UK Gender Pay Gap – 2022 report
PUBLISHED MARCH 2023

OUR APPROACH
Diversity and inclusion — a strategic imperativeAt Wellington Management International Ltd (WMIL), a diverse workforce andinclusive culture are critical to the pursuit of our mission: drive excellence forclients to positively impact millions of beneficiaries’ lives. Bringing together
people with different backgrounds and experiences enriches our thinking,deepens our insights into client needs and investment markets, and strengthens
our teams and relationships. We support gender pay gap reporting legislation inthe UK and continue to share updates on our progress over time. The challengeof attracting, advancing, and retaining diverse talent is an industry-wide issue
that requires focus, commitment, and collaboration. At WMIL, we are committed
to achieving more balanced gender representation, particularly at senior levels.
This report outlines our 2022 gender pay gap statistics as well as the steps we aretaking to improve our gender balance.

As I reflect on progress, I am encouraged by continued
improvements in our gender pay gap and acknowledge
there is more to do. Along with all senior leaders at
Wellington, I remain committed to, and focused on,
the goals and action plan set out in this report.
Ted Duffy
Head of Wellington Management International Ltd

Wellington Management International | UK Gender Pay Gap 2022 Report

Page 2EQUAL PAY

GENDER PAY GAPIs being paid the same for
equivalent work and workof equal value

Is the difference in average
pay between men and womenin a workforce

OUR DATA
Gender pay gaps — attributable to fewer women in higher-paying roles
The gender pay gap reflects differences in the average pay of all men and women in a company,
regardless of role or seniority. Our gender pay gap reflects the fact that, respectively, 70% and
56% of our employees in the highest and second-highest pay quartiles are men. In addition, 67%of our employees in the lowest pay quartile are women. Having more men than women occupying
higher-paying roles and more women than men occupying lower-paying roles drives our gender
pay gap statistics. We are pleased to report improvements in our 2022 gender pay gap data andwe remain firmly committed to continuing to improve our gender balance over time.
We also note that gender pay gap measures are different from the concept of equal pay, which
is being paid the same for equivalent work. On the issue of equal pay, we are confident that men
and women are paid equally for work of equal value.

Pay and bonus gaps
The table below shows WMIL’s overall mean and median UK gender pay gap as of 5 April 2022
(for hourly fixed pay) and the previous 12-month period (for bonus pay).
MeanMedian

Hourly fixed pay

22.8%

26.1%

Bonus pay

73.8%

67.3%

Wellington Management International | UK Gender Pay Gap 2022 Report

Page 3OUR DATA continued
Pay quartiles
The charts below illustrate the gender distribution of employees within four equally sized pay quartiles.
This is calculated by sorting employees based on fixed hourly pay, creating four equally sized groupings(called pay quartiles) and then calculating the percentage of male and female employees within eachpay quartile.

FEMALE

MALE

LOWER

LOWER MIDDLE

33%

67%

UPPER MIDDLE

UPPER

56%

70%

49%

51%

44%

30%

Proportion of employees receiving a bonus for 2021
All WMIL employees are eligible to be considered for a bonus, and men and women have an equal
opportunity to earn a bonus. The individuals who did not receive a bonus for 2021 were typically newhires who joined the firm after the bonus payment date but were employed on 5 April 2022 and are
therefore included in the disclosure.

FEMALE
12.4%

MALE
8.7%

87.6%

91.3%

Received a bonus
Did not receive a bonus

Received a bonus
Did not receive a bonus

Wellington Management International | UK Gender Pay Gap 2022 ReportPage 4

OUR PLAN
Across our global firm we are committed to developing and integrating diverse perspectives andexperiences in order to drive excellence for clients. In previous Gender Pay Gap disclosures we articulated
WMIL’s overarching goal of greater female representation in leadership roles and at senior levels. This goal
remains unchanged, as does our commitment to it; however, the steps we are taking to help us get there
continue to evolve. We believe that our sustained commitment to the areas noted below should position us
well for continued progress; however, we recognise that it will take some time for these enhancements tobe reflected in gender pay gap statistics. We also acknowledge that the 2022 data contained in this reportreflects bonus outcomes for 2021 and salary levels as of 5 April 2022, rather than at the time of publication(2023). We are nevertheless encouraged by signs of progress and the multi-year gender-related initiatives
we continue to focus on, a selection of which we describe below.
Accountability: engaging employees and managers in our diversity commitments• Our EMEA diversity, equity and inclusion (DE&I) Committee continues to influence Wellington’s
global DE&I strategy in EMEA through deliberate actions that highlight the intellectual, diverse andhumanistic strengths of our firm
• We hold regular meetings between the Head of WMIL and senior managers in the region to discuss
the specific actions they are taking to hire, develop, and retain diverse talent• We ensure that people managers who excel at fostering diversity and inclusion at the firm arerecognised and rewarded through our performance management processes

Culture: creating an inclusive culture and supportive workplace• All our employees have significant flexibility around where and when they work. Employee opinion
survey results indicate that we have built a strong foundation for hybrid work and help us continue toevolve our approach• We delivered a range of virtual development opportunities focused on wellbeing and resilience as wellas continuing to upskill our employees and managers• We introduced monthly inclusive peer-led manager discussions which are also attended by externalexperts. Managers benefit from resources, frameworks, and proven approaches to support diversetalent in their development and advancement

Talent: improving the pipeline of female candidates• We are focused on bringing a diverse pool of undergraduate and graduate talent into the firm. We
continue to work with a broad mix of universities and partner organisations such as SEO London and10,000 Black Interns to assist with this objective

Wellington Management International | UK Gender Pay Gap 2022 Report

Page 5OUR PLAN continued• In 2022 we continued to hire new talent; over the last three years almost half (48%) of all hires atsenior level were female• We ensure that all our recruitment partners deliver diverse candidate slates, using non-traditional
talent sources and hiring female talent opportunisticallyDevelopment: maximising the potential of our female talent• In building the pipeline of future leaders, women have made up 71% of promotions on to the firstrung of our promotion ladder over the last three years• We have globally reviewed our promotion process for Managing Director selection to ensure all
talent is considered consistently• We continued to expand our formal and informal mentoring and sponsorship relationships• We developed and coached a third cohort of high potential, diverse, early career talent through our‘Groundbreakers’ programmePartnerships: effecting change more broadly• Committed members of the Diversity Project in the UK with representatives on multiplecommittees including the Advisory Board• Active participants in 100 Women in Finance, hosting and participating in multiple events eachyear as well as contributing strong committee membership• Signatories of the UK Women in Finance Charter with targets aimed at improving representationof women at senior levels in EMEA. In our September 2022 Women in Finance update we werepleased to note some progress, as outlined below: - 38% of members of board/executive decision-making bodies are women (against a target of40% by 2025)- 24% of our senior positions in EMEA are held by women (against a revised 2025 target of 30%)
I remain personally committed, along with our senior leadership team, to these multiyear genderrelated initiatives. It is encouraging to see continued evidence of impact across our female
population and, importantly, at senior levels. With sustained focus on reducing our gender pay gap
we are confident that even greater improvements lie ahead.
I confirm the data reported is accurate.

Ted Duffy
Head of Wellington Management International Ltd

Further information on our global diversity and inclusion strategy can be found on our website:
https://www.wellington.com/en-gb/diversity-inclusion
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Wellington Management International | UK Gender Pay Gap 2022 Report

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