Commitment to a Diverse and Inclusive Future2023 GLOBAL DIVERSITY, EQUITY, AND INCLUSION TRANSPARENCY REPORTContents
Our Shared Commitment to Global DEI (Diversity, Equity, and Inclusion)

1

Introduction
Message from our CEO
Our Aspirational Goals
Outcomes
Governance, Accountability, and Transparency
Highlights and Areas of Focus

Our Firm at a Glance9

Our GDEI Strategy

13

TalentCultureCommunity
Investments
Sustaining GDEI for Generations to Come

28

Message from our Chief GDEI Officer
A P P EN D I X
Our Methodology
Words Matter
Cautionary Notes

30
31
32

Wellington Management is Different by Design
We are one of the world’s largest privately held

We recognize that we are on a GDEI journey that will

institutional asset managers with offices around the

evolve over time. In this third annual GDEI report, weworld including North America, Asia Pacific, Europe,

reinforce our steadfast commitment to GDEI, highlightand the Middle East. We aspire to the highest levels of

our aspirational goals and areas for improvement, shareexcellence in everything we do for our clients andsome individual experiences, and report the tangible

colleagues. We impact the lives of millions of people,

progress we have achieved thus far. We aim to foster afrom educators and first responders working for aculture of continuous improvement and unyielding

secure retirement, to universities, and the next

dedication to the principles of diversity, equity, andgeneration whose success depends on a sustainable

inclusion for generations to come; by providing

future. For almost 100 years, we have chosen to think,transparency, sharing the milestones we havefeel, and do things differently in service to our global

achieved, and acknowledging the journey still ahead.

clients. Ultimately, global diversity, equity, and inclusion(GDEI) is one of the active ingredients that empowers

You can learn more by exploring our website

our culture and the investment services that we provide.

www.wellington.com/en/about-us/diversityequity-and-inclusion.

WELLINGTON MANAGEMENT 2023 GDEI REPORT

1

Message from our CEO
Diversity and inclusion are foundational elements of Wellington’s culture. Long before our industry
became interested in talking about global diversity, equity, and inclusion (GDEI), our founders believed thatgenerating unique perspectives would lead to better investment decisions for our clients.
Our business is one of continuous learning. We continuously work to enhance our understanding of ourclients, the companies, and industries we invest in, and the lived experiences of our colleagues. Throughembracing GDEI and our individual journeys of understanding, we continue to influence and shape our firm
for the better. This enables us to offer our clients distinct insights, deliver investment excellence, and provide
superior service that sets us apart in the industry.
Our research-driven, long-term investment approach is core to our philosophy and process. Wellington
was an early adopter of data-driven global DEI metrics, which align with our strategic GDEI pillars including
talent, culture, community, and investment, which we continue to track over time. This is key to building an
inclusive culture where individuals of diverse backgrounds find equitable opportunities to grow and thrive.
When I started working at Wellington more than three decades ago, it was very clear to me that ourleaders embraced diversity. Despite the lack of diversity in financial services at the time, I had many femalerole models throughout this firm who helped guide my career. Their guidance inspired me to spend a lot oftime developing our next generation of talent, from individual mentoring to leading bigger scale changes
at Wellington. This journey has reinforced that a continuous stream of changes can initiate a broader set ofdeliberate actions, thus confirming buy-in and commitment from everyone over time. This is Wellington’s
philosophy, and today, 24% of our partners identify as female, up 10% from a decade ago. We are focusedon moving forward toward greater equity and continuing to invest in and build upon our progress.
Our efforts to foster an inclusive, welcoming workplace encompass many aspects that make up our complex
identities, including generational, sex, gender identity, LGBTQIA+, race/ethnicity, education, parent and caregiver responsibilities, disability, veteran status, and/or spirituality or religion.
This report, now in its third year, creates accountability through transparency and demonstrates how weare actively working toward aspirational goals, monitoring progress, and developing policies and practices
to promote inclusion. We also want to create a framework to guide other companies beginning their GDEI
journeys. Creating an equitable world will take all of us working together in big and small ways over many
generations. Wellington is committed to expanding our GDEI focus and advancing our efforts to create
a better future.
With gratitude,

J EAN M . H Y N ES
(she/her/hers)
CEO and Managing Partner; Global Compensation & Talent Committee
Executive Committee; and Operating Committee

WELLINGTON MANAGEMENT 2023 GDEI REPORT

2Our Aspirational Goals
Wellington Management is a global asset manager with a strong GDEI foundation not only within ourbusiness teams, but throughout our differentiated, high performing, global investments. We aim to achieve
excellence in investment performance, client relationships, and business operations by tapping into ourteams' collective intelligences and thinking styles, drawing from their life experiences and backgrounds,
most of all by working together to drive outcomes for our clients. We recognize that we are in a knowledge
business and believe that GDEI enables us to deliver better investment results and innovative solutions forclients. Case in point, a 2023 study by McKinsey found that companies with a greater mix of gender andethnic diversity on their executive teams had a 39% likelihood of outperformance than those who did not.1
To achieve this vision, we established GDEI aspirational goals from 2021 to 2025, which are informed byour shared values, client and colleague expectations, business aspirations, and aligned with affirmative
action and equal employment opportunity principles. Our aspirational goals serve as measures of progress.
Throughout our transparency report, you will see our progress and areas for improvement related to four
aspirational GDEI goals listed below.
1

https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-matters-even-more-the-case-for-holistic-impact

LEADERSHIP TEAMMANAGEMENT% female from 37% to 42% – 47%% female from 40% to 45% – 50%% BIPOC from 12% to 17% – 22%% BIPOC from 29% to 34% – 39%

LEADERSHIP PIPELINEINVESTMENT PROFESSIONALS% female from 27% to 32% – 37%% female from 30% to 35% – 40%% BIPOC from 18% to 23% – 28%% BIPOC from 33% to 38% – 43%

WELLINGTON MANAGEMENT 2023 GDEI REPORT3

In 2021, we identified four key areas where we could

We also aim to increase ourincrease the representation of women and BIPOC (Black,Indigenous, and People of Color) employees. We

representation beyond 3.1%

established aspirational goals to increase theof our LGBTQIA+ community

representation of women and BIPOC employees byover the next five years.

5 - 10% firmwide by 2025. This report outlines ourintentions, 2023 results, prompts an annual internal
review, and communicates our progress to internaland external audiences. We are happy to share that
Wellington completed the 2023 Human Rights
Campaign's (HRC) Corporate Equality Index (CEI) 2
earning an overall score of 90%. Studies show thatcompanies that adopt LGBTQIA+ inclusion policies see
their stock performance increase by an average of 6.5
percentage points.3 Our firm was also named a 2023
Best Place to Work for Disability Inclusion by the Disability
Equality Index due to the meaningful strides we havemade towards it. Our proactive participation in theseand similar indexes facilitates strong partnerships with
community organizations and employee groups,
bringing us ever closer to our desired outcomes ofhigher talent engagement and retention.
23

https://reports.hrc.org/corporate-equality-index-2023
John N. Roberts and Cristian A. Landa, “Return on Equality, the RealROE: The Shareholder Case for LGBT Workplace Equality”, Denver, CO:
Denver Investments, 2015.

We genuinely believe that to achieve excellence and deliver the best outcomes for our clients, we must embraceand debate diverse perspectives. We have the privilege of working on behalf of tens of millions of beneficiaries
worldwide, and as stewards of their assets, we aspire to reflect on our clients and be connected to theircommunities. To achieve this, we prioritize GDEI throughout an employee’s entire career path. It is not justabout getting talent through the door but also making sure they are unleashed and empowered at every step.
We have a saying here that lives and careers are not linear, and I am very proud that we have become much
more intentional about offering programs to support our employees at every stage of their careers to further
enhance our progress and success on our GDEI journey.”		

ST EVE K L A R		(he/him/his)				President and Managing Partner;
Executive Committee; and Operating Committee

WELLINGTON MANAGEMENT 2023 GDEI REPORT

4

Outcomes
In 2023, we continued to make progress with female representation on the Leadership Team and inManagement roles. We saw the most progress in female representation within our Leadership Team, which
increased by 9.3%, and within Management, which increased by 1.5%. Our APAC region has achieved ahigher female-to-male ratio at 58%, and we strive to towards greater representation across the firm.

% FEMALE*OVERALL FIRM

LEADERSHIP TEAM

45%

45%

45%

50-55%

37%

38%

47%

42-47%

2021

2022

2023

2025 GOAL

2021

2022

2023
GOAL MET

2025 GOAL

+9.3%

0.0%

LEADERSHIP PIPELINEMANAGEMENT

27%

28%

28%

32-37%

40%

39%

40%

45-50%

2021

2022

2023

2025 GOAL

2021

2022

2023

2025 GOAL

+0.8%

+1.5%

INVESTMENT PROFESSIONALSDIFFERENCE FROM PREVIOUS YEAR 2022 - 2023

30%

2021

31%

2022

31%

2023

35-40%DECREASE

0.5% - 2.9%

INCREASE

0.5% - 2.9%

DECREASE

3.0% - 4.9%

INCREASE

3.0% - 4.9%

DECREASE

5.0% OR MORE

INCREASE

5.0% OR MORE

2025 GOAL+0.6%*Note: Wellington welcomes the many forms of gender identity: male, female, transgender, gender neutral, non-binary, etc. We currently
have less than 1% of our employee population who identifies outside the male and female binary; and as a result, we aim to increase ourgender identity profile.

WELLINGTON MANAGEMENT 2023 GDEI REPORT

5

Outcomes% BIPOCOVERALL FIRM

LEADERSHIP TEAM

37%

40%

40%

45-55%

12%

11%

18%

17-22%

2021

2022

2023

2025 GOAL

2021

2022

2023
GOAL MET

2025 GOAL

+6.8%

0.0%

LEADERSHIP PIPELINEMANAGEMENT

18%

21%

22%

23-28%

29%

31%

33%

34-39%

2021

2022

2023

2025 GOAL

2021

2022

2023

2025 GOAL

+1.6%

+1.5%

INVESTMENT PROFESSIONALS

33%

2021

37%

2022

38-43%

36%

2023

DIFFERENCE FROM PREVIOUS YEAR 2022 - 2023
DECREASE

0.5% - 2.9%

INCREASE

0.5% - 2.9%

DECREASE

3.0% - 4.9%

INCREASE

3.0% - 4.9%

DECREASE

5.0% OR MORE

INCREASE

5.0% OR MORE

2025 GOAL-0.3%

We saw an increase in BIPOC representation in our Leadership Team, which rose by 6.8% followed by
a 1.6% rise in our Leadership Pipeline. Several areas of the firm experienced growth in BIPOC
representation or stayed relatively the same.
However, there is more work to be done. Our BIPOC talent are largely represented in the Infrastructure, followedby the Client, and lastly the Investment Platforms. There are areas for improvement and opportunity to increase
and balance BIPOC talent representation across all three platforms. We will lean into our inclusive talent hiring,development, and retention practices to include BIPOC talent in various career opportunities at the firm.

WELLINGTON MANAGEMENT 2023 GDEI REPORT

6

Governance, Accountability, and Transparency
At Wellington, every employee is responsible forunderstanding, contributing to, and supporting ourcommitment to GDEI by fostering an equitable andinclusive workplace. Our leaders and managers have aneven greater level of responsibility and accountability fordemonstrating inclusive leadership while driving
progress with GDEI. Therefore, we believe thatsolutions-based conversation, innovative thinking, andtransparency will create accountability as we work
toward our aspirational goals. To that end, we:• conduct annual accountability reviews with seniorleadership that include quantitative diversity
dashboard metrics;• periodically review qualitative employee engagement
survey feedback;• co-create functional and regional GDEI commitment
plans and monitor progress;• assess how each individual or manager contributes
to an inclusive and equitable culture as part of theperformance appraisal process.

Investing is getting increasingly competitive. The pace ofchange is as rapid as it’s ever been. Therefore, we are deliberate
about bringing in people that are adaptive and have a
different perspective than our own — diversity of perspective
and thought.”

WELLINGTON MANAGEMENT 2023 GDEI REPORT		T ER RY BU RG ESS		(he/him/his)

		
		
		
		

Head of Investment Boutiquesand Managing Partner; Executive
Committee; and Operating
Committee

7Our GDEI strategy and aspirational goals are supported by structured anddeliberate governance, KPIs (Key Performance Indicators), and ongoingcollaboration with internal and external stakeholders.

Highlights and Areas of Focus

Five-year aspirational goals met a year earlier than
anticipated to increase female and BIPOC representation
within our Leadership Team.
Wellington was recognized in 2022 and 2023 by the
Disability Equality Index as one of the best places to workfor people with disabilities. Wellington’s CEO signed theDisability: IN CEO Letter on Disability Inclusion.

33%
of people managers
self-identify as BIPOC

65%

Streamline and engage with external partnershipsthat yield results and Return on Investment (ROI).

of promotions were fromunderrepresented groups, ofwhich 44% were females

2024 began with 33% BIPOC new Senior Managing
Directors (SMDs), an increase from 19% in 2023.

38%

KEY FOCUS AREAS

of Managing Directors promotions
were BIPOC, a record for the firm in
BIPOC promotions at the MD level90%

Optimize our cognitive diversity in teams to innovate
and achieve investment results for clients globally.

Wellington completed the 2023
HRC Corporate Equality Index,
earning an overall score of 90%.

Strive to increase the mix of talent on teams to include
female, non-binary, BIPOC, veterans, LGBTQIA+, and disabled
professionals at all levels or functions of the firm throughinclusive hiring, promotion, and retention practices.

44%
New hires globally were 44% female
and 48% BIPOC

Provide opportunities in line with business needs thatwill develop, upskill, and mobilize talent.

•Americas female hires increased to
45% and BIPOC hires also improved
to 51%.

Strengthen our culture and employee engagement
by implementing both equity and equality practices.

•EMEA female hires were lower at
47%, while BIPOC hires wererelatively flat at 32%.

Enhance our collaboration with diverse brokeragefirms and suppliers.

•APAC female hires were 33% and
BIPOC hires were 71%, but female
talent remains a higher representationof our APAC workforce overall.

WELLINGTON MANAGEMENT 2023 GDEI REPORT

8

WHERE WE ARE NOW

Our Firm at a Glance

As of 31 December 2023

Wellington is a global asset management
firm with employees across the Americas,
APAC, and EMEA.

GENDER AND RACE/ETHNICITY BY REGIONQ U I C K STATI STI CS

GENDER
Male

3,128

64

45%

40%

employees

FemaleGLOBALAMERICAS

55%

55%

55%

59%

58%

58%

45%

45%

45%

41%

42%

42%

2021

2022

2023

2021

2022

Change in % female

0.0%

languages
spokenfemaleBIPOC

EM P LOYEE LO CATI O N S

2023
+O.7%

APAC

70%

18%
EMEA

AMERICAS

EMEA

41%

41%

42%

51%

49%

50%

59%

59%

58%

49%

51%

50%

2021

2022

2023

2021

2022

2023

-1.5%

12%

APAC

-1.4%
DIFFERENCE FROM PREVIOUS YEAR 2022 - 2023

RACE/ETHNICITYGLOBAL
2021

2022

AMERICASDECREASE

0.5% - 2.9%

INCREASE

0.5% - 2.9%

DECREASE

3.0% - 4.9%

INCREASE

3.0% - 4.9%

DECREASE

5.0% OR MORE

INCREASE

5.0% OR MORE

APAC

2023

2021

2022

2023

2021

2022

EMEA
2023

2021

2022

2023

White

59%

56%

56%

66%

64%

64%

15%

13%

13%

56%

56%

56%

Total BIPOC

37%

40%

40%

34%

36%

36%

74%

85%

84%

23%

26%

26%

Black/African/Afro-Caribbean

5%

6%

5%

6%

6%

6%

0%

0%

1%

5%

7%

7%

Hispanic/LatinX

4%

4%

4%

5%

5%

5%

1%

0%

0%

1%

2%

2%

Two or More

2%

2%

2%

1%

2%

2%

1%

2%

2%

4%

3%

4%

American/Alaskan Native
Asian - Total

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

26%

28%

29%

22%

23%

24%

73%

82%

81%

12%

14%

14%

Central Asian

0%

0%

0%

0%

2%

1%

0%

0%

East Asian

10%

10%

3%

3%

63%

57%

3%

3%

Other Asian

10%

10%

13%

13%

7%

10%

1%

1%

South Asian

6%

7%

5%

6%

5%

6%

8%

9%

Southeast Asian

1%

2%

1%

1%

6%

6%

1%

1%

West Asian

0%

0%

0%

0%

0%

0%

1%

1%

3%

4%

0%

0%

2%

4%

18%

18%

Undisclosed

5%

WELLINGTON MANAGEMENT 2023 GDEI REPORT

0%

11%

21%

9

Our Firm at a Glance
GENDER AND RACE/ETHNICITY BY OFFICERSHIPGENDER
Male

FemaleSENIOR MANAGINGDIRECTOR

79%

78%

76%

MANAGING
DIRECTOR

71%

70%

70%

21%

22%

24%

29%

30%

30%

2021

2022

2023

2021

2022

2023

Change in % female

VICE
PRESIDENT

59%

59%

56%

54%

ASSOCIATE

54%

49%

49%

50%

51%

50%

2022

2023

41%

41%

42%

44%

46%

46%

51%

2021

2022

2023

2021

2022

2023

2021

+O.3%

+2.2%

58%

ASSISTANT VICEPRESIDENT

+0.8%

+0.2%

SUPPORT
PROFESSIONAL
6%

6%

5%

94%

94%

95%

2021

2022

2023

-0.3%

+1.0%

RACE/ETHNICITYSENIOR MANAGINGDIRECTOR
2021

2022

2023

White

83%

80%

Total BIPOC

15%

18%

Black/African/
Afro-Caribbean

1%

MANAGING
DIRECTOR
2021

2022

80%

77%

19%

20%

2%

2%

VICE
PRESIDENT

2023

2021

2022

2023

76%

73%

62%

59%

21%

24%

33%

37%

2%

2%

2%

4%

4%

ASSISTANT VICEPRESIDENTASSOCIATESUPPORT
PROFESSIONAL

2021

2022

2023

2021

2022

2023

2021

2022

2023

60%

49%

46%

45%

43%

43%

43%

60%

61%

61%

37%

46%

50%

52%

53%

54%

52%

32%

36%

36%

3%

5%

5%

5%

9%

11%

11%

10%

11%

9%

Hispanic/LatinX

2%

2%

2%

3%

3%

3%

2%

3%

2%

2%

3%

4%

8%

9%

8%

4%

5%

4%

Two or More

1%

1%

1%

0%

1%

1%

2%

2%

3%

2%

2%

2%

3%

3%

4%

2%

2%

5%

American/Alaskan Native

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

11%

15%

25%

37%

32%

17%

19%

17%

Asian - Total

14%

14%

15%

17%

29%

29%

41%

41%

31%

29%

Central Asian

0%

0%

0%

0%

0%

0%

1%

1%

1%

1%

0%

0%

East Asian

2%

2%

6%

6%

10%

9%

12%

11%

14%

14%

15%

14%

Other Asian

8%

9%

6%

7%

11%

12%

16%

15%

8%

5%

2%

1%

South Asian

4%

4%

2%

4%

6%

6%

11%

12%

5%

6%

1%

1%

Southeast Asian

0%

0%

1%

1%

1%

1%

2%

2%

3%

3%

1%

1%

West Asian

0%

0%

0%

0%

0%

0%

0%

0%

0%

1%

0%

0%

2%

2%

3%

3%

4%

3%

4%

3%

4%

4%

3%

3%

Undisclosed

2%

3%

5%

5%

5%

8%

DIFFERENCE FROM PREVIOUS YEAR 2022 - 2023

WELLINGTON MANAGEMENT 2023 GDEI REPORTDECREASE

0.5% - 2.9%

INCREASE

0.5% - 2.9%

DECREASE

3.0% - 4.9%

INCREASE

3.0% - 4.9%

DECREASE

5.0% OR MORE

INCREASE

5.0% OR MORE

10

Our Firm at a Glance
I N T E R S E C T I O N A L I T Y: D I V E R S I T Y B Y R E G I O N
BIPOCVeterans

Disabled

LGBTQIA+

GLOBAL

40%

37%

AMERICAS

40%

36%

34%

2%

36%

1%

2%
2%
2%

2%
2%

3%

2%

3%

4%

3%

3%

3%

3%

3%

2021

2022

2023

2021

2022

2023

1%

1%
Change from previous year
0.0%

0.0%

+1.0%

Change from previous year
0.0%

0.0%

0.0%

APAC

+1.0%

0.0%

EMEA

84%
85%
74%

23%

26%

3%

3%
2%

3%
2%
3%
2%

2021

2022

5%

4%

2%

2%

1%
2021

2022

1%

2023

26%

3%
2%
3%
2%

1%

2023

1%
Change from previous year
-1.0%

+1.0%

+1.0%

Change from previous year
+1.0%

WELLINGTON MANAGEMENT 2023 GDEI REPORT

0.0%

0.0%

+1.0%

0.0%

11

Our Firm at a Glance
G E N D E R A N D R A C E / E T H N I C I T Y B Y G E N E R AT I O N A L M I X
GENDER
Male

FemaleTOTAL FIRM

55%

45%

BABY BOOMER

55%

45%

GENERATION X

62%

MILLENNIAL

38%

51%

GENERATION Z

49%

45%

55%

Black/African/Afro-Caribbean

Hispanic/LatinX

RACE/ETHNICITY
White

Total Asian

American/Alaskan Native

Two or More

Undisclosed

BIPOC
TOTAL FIRM

56%

BABY BOOMER

29%

78%

4%
5%
2%
4%
14%
3%
1%

GENERATION X

65%

25%
3%
2%

MILLENNIAL

50%

33%
6%

GENERATION Z

48%

24%

4%

10% 9%

3%
1%

3%
2%

4%
2%

3%

40%

19%

31%

46%

49%

7%

WELLINGTON MANAGEMENT 2023 GDEI REPORT

12

Our GDEI Strategy
Our GDEI efforts are guided by a five-year strategy and action plan. Our global efforts
are led by leadership with support from our GDEI Team subject matter experts (SMEs),
implemented by managers, enabled by human resources processes, and brought to life
by employees at all levels of our organization.
Our aspirations are supported by policies and practices that codify the behaviors anddecision-making frameworks that will bring about the changes we wish to see in ourfirm, industry, and world over time. We have specific goals relating to our four pillars:
talent, culture, community, and investment, and we remain steadfast in ourcommitment to each of them.

WELLINGTON MANAGEMENT 2023 GDEI REPORT13

TA L E N T P I L L A R
We seek to hire, develop, retain, and advance employees across all levels at our firm to build strong teams
and a diverse workforce. We aim to build teams that are inclusive in their actions and represent a wide rangeof identities, highlighting diversity in age, gender, race, sexual orientation, ethnicity, military status, disability
status, education, working parents, various socioeconomic backgrounds, cognitive differences, andcommunication styles.
Recruiting to build a diverse and inclusive team is a critical component of our talent strategy. Our recruiting
activities include a range of efforts to find, attract, and hire talent that will offer differentiated or transferable
skills, diverse points of view, innovative ideas, and specialized subject-matter expertise. This includes tapping
into a combination of approaches including talent market research, boutique search firms, diversity
associations, a broad range of schools/universities, and rehire/relaunch or neurodiversity programs while
sustaining inclusive hiring practices. We believe that these efforts will lead to more informed investment andbusiness decisions and enable us to provide exceptional service to our clients.

Click here to see a list of our GDEI organizations
that help us identify, recruit, and develop high performing talent.

At Wellington, our talent and business strategies are inextricably linked. We believe that bringing employeesof diverse backgrounds and perspectives together is critical to our ability to spark the innovation, insight, andcollaboration needed to achieve excellence in support of our clients. I have the privilege of leading our Human
Resources (HR) function, and I am joined every day by colleagues across the firm who are aligned with mypassion and commitment to cultivating a workforce reflective of the communities we work in with our clients,
focused on giving employees a voice. As the world becomes more complex and challenging, we will continue
to work together to find new and better ways to transform our GDEI commitment into action.”				

FAT I M A P E N ROSE
(she/her/hers)				Senior Managing Director, Director of Human Resources;
Global Compensation & Talent Committee

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14

B U I L D I N G N E W PAT H W AY S
We are challenging the asset management sector’s conventional thinking about identifying and developing
early-in-career talent. That means creating new pathways and evolving our apprenticeship model to redefine
the current and future talent profile of the industry.
Our approach focuses on identifying and developing a pipeline of early-in-career talent throughundergraduate and graduate internships, co-ops, and full-time opportunities. We collaborate with deans,faculty, and career centers from public and private schools as well as student clubs and/or associations to
attract students and recent graduates with strong academic performance, analytical skills, technicalcapabilities, problem-solving orientation, and clear communication skills. This talent comes from all
backgrounds with the ability to collaborate across differences and distances.
Our undergraduate and graduate internship and co-op programs are open to all undergraduate students.
Additionally, we offer a variety of multi-year early-career full-time programs for recent graduates, with global
roles across the firm’s functional platforms, including investment, client, and infrastructure roles. Wellington
Management is committed to building a diverse, equitable, and inclusive workforce. We view our early career
programs as a key enabler of that commitment.

In 2023, 54% of our global campus hires identified as female,
65% as BIPOC students, and 12% identified as Caucasian/White males. Thesestatistics are reflective of the generational trend entering the workforce, which isrichly gender and racially diverse.4

4

National Center for Education Statistics; U.S. Chamber of Commerce/Data Deep Dive: The Workforce of the Future;
Pew Research Center: A look at gender gains or gaps

WELLINGTON MANAGEMENT 2023 GDEI REPORT15

HBCU SCHOLARS PROGRAM
Wellington’s Historically Black Colleges and Universities (HBCU) Scholars Program enhances ourability to attract early-career talent while investing in these institutions. It provides a multifaceted
experience that supports students through their college years with financial support and professional
development opportunities to prepare them for careers in asset management.
On campus, Wellington offers merit-based scholarships to contribute to the cost of participants’
tuition, as well as Wellington sponsored activities and case competitions.
We also offer separate 10- to 12-week internships during sophomore and junior year summers withthe potential for full-time placement upon graduation.

Wellington has been instrumental in supporting my growth and development in the realm of building industry
knowledge and business skills while contributing to GDEI. As the first HBCU intern to join the firm in 2019, I
have been given numerous opportunities to contribute and make an impact including working withmulti-functional teams. Today, I have the opportunity to collaborate closely with leaders across the organizationin order to attract and cultivate the next generation of talent at Wellington. The firm’s commitment to GDEI
has not only propelled my professional journey but has also allowed me to play a significant role in shaping thefuture of GDEI.”

		
		
		

M I RAC L E CA L H O U N(she/her/hers)
Associate, Human Resources Analyst

WELLINGTON MANAGEMENT 2023 GDEI REPORT

16

DEVELOPING FUTURE LEADERS FROM WITHIN
Recognizing that influential leadership requires a combination of industry knowledge, technical expertise,and interpersonal skills, Wellington offers a suite of professional development programs at each career stage
and on-the-job practical work assignment and apprenticeship experiences. For example, programs like
Global Trading Academy (GTA) build core industry fundamentals while Groundbreakers Academy (GBA)
strengthens capabilities in self-awareness, communication, decision making, and team effectiveness.
Furthermore, all employees at Wellington have access to professional development offerings. These global
programs with small class sizes enable participants to develop personal relationships with their peers
across the globe, strengthening their networks and broadening their support systems.
Upon completion of either of the two Academies, participants each receive a stretch assignment thatchallenges them to put their newfound learnings into practice. To date, more than 300 Wellington colleagues
have participated across APAC, EMEA, and North America. Our mission is to continue building a globally
diverse workforce while sustaining an inclusive culture that enables everyone’s strengths and contributions
to benefit our clients. We believe that representation matters and the ability to work effectively across a
broad range of differences is one of the essential ingredients to unlock personal growth and exceptional
performance.

The development programs refined my personal brand, augmented my growth, and accelerated my career
progression. The Groundbreakers Academy and The Partnership, Inc. provided valuable experiences such as
simulations, coaching, and working in cohorts to apply the concepts taught by dynamic and esteemed faculty.
These trainings emphasized the importance of equity for diverse backgrounds, self-awareness, and emotional
intelligence. After completing these programs, I acquired the skills to build stronger professional relationships,
more effectively navigate the firm, and deliver impactful presentations. The Global Trading Academy offeredcomprehensive insights into capital markets, various asset types, sectors, and overall trading activities.
Participating in these programs enhanced both my soft and hard skills, fostering a shift toward a growthmindset. These experiences facilitated a career transition and opened management opportunities, ultimately
acting as a catalyst for my personal and professional progress. I am fortunate to have these opportunities
provided by Wellington, and I aim to maximize the return on investment.”

		
		
		

SUSA N N A BA RROS
(she/her/hers)
Assistant Vice President, Associate Relationship Manager

WELLINGTON MANAGEMENT 2023 GDEI REPORT

17

100 WOMEN IN FINANCE (WIF)The Wellington/100 WIF team works with the 100 WIF Early Career program, which engages their members
as a global peer network in the first decade of their finance careers. Led by Early Career committee
members, the groups host industry education, professional development, and career networking events todevelop a strong community of early-career women and a talent pipeline for the finance industry.

SEO LONDONIn the U.K., Wellington works with Sponsors for Educational Opportunity (SEO London), an organization
providing educational, training, and mentoring support for young people from underrepresented
backgrounds, building a community of diverse talent to fill the needs of global firms in the U.K. and EU(European Union).
PAY E Q U I T Y
Wellington is committed to pay equity and maintains a total compensation approach designed to reward
excellence and align our interests with those of our clients. To support our internal processes, we periodicallyengage third-party firms to conduct independent pay equity studies, looking across multiple dimensions
globally. Last conducted in 2022, our aim is to ensure a full review is conducted every three years.
Of note, during 2023 Wellington joined Boston Women’s Workforce Council (BWWC) is a diversity
association for pay equity initiatives across the Boston metro area. The firm signed the Girl Scout USA
gender parity pledge and continues to participate in the Management Leaders of Tomorrow (MLT) Black
Racial Equity certification process, where we received a score of 100% with respect to the MLT
compensation review. We are also signatories of the UK Women in Finance Charter, which aims to
improve the representation of women at senior levels in UK financial services firms.

WELLINGTON MANAGEMENT 2023 GDEI REPORT18

C U LT U R E P I L L A R
The hallmarks of our Wellington culture are performance excellence, client focus, differentiated perspectives,
intellectual curiosity, respectful debate, collaborations, and resilience during turbulent times. These values
unify us, direct our behaviors, and enable us to work across differences and distances. Each day, we strive
to ensure equality in our talent and business policies and processes; equitable practices and programs that
address individual needs; and inclusive leadership and management approaches that recognize theintersectionality of every employee to enable a sense of belonging for everyone.
In addition, our code of conduct and equitable employment policies reinforce our shared values andcommitment to sustaining an inclusive culture. At Wellington, we all play a visible and vocal decision-making
role to ensure that differences are valued as an asset and that inclusion is core to our culture.

WELLINGTON MANAGEMENT 2023 GDEI REPORT19

GLOBAL VOICES AND LEADERSHIP PERSPECTIVES
Wellington amplifies internal and external voices

For example, Upstanders is a grassroots initiative

through several channels, including leadershipthat engages partners, managing directors, and vice

blogs, newsletters, storytelling, GDEI dialoguepresidents in the firm’s GDEI efforts. The initiative

sessions, and guest speakers on various GDEI

began in 2016 with a group of 25 partners and has

topics. These initiatives promote a learning culture

since expanded to 150 partners, 200 managing di-that embraces self-reflection, social and societal

rectors, and 50 vice presidents. Upstanders commit

awareness, a deeper understanding of differences,to enhancing the engagement of diverse colleagues

and actions for inclusion. There are mediums for

across the firm through sponsorship, mentorship,each voice to be heard, hosted, and sponsored by

and networking. The group’s ultimate objective isthe regional GDEI and Talent & Compensation

to promote the development, retention, andcommittees, Upstanders, Becoming Allies, GDEI

advancement of diverse talent across theteam, business networks, platform leaders, headsorganization. Today, there are over 280 Upstander

of offices, managers, and human resources.

pairings at the firm.

Our True North comes from helping ourdiverse talent achieve their full career potential.
Upstander mentors are constantly looking forways to support and connect with colleagues
from a broad range of backgrounds in our daily
work. Advocating for our colleagues is part ofour commitment to advancing Wellington's
talent agenda.
		
		
		
		
		
		
		

WELLINGTON MANAGEMENT 2023 GDEI REPORTK A REN TA NG(she/her/hers)
Managing Director;
Chief Operating
Officer and APAC
Regional Human 		
Resources Director

20

BUSINESS NETWORKS AND BECOMING ALLIES
To support the many aspects that make up our

Another partnership that champions collective

individual identities, Wellington offers 12 businessaction is that of Becoming Allies and Businessnetworks that allow members of different

Networks. Many individuals across the firm havecommunities and their allies to gather locally andjoined the Becoming Allies group and Businessglobally. Our business networks are intersectional

Networks to increase their understanding, agility,

and all-inclusive. Business Networks enable all

and adaptability across categories of identity

employees to build their team leadership skills

difference. They share a common goal to amplify

and career networks, strengthen their cultural

Wellington’s efforts to truly become a place ofcompetence, and enhance GDEI business impact

inclusion, belonging, and equity.

at the firm.

Wellington Business Networks

Women’sBusiness
Alliance(WBA)

Conexiones
AccessAsia

Wellington
Veterans

disAbilities
Awareness
Network

Wellington
Parents Group(WPG)

BUSINESSNETWORKS

Four Seas

Inclusionand Cultural
Awareness
Network(ICAN)South Asians
Leading
Together(SALT)

Pride+
ShadesWELLINGTON MANAGEMENT 2023 GDEI REPORTNextGen21

In addition to our focus on individual growth, thefirm benefits from our regional GDEI committees,business networks, and Becoming Allies, whoprovide a global, cross-functional perspective.

I have also learned a great deal as a co-chair for5+ years of the Wellington Parents Group — abusiness network focused on caregivers, which
actually encouraged me to become involved in the

The lived experiences of our colleagues help us

programming offered by other networks and to learn

identify and remove barriers and initiateof their challenges and opportunities through ourimportant conversations about how we support

recurring Business Network Leaders meetings.”

one another and bring out the best in each other.
For example, our global employee benefits andexecutive services team works diligently tounderstand the multifaceted needs of our talent.
Part of this work includes partnering with ourbusiness networks and allies to ensure that our

		
		
		
		
		

C LAY E MET ELMANN(he/him/his)Vice President, Global
Editorial Director(Marketing)benefits programs support the different healthneeds and family structures of our employees.

E M P LOY E E E N G AG E M E N T & F E E D BAC K
Wellington has a long history of seeking input from employees on a variety of issues relating to our firm, ourpeople, and our business. Since 2017, we have administered a global firmwide engagement survey every two
years, with high participation rates, with our most recent survey garnering a 94% employee participation
rate, well above the 65% – 80% average for most medium-to-large companies. These high participation rates
are an indicator of how invested our employees are in improving and strengthening Wellington. Our overall
2023 engagement index score saw a decline to 74% from 84% in 2021. Knowing that the engagement andcommitment of our talent is essential to our mission of delivering excellence for clients to positively impact
millions of beneficiaries’ lives, we are actively addressing the key areas to focus improvement.

WELLINGTON MANAGEMENT 2023 GDEI REPORT22

COMMUNITY PILLAR
Wellington taps into the power of internal and external community and collective action through partnershipsthat help us further our GDEI commitment.
We are not alone in our desire to create a diverse, equitable, and inclusive world. Wellington is one partof a global community, acting on local, regional, and world-wide levels. By partnering with otherorganizations, non-profits, and educational institutions, we can identify talent, brainstorm solutions,and better understand global markets and business segments.
C O M M U N I T Y:
A N I N T E G R A L FA C E T O F 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
Wellington’s internal corporate sustainability approach, which we refer to as WellSustain, aims to incorporate
sustainable behavior into our business practices. GDEI principles are embedded throughout the WellSustain
pillars of:• Being effective operational stewards• Empowering our employees• Partnering to help build thriving communities
This is particularly evident in:• Our commitment to considering sustainability in our operations, with a focus on human rights anddiversity impacts of our supply chains. Read more about our supplier diversity efforts on thecorresponding page.
• The way we leverage our firm’s giving and our colleagues' time, talent, and generosity to help drive socialand economic inclusion in our communities. Find out more about our community engagement andphilanthropic initiatives below.
Examples of our WellSustain initiative can be found throughout this report or you can read more about
WellSustain on our Corporate Sustainability website.

WELLINGTON MANAGEMENT 2023 GDEI REPORT

23

PHILANTHROPY AND COMMUNITY ENGAGEMENT
We seek to actively support and positively impact the communities in which our employees live and work,
focusing on bridging opportunity and achievement gaps between students with different backgrounds andprofiles. Through both firm initiatives and our foundations, we work with and give back to our communities
through targeted philanthropy, knowledge-sharing forums, mentoring, volunteer events, and other forms ofengagement. Below are a few examples of the ways we engage:•T he Wellington Management Foundation and• Wellington allows each of our employees to takethe Wellington Management UK Foundation

two business days per year to volunteer atannually provide grants totaling more than $8.3

nonprofit organizations.

million to support over 100 nonprofit andnongovernmental organizations that improve• We have also recently launched GiveWell, a new
employee platform that easily allows employees

educational opportunities for youth fromto donate, match, and volunteer to promote andtraditionally underserved and economicallyfacilitate employee engagement in charitablechallenged communities. Most students benefiting

initiatives and causes.

from our programs identify as Black/African/
Afro-Caribbean heritage, Hispanic/LatinX, Asian,• Our Financial Literacy Partnerships Advisory

Indigenous, immigrant, refugee, and/or low

Council (FinLitPAC), which supports andincome, and many programs are led by people frompromotes educational opportunities to break thewithin the community or who have similar lived

cycle of financial illiteracy in underserved

experiences to the students they serve.

communities and eliminate knowledge gaps that

• Our Annual Appeal provides employees with aconvenient and meaningful way to financially
support global and regional nonprofit andnongovernmental organizations.

hinder the ability to make informed decisions for ahealthy financial future. We partner withorganizations with proven financial literacy curricula,strong connections with local communities witha particular focus on youth and their families, and• The firm’s Matching Gift Program matches

the ability to provide meaningful opportunities for

employee donations to registered nonprofit

Wellington employees to engage and volunteer.

organizations up to an annual limit.

In 2023, we integrated FinLitPAC within the Wellington$800k

Management foundation and established relationships
with new organizations.

We currently support seven organizations
across the US and EMEA:$4.1m• FitMoney (www.fitmoney.org)• Invest in Girls (www.investgirls.org)• Jonk Entrepreneuren (www.jonk-entrepreneuren.lu)• Junior Achievement (https://newengland.ja.org)$420k
to 10 FinLitPAC
organizations

to 72 organizations
with Annual Grants$8.3m• BUILD Boston (https://build.org/boston)• Council for Economic Education (www.councilforeconed.org)

to 6 organizations
through StrategicPartnerships

TOTAL GIVING
IN 2023$1.16mto 25 organizations
through the
UK Foundation$720k
to 12 organizationsin Asia Pacific$1.3m
to 5 organizations
with Catalyst Gifts• RedSTART (www.redstarteducate.org)

WELLINGTON MANAGEMENT 2023 GDEI REPORT24

INDUSTRY COALITIONSINVESTMENT PILLAR

We are actively involved with many industry
coalitions (i.e., external organizations thatbring an array of leaders together to

We leverage Wellington’s reputation and resources toestablish leadership commitment,

drive change through the partners we choose (industry

accountability measures, and knowledge

coalitions, sustainable investing/ESG, brokerage andsharing of best practices), such as:

supplier diversity relationships, and suppliers), and theopportunities we create (Wellington Access Ventures).
WELLINGTON ACCESS VENTURES• CFA Institute Experimental Partners• National Association of Securities
Professionals (US)• The Diversity Project (UK)

Wellington Access Ventures (WAV) provides early-stage• Black Opportunity Fund (Canada)funding to accelerate the businesses of diverse• Insurance Women’s Investment Network (IWIN)

entrepreneurs. We are seeking to be early investors in• 30% Club (Japan)

companies that we believe will become leaders in large• CEO Action (PwC)

and growing markets. The firm brought together four
investors with extensive, combined, early-stage venture

Visit our full list of GDEI partners here,

capital investing experience – one of the larger groups ofhttps://www.wellington.com/en/about-us/

Black investors in the US venture capital ecosystem.

diversity-equity-and-inclusion.

WELLINGTON MANAGEMENT 2023 GDEI REPORT25

In venture capital, we believe that the next generation ofindustry-defining entrepreneurs are diverse; and WAV aims
to provide the capital they need to scale their businesses.
Joining the WAV team are Van Jones, Sasha McKenzie, andFrederik Groce — all with unique and diverse backgrounds
as venture investors, founders, and community leaders — tobetter serve our portfolio companies and deliver returns forour clients.”

		
		
		
		

JAC KSO N CU MMING S(he/him/his)Managing Director; Head of 		
Wellington Access Ventures

I N V E S T M E N T S T E W A R D S H I P A N D E S G I N T E G R AT I O N
Our ESG analysts regularly assess the DEI practices of portfolio companies and engage to encourage
improvement where warranted. We believe diversity among directors, leaders, and employees cancontribute positively to shareholder value by imbuing a company with myriad perspectives to help betternavigate complex challenges.
In recent years we have pursued several stewardship avenues to effect change, including aligning our
proxy voting decisions with our engagement efforts. In 2021, we wrote letters to all S&P 500 companies,
asking them to disclose the racial and ethnic composition of their board as well as their EEO-1 data. We voted
against the reelection of nominating/governance committee chairs at 28 companies in the index that failed
to disclose this information. In addition, 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 (or explain the lack thereof.)
In 2022, we updated our voting guidelines to vote against the reelection of nominating/governancecommittee chairs at S&P 500 companies that lack racial/ethnic diversity on their boards. We also expect
companies in the UK to align with the recommendations of the Hampton-Alexander and Parker reviews anduse our vote to foster change where companies lag best practice. In addition to these efforts focused on
racial/ethnic diversity, we continue to use our vote to encourage improvement on board gender diversity.

WELLINGTON MANAGEMENT 2023 GDEI REPORT

26

Also 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. These standards
supplement our existing expectations for publicly listed large-cap companies in the UK and US or where local
governance codes already call for a higher proportion. In early 2024 we updated our proxy voting guidelines topreview our enhanced board diversity expectations. Starting in 2025, this expectation will be raised to 30%
gender diversity for S&P 500 companies and 20% for Russell 3000 companies.
We also engage with private portfolio companies to help them understand evolving market practices related
to DEI. Human capital management and DEI together are one of our 5 key ESG topics for private companies in
2024, and we will continue to support our portfolio companies by highlighting evolving investor and regulatory
expectations on disclosures, emerging DEI strategies in both private andpublic markets, and effective
communication approaches.
Also in 2024, we plan to publish a proprietary Human Capital Management (HCM) Toolkit for the exclusive useof our private portfolio companies. The HCM Toolkit is a collection of off-the-shelf, actionable resources onorganizational best practices related to talent management, corporate culture, equity, and inclusion.

WELLINGTON MANAGEMENT 2023 GDEI REPORT27

BROKERAGE DIVERSITYR E L AT I O N S H I P S
Wellington believes building long-term, strategic
partnerships with a broad base of trading firms,
including emerging brokers, is in our clients’ bestinterest. We showcase this belief through action;
In 2023, we executed with over 250 firms, reinforcing our“open for business” approach to seeking liquidity andinvestment opportunities for our clients.
Our relationship management effort with emerging
brokers is proactive and dynamic. We engaged with
14 firms via annual structured relationship review
meetings to understand their strengths and uniqueareas of expertise, and to identify mutually beneficialalignment. We provide regular feedback to help thesefirms refine their focus as needs and capabilities change.

SUPPLIER DIVERSITY
We value diversity in every aspect of our business,
including procurement, via our suppliers and trading
partners. We are building a supply base that reflects ourprinciples of inclusion by leveraging diverse suppliers as
direct and indirect providers of goods and services toour firm.
We strive for our supplier diversity efforts to foster
competition and provide economic support forunderserved communities. We have created internal
dashboard reporting and continue to be focused on
raising awareness throughout our firm regarding
opportunities to increase our use of diverse suppliers,
including leveraging our business networks to spreadawareness.

WELLINGTON MANAGEMENT 2023 GDEI REPORT28

Sustaining GDEI for Generations to ComeMESSAGE FROM OUR CHIEF GDEI OFFICER
Our 2023 GDEI report was written with a deep sense of commitment and reflection on the imperatives ofdiversity, equity, and inclusion, which have become central tenets in shaping a more just and vibrant society.
In today’s rapidly diversifying, interconnected world, the need to weave GDEI into the fabric of our firm’svalues, culture, investment, business, and people practices is essential to thrive in this industry.

DEFINING GDEIDiversity brings together a rich tapestry of backgrounds, experiences, and expertise that contribute to thegrowth, innovation, and problem-solving capabilities of our teams to better serve clients and communities
around the globe. The diversity of our talent allows us to remain attuned to the multifaceted perspectives ofour clients and colleagues alike.
Equity is about customizing solutions to address individual needs so that we provide open access toopportunities. It recognizes that we must make an intentional effort to identify and eliminate barriers thathave historically limited the full participation of certain groups in our industry.
Inclusion stems from a mindset that drives behaviors that manifest as a welcoming, respectful, and highperforming culture. This type of environment values individuals for who they are and what they contributeand encourages their involvement. It allows people to be their authentic, best selves and to be assured that
their identities or cognitive differences will never hinder their success.
The importance of GDEI also lies in the recognition that our shared humanity is enhanced when we learn
from one another and incorporate the strengths that each unique individual brings to the table. This means
uniting both dominant and less dominant groups together to achieve shared goals. We can all foster
empathy, create breakthrough results, and dismantle prejudice by broadening our horizons and reflecting
on our unconscious biases.

WELLINGTON MANAGEMENT 2023 GDEI REPORT29

GDEI will continue to be essential to our firm because it demonstrates our values and culture, while
enhancing client relationships, individual performance, team productivity, and firm profitability. Researchshows that GDEI are differentiators and super strengths in business. It is also a transformative processthat evolves over time through strategic direction, ingenuity, unified effort, measurement, transparency,
and accountability. Our global GDEI and Human Resources teams provide subject matter expertise,facilitative, and programme support to clients, leaders, managers, investors, committees, networks,
external associations, and employees to realize the promise of GDEI.
In a season where diversity, equity, and inclusion are often challenged, our firm stands committed to the
GDEI movement within the industry — a continuous effort that is reflected in this comprehensive report.
But we still have a long way to go.
We invite you to join us in this collective effort to champion GDEI initiatives with the unwavering belief
that when we work together, our cumulative actions can drive better performance outcomes and systemicchange. When we advocate for diversity, strive for equity, and are inclusive, we not only bolster our own
organizations but create a ripple effect of positive transformation throughout industry and society.
Thank you for your sustained commitment to business excellence, humanity, and community.
Sincerely,S H AW N A A . F E RGUSO N(she/her/hers)
Senior Managing Director, Director of Global Diversity Equity, and Inclusion;
Regional DEI Committees; Americas Compensation and Talent Committee

At Wellington, DE&I is not seen as a separate goal or
initiative, but rather one that is ingrained in all of the work
we do. Whether it is the way we recruit, develop our talent,collaborate with our colleagues, or make investment decisions,fostering a diverse, equitable, and inclusive culture underscores
it all. We also do not see DE&I values as only being driven byleaders and managers - each of us is encouraged to embrace
our role in supporting an inclusive culture for each other.”

		
		
		
		

WELLINGTON MANAGEMENT 2023 GDEI REPORTH A N N A H S TA H L(she/her/hers)
Assistant Vice President;
Lead, Finance & Administration30

Appendix
OUR METHODOLOGY
We believe that transparency in our diversity and inclusion efforts creates accountability by enabling others
to understand how we measure progress toward our goals. We use metrics to support and inform businessprocesses across the firm and around the world, including our deliberate recruiting and retention efforts,prioritization of initiatives, resource allocation, manager accountability, employee engagement, and planningfor development programs. Senior leadership and team managers conduct an annual review of quantitative
diversity metrics and qualitative talent engagement survey feedback. Specifically, we undertake the following steps to establish meaningful diversity and inclusion measures and metrics:• Define which diversity dimensions to monitor.
•Review data policies, practices, and processes needed to retain confidential and personally identifiable
information.
• Establish baseline measures and set aspirational goals as progress measures.
• Track and monitor firm, functional, and local office metrics.
• Designate responsibility and accountability.
• Cascade communication to increase awareness and transparency.
As a firm, we offer our employees the ability to self-identify across many demographic elements, including
race, ethnicity, age, gender identity, sexual orientation, disability, nationality, languages, and military status.
Understanding that our approach will never result in an exact representation given that (1) self-identificationof personal diversity attributes is strictly voluntary unless otherwise required by applicable law or regulation,and this may result in under-reporting for certain groups, and (2) because of various government
restrictions, we do not collect or report on data for certain of our global locations. Our self-identification
practices enable us to break our data down to understand our demographic mix and intersectionality better.
Although we hold individually identifiable data on a strictly confidential basis, we use aggregated data to help
shape and support our global GDEI strategies in several ways, including:• Gaining a more complete understanding of our workforce so that we can set aspirational GDEI goals
while supporting our commitment to equal employment opportunity by designing and implementing
impactful employee programs.
• Supporting our ability to be transparent and enable employees, clients, job applicants, and other external
stakeholders to understand the firm’s approach to advancing GDEI and the mosaic of talent at
Wellington, as well as measuring our progress against our diversity goals through our annual GDEITransparency Report.
• Fostering inclusion by helping our employees see the various communities represented within the firm,
as demonstrated through our aggregate reporting.
In the U.S., through the federal EEO-1 report, we also report our US diversity and workforce data usingprescribed definitions of race and ethnicity, which we publish annually.

WELLINGTON MANAGEMENT 2023 GDEI REPORT

31

Words Matter
Leadership Team

EquityDefined as the CEO Management Team (including

An approach that ensures everyone has access toheads of offices), the Executive Committee, thethe same opportunities, equity is a process that

Operating Committee, and the Global Compensation

begins by acknowledging that individuals start fromand Talent Committee.

various places and continues to correct and address

Leadership Pipeline

the imbalance over time.

Defined as senior managing directors or partners

Inclusionand managing directors.

Demonstrated behavior or process of including

Investment Professionals
Defined as individuals at the firm with investment
expertise who are directly or indirectly involved in
the investment process.
Management
Defined as individuals at the firm with one or more
direct reports (excludes those who only manage
contingent workers).

others to achieve a common goal or objective. An
inclusive environment is flexible, collaborative,
productive, and supportive for everyone. Inclusion
recognizes that creative and innovative approaches
are not determined by a single point of view or work
style.
Intersectionality
A lens for seeing how various forms of inequality
often operate together and exacerbate each other,

Upstanders

recognizing that some people are subject toUpstanders refers to people taking action when

multiple forms of inequality. It is the ways in whichchange is needed and contrasts with the inaction ofsocial constructs based on gender, race, ethnicity,

bystanders. It is also an aspirational term for a group

sexual orientation, gender identity, disability, class,of Wellington partners, managing directors, andand other forms of inequality “intersect” to create

vice presidents who have pledged their commitment

unique dynamics and experiences.

to increase the firm’s success in sponsoring,
recruiting, mentoring, developing, and retaining
talent from underrepresented groups.
Diversity
The full range or representation of human andorganizational differences and similarities. Diversity
is a collective combination of people, thoughts,
ideas, perspectives, and job functions characterizedby similarities and differences.
Equality

Marginalize
To regulate to an unimportant or powerless position
within a society or group.
Undisclosed
Undisclosed is the term used where (1) an individual
has declined to self-identify through Wellington’s
voluntary self-identification process, or (2)individuals do not have the option to self-identify
due to regulations in effect in any given country
in which Wellington has offices.

Ensuring everybody has equal opportunity and is nottreated differently or discriminated against becauseof their diverse characteristics.

WELLINGTON MANAGEMENT 2023 GDEI REPORT

32

Cautionary Notes: Wellington Management Company LLP (WMC) is an

Investment Schemes Act and its implementing ordinance. • In Dubai, thisindependently owned investment adviser registered with the US Securi-material is provided by Wellington Management (DIFC) Limited (WM DIFC),

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advisor (CTA) and serves as a CTA to certain clients including commodity

to a financial product, such financial productis not subject to any form ofpools operated by registered commodity pool operators. WMC provides

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All of the partners are full-time professional members of Wellington Man-

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Management (Shanghai) Limited (WPFM), which is an unregulated entity

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lington Global Private Fund Management (Shanghai) Limited

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inces of Alberta, British Columbia, Manitoba, New Brunswick, Newfound-ute or otherwise make this material available to any person. • In Australia,

land and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, andWellington Management Australia Pty Ltd (WM Australia) (ABN 19 167 091

Saskatchewan in the categories of Portfolio Manager and Exempt Market

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to any person. • In Japan, Wellington Management Japan Pte Ltd (WM Ja-sicht – BaFin). This material may only be used in countries where WME ispan) (Registration Number 199504987R) has been registered as a Financial

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This material does not constitute investment advice, a solicitation to invest

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this material is provided by Wellington Management International Limited

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(WMIL), a firm authorized and regulated by the Financial Conduct Author-

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ity (FCA) in the UK (Reference number: 208573). This material is directed

Act only with respect to their US clients.

only at eligible counterparties or professional clients as defined under therules of the FCA. • In Switzerland, this material is provided by Wellington
Management Switzerland GmbH, a firm registered at the commercial register of the canton of Zurich with number CH-020.4.050.857-7. This mate-©2024 Wellington Management Company LLP. All rights reserved.

rial is directed only at Qualified Investors as defined in the Swiss Collective

As of 1 January 2024

WELLINGTON MANAGEMENT 2023 GDEI REPORT33

2023 GLOBAL DIVERSITY, EQUITY, AND INCLUSION REPORT