U I C K S TAT I S T I C S

3,384

67

45%

40%

+0.9% change+3.5% change

employees

languages
spokenfemaleWhite

Black/African/Afro-Caribbean
Hispanic/Latinx
Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other AsianSouth AsianSoutheast Asian7

AMERICAS

18%

Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or moreBIPOC

E M P L O Y E E L O C AT I O N S

70%Americas

18%
EMEA

12%

APAC

Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or more

Our firm at a glance
Gender and race/ethnicity by platform
2022 population: 3,384

GENDERGLOBAL

globaln Malen Female

Change in % female:

RACE/ETHNICITY

55%

55%

48%

49%

45%

45%

52%

51%

2021

2022

2021

2022

INVESTMENT
investplat
PLATFORM

70%

69%

30%

31%

2021

2022

Series1 +0.9%
Series2

Series1 –0.5%
Series2

Series1 +1.5%
Series2

GLOBALCLIENT
P L AT F O R M

INVESTMENTPLATFORM

I N F RAST RUCT U R E
infra plat
P L AT F O R M

53%

52%

47%

48%

2021

2022

Series1+1.1%
Series2

I N F RAST RUCT U R E
P L AT F O R M

2021

2022

2021

2022

2021

2022

2021

2022

White

59%

56%

62%

59%

62%

59%

56%

55%

Total BIPOC

37%

40%

31%

35%

36%

38%

39%

43%

5%
4%
2%
0%
26%

6%
4%
2%
0%
28%
0%
10%
10%
6%
1%
0%

4%
4%
2%
0%
21%

5%
4%
2%
0%
23%
0%
15%
4%
3%
1%
0%

4%
4%
3%
0%
25%

5%
4%
2%
0%
26%
0%
9%
11%
4%
2%
0%

5%
4%
2%
0%
29%

6%
4%
2%
0%
31%
1%
9%
12%
8%
2%
0%

5%

3%

7%

6%

3%

3%

4%

3%

Black/African/Afro-Caribbean
Hispanic/Latinx
Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other AsianSouth AsianSoutheast AsianWest Asian
Undisclosed

8

CLIENT
client plat
P L AT F O R M•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or more

Our firm at a glance
Gender and race/ethnicity by officership2022 population: 3,384

GENDERS E N I O R M A N AG I N G
SrMD
D I R ECTO R

n Malen Female

Change in % female:

RACE/ETHNICITY

70%

79%

78%

71%

21%

22%

29%

30%

2021

2022

2021

2022

VICE
VP
PRESIDENT

59%

59%

A S S I S TA N T V I C E
AVPPRESIDENT

56%

54%

A S S O C I AT E

Assoc

49%

41%

44%

46%

51%

51%

2021

2022

2021

2022

2021

2022

Series1 +1.2%
Series2

Series1 +0.5%
Series2

S E N O I R M A N AG I N G
D I R ECTO R

M A N AG I N G
D I R ECTO R

VICEPRESIDENT

Series1 +2.0%
Series2A S S I S TA N T V I C EPRESIDENT

6%

6%

94%

94%

2021

2022

49%

41%

Series1 +0.6%
Series2

SUPPORT
SupportPROFESSIONAL

Series1 –0.7%
Series2A S S O C I AT E

Series1 –0.2%
Series2

SUPPORT
PROFESSIONAL

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

White

83%

80%

77%

76%

62%

59%

49%

46%

43%

43%

60%

61%

Total BIPOC

15%

18%

20%

21%

33%

37%

46%

50%

53%

54%

32%

36%

1%
2%
1%
0%
11%

2%
2%
1%
0%
14%
0%
2%
8%
4%
0%

2%
3%
0%
0%
15%

2%
3%
1%
0%
15%
0%
6%
6%
2%
1%

4%
2%
2%
0%
25%

4%
3%
2%
0%
29%
0%
10%
11%
6%
1%

5%
2%
2%
0%
37%

5%
3%
2%
0%
41%
1%
12%
16%
11%
2%

9%
8%
3%
0%
32%

11%
9%
3%
0%
31%
1%
14%
8%
5%
3%

10%
4%
2%
0%
17%

11%
5%
2%
0%
19%
0%
15%
2%
1%
1%

Black/African/Afro-Caribbean
Hispanic/Latinx
Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other AsianSouth AsianSoutheast AsianWest Asian
Undisclosed

9

M A N AG I N GMDD I R ECTO R

•

0%
2%

2%

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »

0%
3%

3%

0%
5%

4%

0%
5%

4%

0%
5%

4%

0%
8%

3%

Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or more

Our firm at a glance
Generational mix by region
2022 population: 3,384; Americas: 2,375; APAC: 415; EMEA: 594

GLOBAL

10

•

4%

37%

51%

8%

Baby boomer

Generation X

Millennial

Generation Z

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Our firm at a glance
Language dexterity

Intersectionality indicator(2022 population: 821 employees or ~24%)

Babyboomer
LGBTQIA+

GenderDisability
status
VeteranstatusRace

For illustrative purposes onlyMore than 60 languages are spoken acrossof diversity, including gender, race/ethnicity,

categories, where 3% identify as LGBTQIA+ andour firm, with 480 employees (14% of the firm)

disability status, military status, the baby

2% identify as veterans or having a disability.

having identified as speaking English and one

boomer generation, and LGBTQIA+. With an

Our employees have the opportunity to self-

additional language, and 370 employees (11% of

understanding of this intersectionality profile,

identify on an optional and voluntary basis.

the firm) having identified as speaking three or

we can seek to make the most of our differences

Due to various government restrictions, we domore languages.

and incorporate all of them into our investment,

not collect or report on data for certain global

business, and talent practices.

locations. As such, data may understate the

As shown in the intersectionality indicator above,

11

over 20% of our employees globally represent

In 2022, we increased our representation

two or more underrepresented dimensions

across LGBTQIA+, military status, and disability•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »degree to which these groups are represented
within the firm.

Where we are heading:
Our strategic approach
We are taking a strategic approach to GDEI, including
creating a common understanding of diversity, equity,and inclusion; a shared vision; and a collective action plan.

12•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of Terms »Our strategic approach
DEFINING DIVERSITY
We define diversity broadly. Our firm focuses onfour main spheres of diversity — the diversity
wheel — which include the organizational,
acquired, inherent, and, most importantly, theuniqueness of individuals.
We consider diversity through the lenses ofrepresentation, including the full range ofhuman identities (body), cognitive (brain),and/or organization (role/location) differences
and similarities.
We strive to ensure equality in our talent andbusiness policies and processes; equitable
practices and programs that address unmet
needs; inclusive leadership; and management
approaches that recognize the intersectionalityof every employee to enable a sense of belonging
for everyone.
According to Andrés Tapia, ESG and DEI
strategist at Korn Ferry, “Diversity is the mix.
Inclusion is making the mix work.”6 We credit
this insight as an illustration of our definitionof diversity and inclusion, and expanded it toinclude equity. For us, “Diversity is the mix;
equity is tailoring solutions; and inclusion isempowering the mix to perform together.”

13•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Diversity wheel

5Our strategic approach
Diversity, combined with equity and inclusion,

while creating an environment that will optimize

comes together as we strive to retain, develop,

individual impact in service to our clients.

promote, and hire a multidimensional workforce

Defining diversity, equity, and inclusion

7

As the asset management industry
is evolving, so are we. At Wellington,
we are embracing the future of workby exploring innovative workplacesolutions and experimenting withnew and better ways to collaborate.
Always with a focus on creating an
inclusive culture and community
where each one of our employees
can thrive, both professionallyand personally.

FAT I M A P E N R O S E(she, her, hers)
BOSTON
Senior Managing Director, Director of Human
Resources, Global Compensation & TalentCommittee (Secretary), and New Partner
Advisory Committee (Chair)
14•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Our strategic approach
GDEI is core to who Wellington is. Cultivating

We believe that diversity, equity, and inclusion

a diverse workforce, customizing solutions toenable us to deliver better investment results

meet individual needs, and fostering an inclusive

and innovative solutions for clients.

workplace are stated objectives of the firm.

Our philosophy

At Wellington, we apply thesame mindset, due diligence,and direct action to GDEI as
we do to serving clients andmanaging their assets. For us,
GDEI is the secret ingredientto optimal client satisfaction,
performance outcomes, andorganization culture.

S H AW N A F E RGUSO N(she, her, hers)
B O STO N /C H A R LOT T E
Senior Managing Director, Director of Global
Diversity, Equity, and Inclusion (GDEI), APAC,
EMEA, and North America DEI Committees(Member), and Americas Compensation & TalentCommittee (Member)

15•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Our strategic approachO U R S T R AT E G Y
We have created a five-year GDEI strategy andaction plan. Our global approach is driven byfirm leaders, implemented by managers, enabled
by human resources processes, supported by
employees, and guided by the GDEI Team.
We have set specific goals linked to talent,
culture, community, and investment, customized
for each functional area and local office to ensure
global consistency and local relevance. Examples
of areas we have identified for improvement
include representation of female and BIPOC
talent across the firm, across management,
and within our investment areas, to alignwith our goals.
We believe transparency will create accountability as we work toward these goals. To that
end, we conduct annual accountability reviews
with senior leadership that include quantitative
diversity dashboard metrics; periodic reviews ofqualitative talent engagement survey feedback;manager capability surveys; and assessments
of individual contributions as part of theperformance appraisal process.

16•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »One of the hallmarks of Wellington has been

our insights into client needs and investment

its ability to continuously evolve and adapt.

markets, and strengthens our teams andWe have a history of successfully navigating a

relationships. We are dedicated to attracting andshifting asset management landscape. In our

retaining high-impact talent, globally. We seek topursuit of investment excellence over the longbuild teams that are inclusive of a wide range ofterm, we believe that a diverse workforce andpersonal and professional characteristics, suchinclusive culture support our mission. Bringing

as age, gender, race, sexual orientation, ethnicity,

together people with different backgrounds andmilitary status, disability status, education, andexperiences enriches our thinking, deepens

communication style.

Our talent pillar
We seek to hire, develop, retain, and advance employees
from underrepresented groups across all levels at our firm
to build strong teams and a diverse workforce.

17•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of Terms »Talent
I D E N T I F Y I N G A N D H I R I N G D I V E R S E TA L E N T
Recruiting to build a diverse and inclusive team is a critical component of our GDEI efforts. Since we arefocused on talent, who we hire into the company is critical. In recruiting, we focus on both a passion forthe markets and strong shared values. Our recruiting activities must include every effort to find, attract,and hire talent that will offer diverse life experiences, innovative ideas, transferable and differentiatedskills, and specialized subject-matter expertise. We believe that these efforts will lead to more informed
investment and business decisions and enable us to provide exceptional service to our clients.

The actions we are taking to identify and hire diverse talent include:• Extensive talent market research by Wellington’s Talent Acquisition Research Team• Recruiting beyond traditional sources of talent, working with specialist third parties andpartners to help source hidden talent• Collaborating with partner schools, institutions, and external organizations and conferences• Designating broadly diverse interview teams, and training hiring teams with techniques tomitigate unconscious bias in the decision-making process• Providing multiple underrepresented candidates for each slate of interviews is a key tenet ofour hiring practices

18•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Talent
Hires’ gender and race/ethnicity by region(2019 hires: 348; 2020 hires: 212; 2021 hires: 405; 2022 hires: 716)

GENDERn Malen Female

GLOBALA PA CAmer - hires

49%

49%

52%

46%

49%

54%

57%

55%

51%

51%

48%

54%

51%

46%

43%

2019

2020

2021

2022

2019

2020

2021

2022

RACE/ETHNICITY

Male

FemaleGLOBALEMEA

APAC - hires

45%

Female

38%

62%

2019

Male

33%

42%

45%

40%

43%

42%

67%

58%

55%

60%

57%

58%

2021

2022

2019

2020

2021

2022

63%

37%
2020
FemaleAMERICASEMEA - hires

Male

FemaleA PA C

Male

EMEA

2019

2020

2021

2022

2019

2020

2021

2022

2019

2020

2021

2022

2019

2020

2021

2022

White

45%

45%

37%

44%

54%

55%

46%

52%

10%

6%

5%

4%

46%

46%

29%

51%

Total BIPOC

50%

47%

53%

51%

46%

45%

52%

47%

88%

83%

80%

96%

37%

27%

36%

30%

5%
5%
3%
0%
36%

8%
5%
2%
0%
32%

14%
6%
3%
0%
30%

8%
5%
2%
0%
37%
1%
16%
7%
10%
3%
0%

7%
8%
4%
0%
27%

12%
6%
1%
0%
26%

16%
8%
3%
0%
26%

9%
8%
2%
0%
28%
1%
5%
8%
12%
2%
0%

0%
0%
0%
0%
88%

0%
0%
0%
0%
83%

0%
0%
2%
0%
78%

0%
0%
2%
0%
94%
3%
70%
9%
4%
9%
0%

5%
1%
1%
0%
29%

2%
4%
8%
0%
13%

19%
2%
7%
0%
7%

10%
1%
1%
0%
18%
0%
5%
2%
9%
1%
1%

4%

8%

10%

4%

0%

0%

1%

0%

2%

11%

15%

0%

18%

27%

36%

19%

Black/African/Afro-Caribbean
Hispanic/Latinx
Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other AsianSouth AsianSoutheast AsianWest Asian
Undisclosed

19

AMERICAS

global - hires•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or more

Talent
B U I L D I N G N E W PAT H W AY S :O U R C A M P U S A N D E A R LYCAREER PROGRAMS
To accelerate progress toward our GDEI goals
and develop richly diverse teams across all
career levels, we will need to challenge conventional mindsets and approaches. The industry
is evolving, and each individual needs a unique

We offer internship and co-op opportunities

Wellington also offers a variety of multiyear,

at both the undergraduate and graduate level

early-career programs for recent graduates,

throughout the firm, globally. Our Diversity

providing opportunities to gain industry skills

Undergraduate Internship Program is open

through hands-on experience, coaching,to all undergraduate students but focuses onand mentorship. Our early-career programs

underrepresented groups in the investment

encompass global roles across the firm’s

management industry, including, but not limited

functional platforms, including investment,

to, females and BIPOC students.

client, and infrastructure roles.

set of skills and environment to flourish. Simply
put, we have to create a new pathway,
reframe what leadership looks like, and push ourapprenticeship model to redefine the current
and future investment professional profile.
Diversity has always been an integral part of
Wellington’s campus and early-career strategy,
and as the firm has grown, so has the needto bring in top diverse talent through ourundergraduate, graduate, internship, and earlycareer programs.

Cohosted with 100 Women in Finance and Junior Achievement Hong Kong (JAHK), a hybrid meeting with 157 students (aged 15 – 16)from various local schools at our Hong Kong office. The student feedback about this event scored in the 90 – 96 percentile.

20•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Talent
Campus and early-career hires’ gender and race/ethnicity by region(2019 hires: 211; 2020 hires: 178; 2021 hires: 224; 2022 hires: 276)

GENDERn Malen Female

GLOBAL

40%

48%

54%

60%

50%

52%

46%

2019

2020

2021

2022

EMEA - campus

23%

48%

48%

54%

60%

52%

52%

46%

2019

2020

2021

2022

Male

EMEA

APAC - campus

40%

65%

50%

52%

52%

50%

43%

50%

48%

48%

50%

57%

2021

2022

2019

2020

2021

77%

FemaleGLOBALRACE/ETHNICITYA PA CAmer - campus

50%

Female

35%
2019

Male

2020
FemaleAMERICAS

Male

FemaleA PA C

59%

41%
2022

Male

EMEA

2019

2020

2021

2022

2019

2020

2021

2022

2019

2020

2021

2022

2019

2020

2021

2022

White

43%

47%

36%

37%

45%

53%

41%

43%

8%

6%

0%

0%

43%

41%

30%

32%

Total BIPOC

54%

52%

61%

60%

54%

47%

58%

58%

77%

88%

95% 100%

33%

50%

53%

46%

7%
12%
3%
0%
32%

7%
9%
4%
0%
31%

14%
10%
5%
0%
31%

14%
8%
5%
0%
33%
1%
17%
1%
9%
3%
0%

7%
14%
3%
0%
31%

9%
11%
2%
0%
26%

14%
11%
5%
0%
28%

15%
9%
5%
0%
28%
2%
12%
1%
11%
2%
0%

0%
0%
0%
0%
77%

0%
0%
6%
0%
82%

0%
0%
0%
0%
0%
0%
0%
0%
95% 100%
0%
80%
4%
4%
12%
0%

10%
5%
5%
0%
14%

5%
5%
14%
0%
27%

23%
10%
10%
0%
10%

22%
3%
5%
0%
16%
0%
5%
3%
5%
0%
3%

3%

2%

3%

3%

1%

0%

1%

0%

15%

6%

5%

24%

9%

17%

22%

Black/African/Afro-Caribbean
Hispanic/Latinx
Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other AsianSouth AsianSoutheast AsianWest Asian
Undisclosed

21

AMERICAS

global - campus•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »0%

Difference from previous year:
Decrease 0.5 – 2.9%
Increase 0.5 – 2.9%
Decrease3 – 4.9%
Increase3 – 4.9%
Decrease 5% or more
Increase 5% or more

Talent
PA R T N E R I N G W I T H D I V E R S I T Y A S S O C I AT I O N S
Diversity associations are nonprofit organizations that advocate for diversity and inclusion by fostering
connections between the private, public, and government sectors. Many of these organizations promotebusiness relationships, career opportunities, and leadership or professional development opportunities
for underrepresented talent communities. Sustaining strategic partnerships globally with diversity
associations is a core component of our diversity, equity, and inclusion strategy. We partner with morethan 10 external diversity associations globally — a few of them are highlighted below.

MANAGEMENT LEADERSHIPF O R T O M O R R O W ( M LT )Wellington is a corporate sponsor of MLT, anational nonprofit organization that seeks
to increase the presence of high-achieving
individuals from underrepresented communities— Black, Latinx, and Native American —in fast-track entry-level jobs and major

100 WOMEN IN FINANCE

SEO LONDON

100WF is a leading global organization for

SEO London is a nonprofit organization

women in the finance industry, seeking to further

that prepares talented students fromthe progress of women who have chosen financeunderrepresented backgrounds for career

as a career through the three pillars of education,

success, partnering with companies to create apeer engagement, and impact.

lasting and powerful community of diverse talent.

graduate business schools as preparation forleadership positions in corporations, nonprofit
organizations, and entrepreneurial ventures.
We are also participating in MLT’s Black Racial
Equity Certification process.

Learn more about the partnership.
YEAR UP

Wellington is a corporate sponsor of Year Up,
GIRLS WHO INVEST (GWI)T H E R O B E R T T O I G O F O U N D AT I O N

Wellington is a corporate sponsor of GWI, a

Wellington partners with TOIGO, whose mission

nonprofit organization dedicated to increasing

is to foster the career advancement andthe number of women in portfolio manage-

increased leadership of underrepresented talentment and executive leadership in the asset

by creating mechanisms for greater inclusion

management industry.

from the classroom to the boardroom.

a national nonprofit organization focused onproviding students from a diversity of races,
gender identities, sexual orientations, ages,
physical abilities, religions, and socioeconomic
status with internship opportunities to build
the skills, experience, and support they needto reach their potential through professional
careers and higher education.

22•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Talent
C A M P U S O R G A N I Z AT I O N S A N D C L U B SNORTHEASTERN CO-OP PROGRAM

HBCU SCHOLARS PROGRAM

We are committed to building strong

We have participated in the Northeastern

Our current HBCU holistic program provides a

relationships with underrepresented

University Co-op Program since 1999, whereby

multifaceted experience that consists of fourcommunities at the universities and graduate

students alternate internships and school forcomponents: 1. A merit-based scholarship toschools from which we actively recruit. We seek

six-month intervals for both undergraduate

contribute to the cost of participants’ college

to educate diverse undergraduate and MBA

and MBA students. Underrepresented andtuition; 2. An opportunity for two separate 10- to

students about opportunities in investment

international students are among our diverse

12-week internships during their sophomore andmanagement and to identify those studentscohort of co-op students.

junior summers; 3. Engagement with participating

who have an interest in and a passion forschools through Wellington-sponsored activities

investment management.

and case competitions; 4. Potential full-timeplacement upon graduation.

23•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Talent
Our HBCU Scholars Program increases our ability

We began our HBCU partnerships in early 2019

to attract early-career African American/Afro-and, since then, we have hired six full-time

Caribbean talent; builds substantive relationships

employees and 18 interns, with plans to recruitwith HBCUs; and establishes Wellington as anan additional five in 2023. Additionally, acrossinstitution committed to having a meaningful

firm, foundation, and employee giving, Wellington

and positive impact on the Black community. The

donated US$1.45 million to United Negro College

data shows that HBCUs offer a strong selection

Fund (UNCF) between 2020 and 2022. Movingof high-potential students and future leaders.

into 2023, we have hired a total of 11 HBCU

By taking a deliberate approach to partner withstudents or graduates, and we are continuing to

HBCUs, the firm is investing in our future leaders,build momentum.

FAMU gave me the foundation
to be exceptional, but Wellington
gave me the playing field to
make it a reality.

while working to solve the representation gap withBlack/African American individuals at the firm.

R A N D A L L L E AT H
(he, him, his)
BOSTON
Research Associate, Florida Agricultural andMechanical University (FAMU)/HBCU Graduate

Wellington’s HBCU Stock Pitch panel discussion focused on leaders sharing their candid experiences, advice, and industry insights
with students.

24•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Talent
DEVELOPING AND
A DVA N C I N G O U R
D I V E R S E TA L E N T
A key aspect of Wellington’s GDEI commitment
is to increase the diversity of our employees
in leadership and high-impact roles across allfunctions and regions. In line with this goal, we
have increased our efforts to advance employees
from underrepresented groups across all levels
at our firm, maximizing their performance andimpact on behalf of our clients.
Our managers play a key role, working with
employees to navigate the dual pursuit ofachieving excellence for our clients andcontinuously learning and developing skills.
Through setting goals, creating development
plans, giving actionable feedback, reviewing
progress, and discussing individual performance,
managers focus on how to develop each
employee’s skills, performance, and potential
on an ongoing basis.

The relationship between managers andemployees is complemented by our apprenticeship model and mentoring relationships, as wellas our more formal learning opportunities. Our
apprenticeship model encourages learning andgrowth through coaching, on-the-job teaching,and participation in relevant internal meetings,
working group or committee assignments,
forums, and presentations. Employees also haveopportunities to participate in industry seminars
as well as engage in internal and external
technical and professional training.
We are also focused on ensuring equity
within our workforce by providing all talent
with opportunities to realize their full potential
through stretch opportunities, internal and global
mobility (almost 120 assignments globally since2019), and promotion opportunities. We haverobust processes in place to review our talentdecisions, including decisions relating to our
promotion and compensation processes, which
provide regional, global, and cross-functional
lenses to ensure consistency and fairness. A few
of our partner organizations are listed below.

25•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Talent
T H E PA R T N E R S H I P I N C .

GROUNDBREAKERS

The Partnership, Inc., is a premier US expert on

Our one-of-a-kind Groundbreakers Academy

talent management solutions for professionals of

Program focuses on developing under-color, focused on research, training, consulting,represented early- to mid-career employees

and convening. They provide professionals

with customized content that matches theof color based in the US with a yearlong

Wellington Management experience. Withindevelopment program at the early-, mid-, and

the Groundbreakers Program, participants

executive-career stages.

are involved in a series of professional skills

BLACK BRITISH BUSINESSAWA R DS ( B B B AWA R DS ) /TA L E N T A C C E L E R AT O RFounded in 2014, the BBBAwards celebrate
the exceptional performance and outstandingachievements of Black professionals andbusiness owners in the UK and empowerorganizations with the necessary tools to attract,
retain, and progress their internal Black, Asian,and Minority Ethnic talent. The goal of the Talent
Accelerator is to accelerate the progression ofhigh-potential ethnic minority professionals
from the middle to the top of their organizations,enabling them to also become leading changemakers as role models beyond the workplace.

26•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »workshops, coaching, case studies, real-world
business challenges, and client simulations,and there is also a heavy focus on presentation

Our business model and culture arebuilt on the principle that leveraging
different perspectives is better forclients versus a singular, top-down
ideology. Above all, we are a humanistic
and talent-driven organization. I
truly believe all these attributes makeWellington an attractive destination forpeople of color in our industry.

skills and engaging with senior leaders.
THE LEADERSHIP CONSORTIUM (TLC)

The Leadership Consortium is a Vice President
Leadership program run in partnership with
Harvard Business School to develop our pipelineof diverse leaders at Wellington. Participantsreceive one-to-one coaching and cross-company
peer networking, while attending virtually led
workshops focused on enhancing self awareness,building executive confidence, and broadening
their command of the business.

J AWA N PA R K E R(he, him, his)
SINGAPORE
Senior Managing Director, Director of
Investments, Asia, Head of Wellington
Management, Singapore, Co-Sponsor of
Wellington’s Shades Business Network,
Sponsor of HBCU Scholars Program, APAC
Compensation & Talent Committee (Chair),
Executive Committee (Member), and New
Partner Advisory Committee (Member)

Talent
Senior managing director promotions

Managing director promotions

2019: 17; 2020: 15; 2021: 14; 2022: 22

2019: 49; 2020: 50; 2021: 58; 2022: 61

SRMD REGIONGENDERREGIONGENDERREGIONpromo
n Female SM
nDMalen EMEA n APAC n Americas

promo
n Female MnD Malen EMEA n APAC n Americas

6%
65%

73%

71%

35%

27%

29%

23%

2019

2020

2021

2022

77%

Female(2021 – 2022)

Male

2019

7%

33%
7%

94%

Change in % female:

60%
2020

EMEA

21%

18%
9%

71%

73%

Americas

2021

2022

APAC

33%

12%

24%

EMEA

7%

15%
13%

78%

69%

72%

Americas

10%

69%

66%

59%

31%

34%

41%

33%

51%

2019

2020

2021

2022

2019

2020

2021

2022

Change in % female:–5.8%

Female(2021 – 2022)

Male

67%

16%

–9.0%

RACE/ETHNICITY

RACE/ETHNICITY
2019

2020

2021

2022

2019

2020

2021

2022

White

82%

87%

79%

59%

White

65%

80%

59%

61%

Total BIPOC

18%

13%

21%

41%

Total BIPOC

31%

18%

36%

36%

6%
0%
0%
0%
12%

0%
0%
0%
0%
13%

0%
0%
0%
0%
21%

9%
5%
0%
0%
27%
0%
5%
18%
5%
0%
0%

Black/African/Afro-Caribbean

0%

0%

3%

8%

Hispanic/Latinx
Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other AsianSouth AsianSoutheast AsianWest Asian

2%
0%
0%
29%

2%
0%
0%
16%

9%
2%
0%
22%

2%
2%
2%
23%
0%
8%
8%
5%
0%
2%

0%

0%

0%

0%

4%

2%

5%

3%

Black/African/Afro-Caribbean
Hispanic/Latinx
Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other AsianSouth AsianSoutheast AsianWest Asian
Undisclosed

27

MD REGION•WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Undisclosed

Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or more

APAC

Talent
Vice president promotions

Assistant vice president promotions

2019: 87; 2020: 75; 2021: 90; 2022: 121

AVP REGIONGENDERREGIONGENDERREGIONVP prnomMaleo - gendern Femalen EMEA n APAC n Americas

AVPn
prMaleo - gendern Femalen EMEA n APAC n Americas

n MaleFemale
n56%
67%

15%
11%

24%

74%

2019

62%

61%

44%

33%

38%

39%

2019

2020

2021

2022

Change in % female:

Female(2021 – 2022)

Male

17%
9%

21%

61%

74%

71%

2020

2021

2022

15%

7%

EMEA
APAC

57%

51%

Americas

43%

49%

2019

2020

35%

65%

2021

Change in % female:+1.1%

Female(2021 – 2022)

RACE/ETHNICITY

16%

22% EMEA

15%

15%

74%

68%

63% Americas

2019

2020

2021

2022

16%

15%

50%

10%

11%

50%

74%

2022

Male –15.0%

RACE/ETHNICITY
2019

2020

2021

2022

2019

2020

2021

2022

White

57%

61%

53%

57%

White

64%

51%

51%

51%

Total BIPOC

36%

36%

42%

37%

Total BIPOC

33%

45%

45%

45%

2%
2%
0%
1%
30%

3%
3%
1%
0%
29%

4%
3%
1%
0%
33%

4%
3%
4%
0%
26%
0%
6%
13%
5%
2%
0%

Black/African/Afro-Caribbean

1%

7%

7%

3%

Hispanic/Latinx

4%

7%

0%

4%

1%

2%

2%

2%

0%
27%

0%
29%

1%
35%

0%
35%
1%
10%
19%

Black/African/Afro-Caribbean
Hispanic/Latinx
Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other AsianSouth AsianSoutheast AsianWest Asian
Undisclosed

28

2019: 94; 2020: 99; 2021: 123; 2022: 124

VP REGION

•

7%

3%

4%

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »6%

Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other AsianSouth AsianSoutheast Asian

3%
1%

West Asian

1%

Undisclosed

3%

4%

4%

4%

Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or more

APAC

Measuring our progress
Regional GDEI committees
2021 population: 36 committee members across all regions; 2022 population: 39 committee members across all regions

GENDERGLOBAL
globalcom
T O TAL

n Malen Female

42%

44%

36%

38%

58%

56%

64%

62%

2021

2022

2021

2022

Series1–2.1%
Series2

Change in % female:

RACE/ETHNICITYGLOBALT O TA L

NORTH AMERICADEI COMMITTEE

A PA C D E I
C apacO M M Icom
TTEE

EMEA DEI
Cemea
O M M Icom
TTEE

46%

46%

42%

46%

54%

54%

58%

54%

2021

2022

2021

Series1

0.0%

Series2

A PA C D E I
COMMITTEE

Series1

2022
–4.5%

Series2

2021

2022

2021

2022

2021

2022

2021

2022

39%

41%

55%

54%

8%

8%

58%

62%

Total BIPOC

58%

56%

45%

46%

92%

92%

33%

31%

17%
3%
3%
0%
36%

15%
3%
8%
0%
31%
0%
23%
0%

27%
0%
0%
0%
18%

23%
0%
15%
0%
8%
0%
8%
0%

8%
8%
0%
0%
77%

8%
8%
0%
0%
77%
0%
62%
0%

17%
0%
8%
0%
8%

15%
0%
8%
0%
8%
0%
0%
0%

South AsianSoutheast Asian

5%
3%

0%
0%

8%
8%

8%
0%

West Asian

0%

0%

0%

0%

Undisclosed

•

3%

3%

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »

0%

0%

0%

0%

Fostering an environment where youare encouraged to share your diverse
perspective, feel heard, supported,and valued is foundational to our fourpillars of talent, culture, community,
and investment. I have benefited fromthis foundation and grown through thisspecial culture in four different offices
and am committed to amplify the samefor our next generation of talent.

EMEA DEICOMMITTEEWhite

Black/African/Afro-Caribbean
Hispanic/Latinx
Two or more
American/Alaskan Native
Asian - Total
Central Asian
East Asian
Other Asian

29

Series1 –1.9%
Series2

NORTH AMERICA
amer com
DEI COMMITTEE

8%

8%

Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or more

J A N E T P E R U M A L , C FA ®
(she, her, hers)
HONG KONG
Senior Managing Director, Head of Hong Kong
& Director of Investments, Asia, Access Asia –Network Sponsor, APAC Global Compensation& Talent Committee (Member)Difference from previous year:
Decrease 0.5% – 2.9%
Increase 0.5% – 2.9%
Decrease
3% – 4.9%
Increase
3% – 4.9%
Decrease 5% or more
Increase 5% or more

Talent
R E TA I N I N G O U R
D I V E R S E TA L E N T: O U R
C O M P E N S AT I O N A N D
BENEFIT PROGRAMS

and reviews, we are confident that gender

Leaves of absence – Various types of leave ofand ethnicity are not factors that influenceabsence are offered to provide ample time away

compensation outcomes at Wellington.

from work to support employees who experience

We partner with these external organizations
to promote gender and racial balance and

W E L L I N G T O N ’ S T O TA LC O M P E N S AT I O N A P P R O A C H

Wellington maintains compensation processes
designed to reward excellence and align ourinterests with those of our clients. When
determining compensation, we seek to pay
employees fairly and equitably based on
their role, responsibilities, skills, experience,
performance, contributions, and impact.
Compensation decisions also reflect the firm’s
expectation of our top performers to excel in
their roles, to exhibit personal integrity, act as
fiduciaries, and be leaders in sustaining and30

pay equity:• Women in Finance Charter (UK)• Boston Women’s Workforce Council (US)WELLINGTON’S BENEFITS PROGRAMS

Our offerings are aligned with the goal of
cultivating and maintaining a diverse workforce.
We offer benefits that not only consider thehealth and well-being of employees and theirfamilies, but also consider their varying culturesand backgrounds. This is reflected through ourglobal benefits and support offerings.

perpetuating our culture. Our compensation

Family care – Employees have access toprocesses are thorough, robust, and methodical,

various services and programs that supportand designed to ensure fairness relative totheir traditional or contemporary family careboth the external and internal environment. To

needs, such as Paid Parental Leave, Paid Family

support our internal processes and reviews, we

Leave, Adoption Assistance, and Child and Elderperiodically engage a globally recognized third-

Care. This includes same-sex partner benefits

party firm to undertake an independent global

available to all Wellington employees (subject to

pay equity study. As a result of these processes

local regulations).

•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »life events such as a personal medical condition,
the birth or adoption of a child, the need to care
for an elderly parent or ill family member, and thefulfillment of military duty responsibilities.
Flexible work opportunities – In 2021,
Wellington announced its vision and approachfor our “Future of Work,” which continued in
2022 as a hybrid work environment where both
remote work and the office play a critical role.
To empower our employees to work flexibly
to drive the best outcomes for our clients, wehave adopted a firmwide hybrid baseline, with
a 60%/40% weekly split between in-office andremote work, as well as flexibility in terms ofworking hours.
Employee support program – This programprovides employees and their families withconfidential access to licensed mental
health counselors 24 hours per day, sevendays per week.

Talent
Mindfulness resources – Wellington offers

time in the communities in which they live andresources to support employee well-being,

work. In addition, Wellington’s matching giftincluding a partnership with Calm.com to provide

program supports the community involvement

employees with access to Calm.com’s suiteand donations of employees to nonprofit

of tools to help employees and their families

organizations and educational institutions. In

meditate, relax, focus, and improve sleep.

2022, more than US$870,000 in employee
contributions were matched by the firm anddistributed to nonprofit and nongovernmentalorganizations worldwide. For more informationon community engagement, see page 39.
Other – Additional offerings include medical

At Wellington, we understandthe value of differentiated views
in improving investment results
and grasping client needs. This
understanding is at the core of ourbusiness model and drives us tomake real — not performative —commitments to DEI.

and dental benefits for employees, dependents,
and domestic partners (where local regulations
allow), retirement savings programs, tuition
assistance, vacation/holiday policies, religious
and cultural observances, and employee
Volunteerism and community impact –discount programs, as well as multi-purpose

All Wellington employees are provided with two“quiet” rooms, lactation spaces, and dedicatedbusiness days during the year to volunteer theirmulti-faith rooms in many of our locations.

TOSHINORI HISAMUNE(he, him, his)
TO KYO
Senior Managing Director, Rep & Head of Japan/
Associate Director, IPFS APAC, Tokyo Diversity
Working Group (Network Sponsor), APAC
Diversity Committee (Vice Chair), and APAC
Compensation and Talent Committee (Member)

Benefit offerings may vary across offices.
31•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Our culture pillar
We work to sustain an environment based on sharedvalues, equity, and excellence, and one that is supported
by understanding and respecting each other’s differences.

32•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of Terms »Culture
Wellington’s inclusive, supportive culture is vitalto our success. Our culture reflects our longstanding commitment to diversity. It is centeredaround an unwavering focus on our clients anda shared belief in the value of collaboration,
respectful debate, and differentiated thinking.
Our culture clearly has had to evolve alongside
the company and the investment platform, but
our guiding principles remain unchanged, forgedWe are committed to realizing the promise

Collaboration is at the heart of Wellington’sof GDEI through continuous learning, self-

culture and success. Being able to come toreflection, and growth empowered by directa respectful workplace and bringing youractions. The firm’s diversity education offers

whole self to work enables us to share anda variety of solutions on topics including, butchallenge diverse perspectives. I think

not limited to:stronger by the uncertainty of markets and the• Generational diversity

need for continuous evolution.

• Gender diversity

We appreciate new perspectives and strive to• Assessments: IAT, EQ, GlobeSmart, Social

actively avoid groupthink. For example, each day,

Styles, HBDI, MBTI, SDI 2.0 and The Risk

our investment teams meet to discuss a broad

Type Compass

range of investment perspectives in our Morning
Meetings. We believe this collegial approach• Unconscious bias and micro-inequities

drives better solutions for our clients.

• Transgender awareness

All Wellington employees are responsible for• Cultural diversity

contributing to our diverse and inclusive culture• GDEI Team dialogues

by mitigating bias in investment, talent, andbusiness decisions, and demonstrating inclusive
behaviors. We offer diversity education programs
to all employees to enhance their knowledge
about inclusive workplace practices. Our senior

this is the key ingredient to the “secretsauce” that allows us to continually deliver
excellence for our clients. The firm and its
senior leaders understand the significanceof showing visible support. Wellington’s
involvement in Pink Friday highlights thefirm’s commitment in fostering a safe andsupportive work environment.

• Managing inclusion• Managing millennials or skill building
for millennials• Leadership Excellence (LEx)

LEO CHAN

mentors, and sponsors. Our culture is further• Respectful workplace sessions(he, him, his)promoted by our Business Network Leadership• Business Network Workshops

HONG KONG

leaders and managers lead the way as allies,

teams and GDEI Team.
33

D R I V I N G AWA R E N ESS –O U R D I V E R S I T Y E D U C AT I O N•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Senior Portfolio Operations Analyst, Pride+
Business Network (Member)

Culture
CHAMPIONING GDEIAt Wellington, GDEI is not only an HR priority —it is a firmwide strategic imperative. This meansthat in addition to our certified team of GDEI

• Educating ourselves and others in oursphere of influence about structural barriers,systemic racism, and any other types of
discrimination globallyprofessionals and regional DEI committees,• Engaging with the discomfort of discussing

our senior leaders, from our CEO and her

aspects of race, ethnicity, gender identity,

management team to leaders across functions

sexual preference, favoritism, disrespect, bias,

and locations, are also accountable. They play aand inequity

visible and vocal decision-making role to ensurethat differences are valued as an asset andinclusion is core to the workplace culture.

BECOMING ALLIESWith this initiative, we learn how to become
better allies to underrepresented colleagues,
including those individuals from racially andethnically diverse backgrounds, those fromvarying socioeconomic circumstances, thosewith varying sexual orientation/gender identity,and people with disabilities. Our focus is toamplify Wellington’s efforts in truly becoming
a place of inclusion, belonging, and equity.
We aspire to balance our focus on equality
and equity at Wellington and in our wider
communities by:• Enacting active ally behaviors that serve tocreate an equitable and inclusive community
and an environment of mutual respectand belonging

U P S TA N D E R S
Upstanders is a grassroots initiative that engages
partners and managing directors in the firm’s
GDEI efforts. The initiative began in 2016 witha group of 25 partners and has since expanded
to 150 partners, 200 managing directors, andenhancing the engagement of diverse colleagues

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »(he, him, his)
BOSTON

Senior Managing Director
and Chief Information Officer,
Investment Platform, South
Asians Leading Together(Member), Conexiones (Member),and Upstander (Mentee)

across the firm through sponsorship, mentorship,SUSANNEBALLAUFF

and networking. The ultimate objective of the(she, her, hers)group is to promote the development, retention,
and advancement of diverse talent across
Upstander pairings at the firm.

•

K E TA N
B H U K H A N WA L A

50 vice presidents. Upstanders commit tothe organization. Today, there are over 280

34

An Upstander relationshipis always a two-way street.
Empowering people fromdifferent backgrounds and theintellectual curiosity of our talent
is something that has always
amazed us about Wellington.

FRANKFURT

Senior Managing Director,
President, WMF Global andManaging Director, WME, WM
Europe Board – Managing Director,
WBA EMEA and Global (Member),and Upstander (Mentor)

Culture
GLOBAL VOICES AND LEADERSHIP PERSPECTIVES
voices through several channels, including

S E E K I N G E M P LOY E E
FEEDBACK THROUGH
BIANNUAL ENGAGEMENTSU RV E YS

leadership blogs, a newsletter, and guest

Wellington has a long history of seeking input

speakers on topics of diversity, equity, andfrom employees on a variety of issues relating

inclusion. These initiatives promote a learning

to our firm, our people, and our business. Since

culture that embraces self-reflection, social

2017, we have administered a global firmwide

and societal awareness, deeper understanding

engagement survey every two years, with highof differences, and actions for inclusion. Thereparticipation rates, most recently with 90%

are venues and mediums for each voice to beof our employees participating to share theirheard. These are hosted and sponsored by theviews and feedback, well above the 65% – 80%

regional DEI committees, GDEI Team, businessaverage for most medium-to-large companies.8

networks, platform leaders, heads of offices, andThese high participation rates are an indicator

Human Resources.

of how invested our employees are in improving

Wellington promotes internal and external

Servant leadership has beenmodelled to me from day one at
Wellington. We do not have all theanswers, but through empathic
listening and compassionate
action, we are globally positioned
to harness our talent to drive
better outcomes for our clients,
firm, and local communities.

and strengthening Wellington. Our overall
2021 engagement index score of 84% (in the
top quartile among financial services firms)
demonstrates the strength of our employees’commitment to the firm and our culture, which
we are always working to build upon. Our

JIM STOLL

engagement survey data has also helped the(he, him, his)firm to identify areas for continued focus overtime, such as strengthening our feedback culture
and providing increased opportunities for skillsbased development and career growth.
Wellington hosts the FourBlock Organization, a veteran career
readiness program

35•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »LONDON

Officer, Internal Audit, EMEA DEI
Committee (Secretary), Inclusion andCultural Awareness Network (Chair)

Culture
OUR BUSINESS NETWORKSACCESS ASIA

Our business networks and diversity working

Access Asia embraces the rich cultural diversity

groups bring together people with different

within Asia, and highlights the region’s growing

backgrounds and shared interests to collaborate

cultural impact within our firm and withon initiatives related to talent engagement,

our clients.

recruitment, development/education, andcommunity outreach. They support diversity andinclusion, and offer a global, cross-functional
perspective that we believe enables us to deliver
our very best to our clients.
Each network has a partner of the firm as abusiness sponsor, and business network leader

CONEXIONES

Conexiones facilitates companywide connections
among employees with a background or interest
in Hispanic and Latinx cultures, offering a forum
for strengthening employees’ personal andprofessional networks within the firm.

roles are considered a development channel ford i s A B I L I T I ES AWA R E N ESS N E T WO R K

employees. As of year end, over two-thirds of our

The disAbilities Awareness Network works toemployees are members of at least one network.

strengthen the firm’s competitive advantage

Being encouraged to share our
local perspectives in a global
firm is paramount to our clients’success. Wellington’s forwardthinking views on diversity
are rooted in our culture andevident in the strides the firm
has taken to continually betterour working environment.

by providing awareness and support for those
impacted by a disability, whether they bedisabled themselves or are a caregiver to adisabled person.

AMBERLIE FERNANDES,C FA ®
(she, her, hers)
TORONTO

Account Manager, North America DEI
Committee (Secretary), Women’s Business
Alliance (Member), and NextGen (Member)

36•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Culture
FOUR SEASPRIDE+

Founded to connect employees with a

Pride+ supports the firm’s open environment

background or interest in Chinese culture, Fourfor lesbian, gay, bisexual, transgender, andSeas provides a platform for networking, cultural

other supporting members to collaborate andexchanges, career development, and knowledge

network with colleagues. It offers opportunities

sharing of Chinese culture and markets.

for personal and professional development to its

I N C L U S I O N A N D C U LT U R A L
AWA R E N ESS N E T WO R K ( I CA N – E M E A )The Inclusion and Cultural Awareness Network

SOUTH ASIANS LEADING TOGETHER( S A LT )raises awareness of underrepresented talent

SALT raises awareness of Asian cultures in theand supports the firm’s initiatives to bolster aworkplace and provides a forum for support,

work environment that is inclusive by ethnicity,

mentoring, and networking to all Wellington

age, socioeconomic background, religion, sexual

Management employees of Asian origin or withorientation, gender identity, neurodiversity,

an interest in learning more about Asia.

and disability, among other characteristics.

SHADESN E X T G E N , W E L L I N GTO N YO U N GPROFESSIONALS (WYP), AND
WELLINGTON PROFESSIONAL
DEVELOPMENT NETWORK (WPDN)

Shades provides employees who have

Our NextGen, WYP, and WPDN networks

goals of Shades include supporting efforts

help employees early in their careers build
relationships at the firm and advance theirskills. These regional networks work closely with
employees across generations and locations, andare open to all employees.

37

members and allies across the firm.

•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »experience with, or an interest in, the African
diaspora with the opportunity to connect. Key
to attract, develop, and engage employees ofAfrican descent.

We have made great progress in fostering
an inclusive environment where people feel
comfortable being themselves. There remains
work to do, but with ICAN for example, people
bring their own life experiences to a broadgroup where they can both teach and learn. This
increased awareness creates a virtuous cycleof knowledge, understanding, and therefore
comfort in bringing your authentic self to work.

NINA GARCIA(she, her, hers)
LONDONManager, Workplace Technology
Solutions, Inclusion andCultural Awareness Network(Member), South Asians Leading
Together (Member), Conexiones(Member), Four Seas (Member),
WBA (Member), and disAbilities
Awareness Network (Member)

JEFF SAUL(he, him, his)LONDONManaging Director and Director,
Investment Treasury, Inclusion
and Cultural Awareness Network(Treasurer), Shades (Member),disAbilities Awareness Network(Member), Pride+ (Member),
Parents Group (Member), andWBA (Member)

Culture
TO KYO D I V E R S I T Y WO R K I N G
GROUP (TDWG)

WELLINGTON VETERANSTDWG supports the Tokyo office’s commitment

attract, develop, and retain veterans of theto an inclusive workplace in which all employees
can communicate freely, attain their fullpotential, maximize their contribution to ourclients, and be recognized and evaluated fairly.

Wellington Veterans enhances our efforts toarmed forces. It hosts networking events, guest
speakers, and service days with local veterans’groups, and advocates increased hiring efforts
focused on veterans.

W E L L I N G T O N PA R E N T S G R O U P

WOMEN’S BUSINESS ALLIANCE (WBA)Recognizing the intersectionality of caregivers

WBA fosters an environment where ouracross the firm, the Wellington Parents Group
partners with other business networks to foster
an inclusive vision of family and to provide
training and advocacy for caregivers navigating
the challenges and complexities of balancing
work and life.

exceptional talent collaborates to create equal
opportunities, a strong meritocracy, and a belief
that the system is fair.

The Veterans business network
has established a relationship with
FourBlock, a nation-wide Veteranscareer readiness program that helps
service members transition from military
to civilian careers. FourBlock shares
the same vision as Wellington when it
comes to talent, culture, and community.
We measure success by engaging withthe participants, telling our stories, andultimately hiring full-time employeesthat graduate from this program.
N I C K KO L I VAS(he, him, his)LONDON

Senior Client Operations
Analyst, Veterans Network(Co-Chair)

WELLINGTON
PA L M A(he, him, his)
BOSTON

Senior Finance & Administration
Analyst, Wellington Veterans –Americas (Co-Chair)
38•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Our community pillar
Wellington taps into the power of internal and external
community and collective action through partnerships that
help us further our diversity, equity, and inclusion goals.

39•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of Terms »Community
Our partners help us identify talent, brainstorm

immigrant, refugee, and/or low income, andsolutions, and better understand global markets

many programs are led by people from within

and business segments. Through both firm

the community or who have similar lived

initiatives and our foundation, we work with andexperiences to the students they serve.

give back to our communities through targetedphilanthropy, knowledge-sharing forums,
mentoring, volunteer events, and other formsof engagement.

PHILANTHROPY AND
COMMUNITY ENGAGEMENT
We seek to actively support and positively impact
the communities in which our employees live andwork, with a focus on bridging the opportunity
and achievement gaps between students withdifferent backgrounds and profiles. The following
are just some of the ways we engage:• The Wellington Management Foundation andthe Wellington Management UK Foundation
annually provide grants totaling more than
US$8.5 million to support more than 100
nonprofit and nongovernmental organizations
that improve educational opportunities foryouth from traditionally underserved andeconomically challenged communities. Most
students benefiting from our programs

40•• In addition, since March 2020, the foundations
have provided more than US$4 million in
emergency grants to diverse portfolios ofglobal grantees, to help them adapt and adjust
to change. The US foundation has also provided
an additional US$6 million in special grants
over the last three years to help organizations
pivot to remote learning, provide resources foracademic recovery and mental health, and help
stabilize the staffing crisis in early childhood
education programs. The US foundation also
recently increased the standard annual grantamount by 20% for all 83 North American and
APAC grantees.​• Our Annual Appeal provides employees witha convenient and meaningful way to provide
financial support to global and regional​
nonprofit and nongovernmental organizations.​• The Matching Gift Program matches employee
donations to registered nonprofit organizations.​• The Volunteer Program allows each of ouridentify as of Black/African/Afro-Caribbean

employees to give two business days a year to

heritage, Hispanic/Latinx, Asian, Indigenous,

volunteer at nonprofit organizations.

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Our long-term grants to schools
and community organizations
that work with youth in underresourced communities havehelped provide educational
opportunities that can be lifechanging, even opening up
pathways for young people fromdiffering backgrounds to careers
at Wellington and in the wider
financial services industry.

KAREN PFEFFERLE(she, her, hers)
BOSTONArt Curator, Wellington Management Foundation– Executive Director

Community
FINANCIAL LITERACY

provide meaningful opportunities for Wellington

In 2021, we launched our Financial Literacy

employees to engage and volunteer. ​Partnerships Advisory Council (FinLitPAC) in

We have identified five local organizations to

COMMUNITY IS INTEGRALT O O U R C O R P O R AT E
S U S TA I N A B I L I T Y A P P R O A C H

the US, aimed at supporting and promoting

partner with in our second year:

Wellington’s internal corporate sustainability• Invest in Girls (www.investgirls.org)

initiatives, which we refer to as WellSustain,

educational opportunities to break the cycle offinancial illiteracy in underserved communities
and eliminate knowledge gaps that hamper• BUILD Boston (https://build.org/boston)

the ability to make informed decisions for a• Junior Achievement

healthy financial future. We seek to partnerwith organizations that have proven financial
literacy curricula, strong connections with(https://newengland.ja.org)• FitMoney (www.fitmoney.org)

local communities with a particular focus on• Council for Economic Education

youth and their families, and the ability to(www.councilforeconed.org)

aim to incorporate sustainable behavior
into our business practices. GDEI principles
run throughout the WellSustain pillars ofenvironment, community, and culture. This isparticularly evident in:• Our recognition of climate justiceand the planet as a vital aspect of ourenvironmental approach.

• Our embedding the fundamental values
of GDEI in Wellington’s culture andcommunity initiatives.
Examples of our WellSustain initiative can befound throughout this report or you can readmore about WellSustain in Wellington’s 2022
Sustainability Report.

41•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Our investment pillar
We leverage Wellington’s reputation and resources to drivechange. Through the partners we choose (industry coalitions,brokerage diversity relationships, and suppliers), theopportunities we create (Wellington Access Ventures), andsustainable investing (ESG).

42•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of Terms »Investment
INDUSTRY COALITIONS

focused on investments and capital markets has

coalitions including:

INSURANCE WOMEN’SINVESTMENTNETWORK (IWIN)• CFA Institute Experimental Partners

The Insurance Women’s Investment Network

Today, we are over 600 members strong with a

We are actively involved with many industry• National Association of Securities
Professionals (US)• The Diversity Project (UK)• Black Opportunity Fund (Canada)• Insurance Women’s Investment Network (IWIN)

In addition to the support of Wellington
Management, this network was foundedalongside Allstate, The Carlyle Group,
Prudential, and WTW. IWIN’s mission is to foster
relationships among members and allies andenhance their impact and contribution to the

network’s members.
global footprint spanning North America, Europe
and the UK, and Japan. Most recently, areas the
network has most closely focused on included
topics such as becoming board ready, leading
in a crisis, how to build resiliency, how to build
long-term value for insurers and their investment
portfolios, and tapping into compatibility
and fit between individuals and their work

• 30% Club (Japan)

insurance industry. Since then, we have created• CEO Action (PwC)

a community of individuals (across gender

environments.

identities) who have the relevant knowledge,

Further, we have seen an increasing number

experience, and background to make thisof insurance companies seeking to engage

network impactful. Not only do we want IWIN towith IWIN as they look to build more diverse

be a place to foster and expand our members’

investment teams. This has resulted in IWIN

networks, we also want it to be a marketplacesponsoring a job opportunities board focusedof ideas where industry-leading experts canon the insurance investment industry accessible

share their knowledge and reflect upon theto its network. We hope this will be a usefullatest trends and developments affecting theirmechanism for driving insurance companies toportfolios and firms. We have found that staying

seek out talent.

IWIN founding members sponsor NYC event, “Everything but the
Kitchen Sink! Risks & Opportunities in the Capital Markets.”

43(IWIN) was created in November 2013.

helped build a strong common bond among the•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Investment
BROKERAGE DIVERSITYR E L AT I O N S H I P S

I N V EST M E N T ST EWA R DS H I P
A N D E S G I N T E G R AT I O N

Wellington believes building long-term, strategic

Our ESG analysts regularly assess the DEI

partnerships with a broad base of trading firms,

practices of portfolio companies and engage toincluding emerging brokers, is in our clients’

encourage improvement where warranted. We

best interest.

believe diversity among directors, leaders, andFor context, we executed with over 200 firms
in 2022, reinforcing our “open for business”
approach to seeking liquidity and investment
opportunities for our clients. Our relationshipemployees contributes positively to long-term
investment results by imbuing a company withmyriad perspectives that help it better navigate
complex challenges.​management effort with emerging brokers

We pursue a number of stewardship avenues tois proactive and dynamic. We engage witheffect change, including aligning our proxy voting

15 firms via annual structured relationshipdecisions with our engagement efforts. ​review meetings to understand their strengths
and unique areas of expertise, and to identify
mutually beneficial alignment. We provide regularfeedback to help these firms refine their focus asneeds and capabilities change. ​In 2022, we further expanded our public markets
board diversity standards by setting a global
expectation on investee companies for at least
one gender-diverse director to be represented
on the board. This standard supplements

In addition, we’ve hosted two emerging broker

our existing expectations for publicly listed

forums for a group of firms in our Boston officelarge-cap companies in the UK and US orover the past six years.

where local governance codes already call for ahigher proportion.​
We see DEI practices as a material input to longterm financial performance, so as our clients’
fiduciaries, we seek to better understand how
and to what extent a company’s approach to44•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »diversity is integrated with talent management
at all levels. This is significantly aided when there
is consistent, robust disclosure in place. In 2021,
we wrote a public letter to the US Securities
and Exchange Commission (SEC) supporting
Nasdaq’s proposal to require listed companies
to disclose board diversity statistics and have, or
explain why they do not have, diverse directors.
(This proposal was later approved.)​Finally, we engage with private portfolio
companies to help them understand evolving
market practices related to DEI. In August 2022,
we published a “Diversity, equity, and inclusion:
FAQ” to answer some of our private portfolio
companies’ most frequently asked DEI questions
and to highlight evolving investor and regulatory
expectations on disclosures, emerging DEI
strategies in both private and public markets,and effective communication approaches.
In 2022, we also joined the Institutional Limited
Partners Association (ILPA) Diversity in Action
Initiative, which “brings together limited partners
and general partners who share a commitment
to advancing diversity, equity and inclusion in theprivate equity industry. The goal of the initiative
is to motivate market participants to engage
in the journey towards becoming more diverse

Investment
and inclusive and to build momentum arounddashboard reporting and are currently focused

the adoption of specific actions that advanceon raising awareness throughout our firm

DEI over time.”

regarding opportunities to increase our use

SUPPLIER DIVERSITY

2022, we partnered with 130 US-based diverse

business, including procurement, via our

suppliers (including small businesses). We

suppliers and trading partners. We are building

collaborate with diverse suppliers owned bya supply base that reflects our principles ofwomen, BIPOC, veterans, and leaders from theinclusion by leveraging diverse suppliers as

LGBTQIA+ and disabilities communities.

services to our firm. We strive for our supplier
diversity efforts to foster competition andprovide economic support for underserved
communities. We have created internal•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »business networks to spread awareness. In

We value diversity in every aspect of ourdirect and indirect providers of goods and45of diverse suppliers, including leveraging our

In 2022, Wellington participated in a valuechain diversity study with the MassachusettsCompetitive Partnership and Deloitte in order
to assess the maturity of our program andrecommend areas for future focus.

Investment
T H E W E L L I N G T O N A C C E S S V E N T U R E S P L AT F O R M
EXEMPLIFIES OUR FOUR DEI PILLARSTA L E N T

COMMUNITY

Wellington brought together four investors

Our external networks and organizations

with extensive, combined, early-stage venture

helped us identify the right talent to bring

capital investing experience – one of the larger

into Wellington to lead WAV. The WAV teamgroups of Black investors in the US venture

will utilize similar and additional external

capital ecosystem.

networks and communities to identify strong
ideas and opportunities.

C U LT U R E

INVESTMENT

WAV is the culmination of our senior leadership

The WAV platform aims to provide early-

speaking with asset allocators and clients. This

stage funding to the diverse venture capitalcollaborative approach and alignment withecosystem to accelerate the businesses

the culture of Wellington led to the decision toof diverse entrepreneurs. We view this as aundertake building this platform.

real opportunity to build something over the

In venture capital, we firmly
believe that the next generation ofindustry-defining entrepreneurs arediverse; and WAV aims to provide
the capital they need to scale theirbusinesses. Joining the WAV teamare Van Jones, Sasha McKenzie,
and Frederik Groce — all withunique and diverse backgrounds
as venture investors, founders, andcommunity leaders — to better serve
our portfolio companies and deliver
returns for our clients.

long term: Working with the venture capital
ecosystem itself and directly investing instartups, we strive to build an ecosystem thatwill be transformational over the next decade.

JACKSON CUMMINGS(he, him, his)
N E W YO R K
46•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Managing Director, Head of Wellington
Access Ventures

Measuring our progressand setting goals:
Governance, accountability,
and transparency
At Wellington, each one of us is accountable to contributeto and support our commitment to GDEI by fosteringand maintaining an equitable and inclusive workplace.
However, our GDEI commitment and goals also need tobe supported by structured and deliberate governanceand clear accountability.

47•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of Terms »Measuring our progress
Our regional DEI committees, as well as our

In addition to oversight of our individual talent

GDEI Team, support the direction of the firm’sand process outcomes, Wellington is committed

multiyear diversity, equity, and inclusion strategy

to reviewing our processes more broadly, atthrough initiatives that align with the firm’s

the firm, functional, and regional levels. This ispriorities. GDEI oversight is also woven into our

accomplished through review and measurement

talent processes, including through manager andof progress toward the firm’s five-year goals byleader training and guidance, team dialogues,

our CEO Management Team, as well as review

robust discussion and evaluation at our globalof progress against GDEI goals across ourand regional talent oversight committees, andfunctional areas and offices.

review by senior leaders of the firm.

Wellington’s journey to be a morediverse, equitable, and inclusive
environment is well underway andremains our North Star despite
market volatility, so that the firm
can increasingly become a magnet
for top diverse talent to help
deliver investment excellence forour clients.

S A M E P E E - B O U N YA
(he, him, his)
BOSTON
Senior Managing Director, Fixed Income
Portfolio Manager, North America DEI
Committee (Chair)48•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Measuring our progress
D R I V I N G A C C O U N TA B I L I T Y– M E A S U R I N G W H AT
M AT T E R S
By setting realistic goals and identifying clear
and robust metrics to track progress andoutcomes, we foster accountability and set thestage for transparent and impactful evaluationof what is working, and where we need to evolve

recruiting and retention processes; prioritizationof initiatives; resource allocation; development
program planning; employee involvement;
manager accountability; and more.
meaningful diversity and inclusion measures

to help us achieve in terms of investment

and metrics:

performance, client service, or business

1. Define which diversity dimensions to monitor.

functional, or local office business or talent goals.
We believe transparency regarding diversity
data creates accountability and allows our
firm and our industry to measure progress.
To that end, we conduct an annual review of

2. Review data policies, practices, and processes
needed to retain confidential and personallyidentifiable information.
3. Establish baseline measures and set goals as
progress measures.
4. Track and monitor firm, functional, and local
office metrics.

quantitative diversity dashboard metrics with

5. Designate responsibility and accountability.

senior leadership and team managers, periodic

6. Cascade communication to increase

reviews of qualitative talent engagement survey
feedback, and an assessment of individual

WELLINGTON MANAGEMENT 2022 GDEI REPORT

metrics, support multiple objectives: deliberate“What do we want diversity, equity, and inclusion

progress toward the achievement of firmwide,

Glossary of terms »metrics, as well as other GDEI reporting andWe take the following steps to establish

setting meaningful metrics is that they must map•

appraisal process. Our diversity dashboard

our approach. We start by asking our teams,

solutions?” The overarching consideration when49

contributions as part of the performanceawareness and transparency.

Measuring our progress
LOOKING AHEAD
It is imperative for us to continue to explore

OVER THE NEXT FIVEYEARS: 2022 – 2026

new avenues of growth, to keep pushing into

As of 31 December 2021, we hold ourselves

under-covered regions of the world, and — byaccountable by setting the following goals:

extension — to continue to attract diverse
talent, skills, and perspectives from all cornersof the globe. We believe that as the markets
continue to rapidly evolve, our shared focus onadvancing GDEI will enable our investors to keeppace. As we have for the past 40-plus years,
we will leverage the strengths of our private
partnership model and longtermism to continue
to invest in our most prized asset — our people.
We are currently working to broadly integratesustainability into our investment process andproduct development, to expand our footprintin Asia, to grow our alternatives platform, andto enhance the technology that supports ourinvestors, all with an unwavering focus on
increasing globalization, DEI, and our investment
results for clients over the long run.

We are working to increase therepresentation of women and BIPOC
employees by 5% – 10% firmwide, witha specific focus on the leadership team,the leadership pipeline, management,
investment professionals, and across ourcommittee roles.

• Leadership team: % female from 37%
to 42% – 47%; % BIPOC from 12%
to 17% – 22%• Leadership pipeline: % female from
27% to 32% – 37%; % BIPOC from 18%
to 23% – 28%• Management: % female from 40%
to 45%–50%; % BIPOC from 29%
to 34% – 39%• Investment professionals: % female
from 30% to 35% – 40%; % BIPOC from
33% to 38% – 43%

50•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Key milestones in our journeyn TALENT

1980s  CULTURE

2000

2005

u INVESTMENT

1980 n 1st female partner

2010

2010 l Supplier diversity program formalized
2011

n Global business networks launched2011

n 1st DEI Manager

2012l Strategic partnerships with diversity
organizations established2012

l 1st Emerging Broker Forum2013

s Leadership excellence course: Cultural Awareness2015

s Inclusive Manager Development
Program launched2016

l 1st High School Student Career Day

2000 n 1st Latinx partner

2016

s Upstanders initiative

2002 n 1st partner outside the US2016

s 1st Diversity & Inclusion strategy

2004 s 1st diversity working group2017

s 1st talent engagement survey

2017s Respectful Workplace training launched2018s Unconscious Bias training launched2019s Global Count Me In campaign

1983

1990

l COMMUNITY

s 1st office outside the US

1990 l 1st diversity association
sponsorship (INROADS)
1995

s 1st affinity group formed (Moms’ Group)

1999

n 1st female managing partner

1999

s Health care benefits for employees’
domestic partners first offered2015

2006 n 1st Latinx managing partner
2006 n 1st African American partner
2007 n 1st campus program launched2007 s Diversity Committee established

2020

2020 s Becoming Allies group launched2020 s Racial equity seminars
2021

s Bystander Intervention in the Workplace webinars

2021

n Launched Groundbreakers Academy2021

u Wellington Access Ventures launched2021

n 1st female CEO

2022 u 1st GDEI Transparency Report published (2021)
2022 l Institutional Limited Partners Association (ILPA)
Diversity in Action initiative
2022 l Piloted Leadership Consortium program
51•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »2022 n 100 Women in Finance's 2022 Americas DEI
Industry Award

Appendix
GLOSSARY OF TERMS
African/Black/Afro-Caribbean
Origins of Black racial groups of Africa, e.g., Afro-Caribbean, Black American,
Black British, Black Canadian, Afro-Antillean, Black West Indian; In the US
Not Hispanic/Latinx.
Allies/allyship
Someone who is willing to take action in support of another person, inorder to remove external barriers that impede that person from contributing
their skills and talents in the workplace or community.
American Indian or Alaskan Native
A person having origins in any of the original peoples of North and SouthAmerica (including Central America), and who maintain tribal affiliation orcommunity attachment.
AmericasNorth America location, which includes our offices spread across theNorth American continent.
APAC
Asia Pacific location, which includes our offices in locations such as
Shanghai, Hong Kong, Singapore, Sydney, and Tokyo.
Asian
A person having origins in any of the countries that make up Asia (e.g.,

Bhutan, India, Pakistan, Sri Lanka. In the US: Not Hispanic/Latinx• Southeast Asian: Origins in Southeast Asia, e.g., Cambodia,
Indonesia, Malaysia, the Philippines, Thailand, Vietnam. In the US: Not
Hispanic/Latinx• West Asian: Origins in West Asia, e.g., Arabian. In the US: Not
Hispanic/Latinx• Asian – Other: In the US: Not Hispanic/Latinx
Baby boomer
A term used to describe the behavior or characteristics of the generationof people born between 1946 and 1964 (understanding that not everyoneborn in an era will exhibit the behaviors of the generation).
BAME
Black, Asian, and minority ethnic.
Belongingness
Refers to the universal emotional need to affiliate with and be accepted bymembers of a group.
BIPOC
Acronym that stands for Black, indigenous, and people of color.

Cambodia, China, Bangladesh, India, Japan, Korea, Malaysia, Pakistan,

Bisexual

the Philippines, Indonesia, Thailand, and Singapore).

Commonly referred to as bi or bi+. According to bi+ educator and advocate• Central Asian: Origins in Central Asia, e.g., Kazakhstan, Kyrgyzstan,
Tajikistan, Turkmenistan, Uzbekistan. In the US: Not Hispanic/Latinx• East Asian: Origins in East Asia, including China, Hong Kong, Japan,
North Korea, South Korea, Taiwan. In the US: Not Hispanic/Latinx
52• South Asian: Origins in South Asia, including Afghanistan, Bangladesh,•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Robyn Ochs, the term refers to a person who acknowledges in themselves
the potential to be attracted — romantically, emotionally, and/or sexually —to people of more than one gender, not necessarily at the same time, in thesame way, or to the same degree. The “bi” in bisexual can refer to attraction
to genders similar to and different from one’s own. People who identify asbisexual need not have had equal sexual or romantic experience — or equallevels of attraction — with people across genders, nor any experience at all;attraction and self-identification determine orientation.
Caucasian or white
A person having origins in any of the original peoples of Europe, theMiddle East, or North Africa.
CultureThe set of distinctive intellectual, relational, emotional, material, and spiritualfeatures of a social group or society encompassing ways of communicating,working, and living together; value systems; beliefs; traditions; art; food;clothing; symbols; music; and literature.
Diversity
The full range or representation of human and organizational differences andsimilarities. Diversity is a collective combination of people, thoughts, ideas,
perspectives, and job functions characterized by similarities and differences.
Diversity encompasses differences in age, gender, sexual orientation,
education, beliefs and value systems, marital and economic status,
race, languages, weight, ethnicity, geographical origin, culture, lifestyle,management style, and philosophical thought processes.
EMEA
An acronym that stands for Europe, the Middle East, and Africa locations,which includes our offices in locations such as Frankfurt, London,
Luxembourg, and Zurich.
EQ
Acronym for emotional intelligence.
Equality
Ensuring everybody has an equal opportunity and is not treated differently
or discriminated against because of their diversity characteristics.
53•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »EquityAn approach that ensures everyone has access to the same opportunities.
Equity recognizes that advantages and barriers exist, and that, as a result,
we don’t all start from the same place. Equity is a process that begins by
acknowledging that unequal starting place and continues to correct andaddress the imbalance.
Ethnicity
Denotes groups, such as Irish, Fijian, or Sioux, that share a common
identity-based ancestry, language, or culture. It is often based on religion,
beliefs, and customs as well as memories of migration or colonization.9
Gay
A term used to describe people who are emotionally, romantically, and/or physically attracted to people of the same gender (e.g., gay man, gay
people). In contemporary contexts, lesbian is often a preferred term for
women, although many women use the term gay to describe themselves.
People who are gay need not have had any sexual experience. Attraction
and self-identification determine sexual orientation, not the gender orsexual orientation of one’s partner. The term should not be used as anumbrella term for LGBTQIA+ people, e.g., “the gay community,” because
it excludes other sexual orientations and genders.
Gender diversity
Gender diversity describes gender identities that demonstrate a diversityof expression beyond the binary framework of male and female. For
many gender-diverse people, the concept of binary gender is constraining.
Some people prefer to have the freedom to change from one gender toanother, or not have a gender identity at all. Others just want to be able
to openly defy or challenge more normalized concepts of gender.
Gender identity
A person’s deeply held core sense of self in relation to gender. Gender
identity does not always correspond to biological sex. People become aware

of their gender identity at many different stages of life, from as early asor languages (e.g., Central and South America, Puerto Rico, Portugal, Spain,

18 months and into adulthood.

Mexico). Can be an adjective or a noun and is used in the United States toGeneration X
A term used to describe the behavior or characteristics of the generationof people born between 1965 and 1980 (understanding that not everyoneborn in an era will exhibit the behaviors of the generation).

IAT
Acronym for the Implicit Association Test.
Inclusion

Generation Y or millennials
A term used to describe the behavior or characteristics of the generationof people born between 1981 and 1996 (understanding that not everyone

Demonstrated behavior or process of including others to achieve a common

born in an era will exhibit the behaviors of the generation).

productive, and supportive for everyone. Inclusion is also resisting

Generation Z
A term used to describe the behavior or characteristics of the generationof people born between 1997 and 2012 (understanding that not everyoneborn in an era will exhibit the behaviors of the generation). Also known
as zoomers.
GlobalA term used to summarize all of our office locations across the Americas,
APAC, and EMEA.
HBCUAcronym for historically Black colleges and universities, establishedto provide higher education to Black/African Americans. While manyof the HBCUs have a majority of Black/African American students,
they also have students from other races and ethnicities.

goal or objective. Being inclusive is taking the time to listen and understand others to ensure that our work environment is flexible, collaborative,
assumptions and generalizations about others and/or cultures. It is about
challenging the status quo by seeking creative and innovative approaches
that are different than one point of view or preferred work style.
Indigenous
Native American/Alaskan – Origins of Native America – Navajo Nation,
Mayan, Aztec, Eskimo, etc.
Oceanic – Origins in Aboriginal Australians, Hawaii, Pacific Island, Maori,
Polynesia (Guam, Samoa), Torres Straight Islanders, etc.
Intersectionality
A lens for seeing how various forms of inequality often operate together
and exacerbate each other. Where race inequality is often talked about as
separate from inequality based on gender, class, sexuality, or immigrant
status, what’s often missing is how some people are subject to all of

HBDI

these, and the experience is not just the sum of its parts. (Definition fromAcronym for the Herrmann Brain Dominance Instrument.

Kimberlé Crenshaw).

Hispanic/Latinx
Refers to those who have origins in the Hispanic or Latinx countries, cultures,
54

describe people with Hispanic/Latinx backgrounds.

•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Leadership team

• Asian-Pacific Americans: US citizens whose origins are in Japan,

Wellington’s leadership team is defined as the CEO Management Team

China, Taiwan, Korea, Vietnam, Cambodia, Laos, the Philippines, Samoa,(including heads of offices), the Executive Committee, the Operating

Guam, the US Trust Territories of the Pacific Islands (Republic of Palau),

Committee, and the Global Compensation and Talent Committee.

Thailand, Malaysia, Indonesia, Singapore, Brunei, Republic of the Marshall

Leadership pipeline
Wellington’s leadership pipeline is defined as senior managing directors
and managing directors. Senior managing directors are also partnersof the firm.
LesbianA female who is physically, emotionally, and/or spiritually attracted toother females.
LGBTQIA+The acronym stands for lesbian, gay, bisexual, transgender, queer,questioning, intersex, asexual, and the + holds space for the expanding
and new understanding of different parts of the very diverse gender andsexual identities.
Marginalize
To relegate to an unimportant or powerless position within a societyor group.

Islands, or the Federated States of Micronesia.

• Black/African Americans/Afro-Caribbean: US citizens having origins in
any of the Black racial groups of Africa.

• Hispanic/Latinx: US citizens whose origins are in the Hispanic
or Latinx countries, cultures, or languages (e.g., Central and SouthAmerica, Puerto Rico, Portugal, Spain, Mexico).

• Native Americans: Persons who are American Indian, Eskimo,
Aleut, or Native Hawaiian, and regarded as such by the communities ofwhich they claim to be a part. Native Americans must be
documented members of a North American tribe, band, or otherwiseorganized group of native people who are indigenous to theUnited States.

• South Asian-Indian Americans: US citizens whose origins are in
India, Pakistan, Bangladesh, Sri Lanka, Bhutan, or Nepal.
Native American
Descendant of the native inhabitants of the United States, including tribal

MBTI

affiliation. American Indian is used by the US Census Bureau, but Native

Acronym for the Myers-Briggs Type Indicator®.

American is a preferred term.

Minority

People with disabilities

A term used by the US Census Bureau to include the list below. PleaseA term used to focus on the functional capabilities of an individualnote that the term “minority” is not recommended for communication

who may have a limitation of at least one major life activity (e.g., walking,regarding members of diverse groups because it can be perceived

learning, hearing).

as derogatory.

Percentage point or percent point
The simple numerical difference between two percentages.

55•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Racediverse group, which means that management and daily business

Refers to a person’s physical appearance, such as skin color, eye color,

are controlled and operated by those group members. “Controlled”

hair color, bone/jaw structure, etc. (e.g., Caucasian, Black/African, Asian,means the primary power to make policy decisions, and “operated”

Hispanic/Latinx). Race is a fluid concept used to group people according

means active involvement in day-to-day management related to

to various factors, including ancestral background and social identity.

business performance

Race is also used to group people who share a set of visible characteristics,
such as skin color and facial features.
Sexual orientation
Emotional, romantic, or sexual feelings toward other people or no people.
While sexual activity involves the choices one makes regarding behavior,
one’s sexual activity does not define one’s sexual orientation. Sexual
orientation is part of the human condition, and all people have one.
Typically, it is attraction that helps determine orientation.
Social styles
Term referring to The SOCIAL STYLE Model™.

Transgender
An individual whose gender identity does not match the anatomicalsex with which they were born.
Unconscious biases
Unconscious biases is the term used to explain the concept that individuals
have preferences for objects and people at a subconscious
level that unintentionally influences both behavior and decision making.
Undisclosed
Undisclosed is the term used where (1) an individual has declined to selfidentify through Wellington’s voluntary self-identification process as to an

Supplier diversity

element of diversity such as race/ethnicity, disability, sexual orientation, or

The effort among many companies to purchase products and services

military service, or (2) individuals do not have the option to self-identify as tofrom companies owned by diverse individuals. A business program that

an element of diversity due to the regulations in effect in any given country inencourages greater use of certified diverse service providers, mostwhich Wellington has offices.

commonly minority-owned or female-owned. May also include veteranowned, LGBTQIA+ -owned, and SBA-defined small businesses.
Characteristics of a diverse supplier include:• For-profit• Domiciled in United States or trust territories• Owned, operated, and controlled by at least 51% of members of a

Upstanders
Upstanders refers to people taking action when change is needed andcontrasts with the inaction of bystanders. It’s also an aspirational term
for a group of Wellington partners who have pledged their commitment
to increase the firm’s success in sponsoring, recruiting, mentoring,developing, and retaining talent from underrepresented groups.

Glossary sources: SimmaLieberman.com; The Global Diversity Desk Reference: Managing an International Workforce by Lee Gardenswartz, Anita Rowe, Patricia Digh, and Martin F. Bennett; Merriam-Webster;Unionlearn.org.uk; General Assembly; and Gender and Sexuality Resource Center website
56•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »Appendix
1. Data source: Workday, human resources capital management system. All data is as

5. Diversity Wheel – Adapted from Workforce America by Marilyn Loden and Judy Rosener,of 31 December 2019, 31 December 2020, 31 December 2021, and 31 December 2022,

1991; Diversity Awareness Profile (DAP). Copyright 2007 by John Wiley & Sons, Inc. All rights

and includes same-day terminations based on our firmwide definition of resources.

reserved. (Modified by Wellington Management Company, LLP, 2012).

2. Where we can track and ask legally, we actively ask employees to self-identify how theyexpress their gender, which includes nonbinary options. As a firm, we recognize and6. Andrés Tapia, The Inclusion Paradox: The Obama Era and the Transformation of Global
Diversity (Korn Ferry Institute, 2018).

encourage our employees to express their gender in ways that are authentic to themand include tools for them to do so (pronouns in email signatures, video conference

7. Accountability – The asset management industry is undergoing rapid change and trans-

systems, and employee identification and benefits within the human resources capitalformation. The headwinds and tailwinds of global capital markets, evolving expectations

management system).

of clients, and the speed of technology advances present profound complexities. Mostof all, today’s business landscape is evolving alongside its multidimensional workforce.

3. Our goal is to be transparent regarding the aggregate composition of our global workforce.

The call for inclusive leadership action and tangible results has never been greater.

However, our approach will never result in an exact representation given that (1) self-

At Wellington, we answered this call to increase action and outcomes by implementing an

identification of personal diversity attributes is strictly voluntary unless otherwise required

accountability process during 2021, called the accountability mirror meeting. The first partby applicable law or regulation, and this may result in underreporting for certain groups, andof the process includes a dashboard that provides leaders with three years of quantitative(2) in view of various government restrictions, we do not collect or report on data for certain

talent representation, qualitative talent engagement findings, and manager capability ratings.

of our global locations. In addition, as a firm, we are committed to enabling our employees

We used the “mirror” approach as a way to examine our own GDEI outcomes within eachto represent themselves in a way that is authentic and consistent with differing views

business area of the firm. This is an ongoing conversation with the business line leadersof diversity, particularly racial and ethnic diversity. As a result, we have taken an inclusive

and the president of the firm, our chief human resource officer, and other senior leaders

approach to defining racial and ethnic categories. In the US, through the federal EEO-1

to strategize on what is working, areas for improvement, and any support needed to facesurvey, we also report our US diversity and workforce data using prescribed definitions ofpotential headwinds.

race and ethnicity. Although the EEO-1 reporting format and categories used by the US Equal
Employment Opportunity Commission are not necessarily representative of Wellington’s

8. Sources: Newmeasures, (Beuler, 2017); CultureAmp 2021.

organizational structure or fully represent the broad range of racial and ethnic identities our
employees hold, as a firm, we have made the decision to publish our EEO-1 form on
an annual basis.

9. Stephen Cornell and Douglas Hartmann, Ethnicity and Race: Making Identities in a Changing
World (Thousand Oaks: Pine Forge Press, 2007).

4. Understanding that defining identities is a nuanced and very personal endeavor and in
response to feedback from our employees, we also offer the ability to self-identify in amore specific way than defined by the US Equal Employment Opportunity Commission. For
example, employees within the broader “Asian” category describe their identities across amuch broader spectrum.

57•

WELLINGTON MANAGEMENT 2022 GDEI REPORTGlossary of terms »E E 0 - 1 D ATA
EE0-1 Data

Wellington Management Company LLP (WMC) is an independently owned investment adviser registeredauthorized and regulated by the Financial Conduct Authority (FCA) in the UK (Reference number: 208573).

with the US Securities and Exchange Commission (SEC). WMC is also registered with the US Commodity
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clients, including commodity pools operated by registered commodity pool operators. WMC provides
commodity trading advice to all other clients in reliance on exemptions from CTA registration. WMC, alongwith its affiliates (collectively, Wellington Management), provides investment management and investment
advisory services to institutions around the world. Located in Boston, Massachusetts, Wellington
Management also has offices in Chicago, Illinois; Radnor, Pennsylvania; San Francisco, California; Frankfurt;
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investors and their consultants or for such other use as may be authorized by Wellington Management. This
material and/or its contents are current at the time of writing and may not be reproduced or distributedin whole or in part, for any purpose, without the express written consent of Wellington Management. This
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subject to change without notice. Individual portfolio management teams may hold different views and may
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This material is directed only at eligible counterparties or professional clients as defined under the rulesof the FCA. ■ In Switzerland, this material is provided by Wellington Management Switzerland GmbH, afirm registered at the commercial register of the canton of Zurich with number CH-020.4.050.857-7. This
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the categories of Portfolio Manager and Exempt Market Dealer. ■ In Europe (excluding the United Kingdom
and Switzerland), this material is provided by Wellington Management Europe GmbH (WME), which isauthorized and regulated by the German Federal Financial Supervisory Authority (Bundesanstalt fürFinanzdienstleistungsaufsicht – BaFin). This material may only be used in countries where WME is duly
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the German Securities Trading Act. This material does not constitute investment advice, a solicitation toinvest in financial instruments or information recommending or suggesting an investment strategy within
the meaning of Section 85 of the German Securities Trading Act (Wertpapierhandelsgesetz). ■ In the
United Kingdom, this material is provided by Wellington Management International Limited (WMIL), a firm

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