A Commitment to Transparency
2 0 2 1 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 »3

Where we are headed: Our strategic approach »7

Our GDEI pillars• Talent »13• Culture »26• Community »33• Investment »37

Measuring our progress and setting goals:
Governance, accountability, and transparency »41

APPENDIX

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WELLINGTON MANAGEMENT 2021 GDEI REPORT

EEO-1 data »48

Glossary of terms »49

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 thenext generation of talent globally. And they align with our values and commitment to the communities
in which we live and work.
While we have a clear vision of what GDEI success looks like, we recognize that this is a journey andthat our firm and our industry have a long way to go. As you’ll see in this, our first annual GDEI Report,
we will be transparent about where we stand and the goals we hope to achieve. As an investment firm,
we seek to promote the diversity of the companies in which we invest as part of our stewardshipefforts. We know that we must hold ourselves to the same standards if we are to evolve, grow, andimprove. And we fundamentally believe that increased transparency regarding diversity data creates
accountability and allows our firm and our industry to measure progress.
In recent years, we have built a strong foundation of firm and community initiatives, including ourManager Experience Program (an inclusive manager development program), our Groundbreakers
Academy (a professional development program for early- to mid-career diverse talent), our HistoricallyBlack Colleges and Universities (HBCU) Scholars Program, our launch of Wellington Access Ventures(WAV; a venture capital platform that will invest in diverse entrepreneurs), our Financial Literacy
Program, and the bottom-up innovation led by more than a dozen business networks that support our
diverse colleagues across the firm. We are determined to expand and accelerate our efforts, increase
our investments, and work closely with others in our industry.

1•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »J E A N H Y N E S , C F A® (she, her, hers)
CEO, Managing Partner, and Portfolio Manager

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 threeplatforms (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 excellenceand one that is supported by mentor relationships, global mobility assignments, businessnetworks, and manager/employee engagement.

• Community – We tap into the power of community and collective action through external
partnerships, including our commitment to educational organizations supported by the
Wellington Foundation.

• Investment – We leverage our reputation and resources to drive change, through the partners

S T E V E K L A R (he, him, his)President and Managing Partner

we choose (industry coalitions, suppliers), the opportunities we create (WAV), and the social
concerns we prioritize (ESG).
We are committed to more enduring progress at our firm. We know that the path forward will not bea straight line and that it will require candid conversations, deep reflection, new approaches, and theresilience to acknowledge failures and pivot. We will 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)

2•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Head of Investment Boutiques and Managing
Partner; Sponsor of Wellington’s disAbilities
Awareness Business Network

Our firm at a glance

Quick statistics

WHERE WE ARE NOW
Wellington is a global asset management firm with employees across theAmericas* (72%), APAC (12%), and EMEA (16%).
1

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3

4

3

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WELLINGTON MANAGEMENT 2021 GDEI REPORT* Glossary of Terms »Our firm at a glance

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Our firm at a glance

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Our firm at a glance
Language dexterity

Intersectionality indicator(2021 population: 638 employees or >20%)

For illustrative purposes onlyMore than 60 languages are spoken across

As shown in the intersectionality indicator

In 2021, we had representation of 2% for

our firm, with 430 employees (15% of the firm)

above, over 20% of our employees globallyveteran status, LGBTIQ+, or disability categories.

having identified as speaking English and one

represent two or more underrepresented

Our employees have the opportunity to self-

additional language, and 340 employees (12%dimensions of diversity, including gender, race/

identify on an optional and voluntary basis.

of the firm) having identified as speaking threeethnicity, disability status, veteran status,

Due to various government restrictions, we door more languages.

the baby boomer generation, and LGBTIQ+.

not collect or report on data for certain global

With an understanding of this intersectionality

locations. As such, data may understate theprofile, we can seek to make the most of ourdegree to which these groups are representeddifferences and incorporate all of them into our

within the firm.

investment, business, and talent practices.
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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Where we are headed:
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.

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WELLINGTON MANAGEMENT 2021 GDEI REPORTOur strategic approach
DEFINING DIVERSITY
We define diversity broadly. Our firm focuses

Diversity wheel5

on four 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 DE&I

of diversity and inclusion, and expanded it tostrategist at Korn Ferry, “Diversity is the mix.

include equity. For us, “Diversity is the mix;

Inclusion is making the mix work.” We credit

equity is tailoring solutions; and inclusion is

this insight as an illustration of our definition

empowering the mix to perform together.”

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8

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »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 work by exploring
innovative workplace solutions
and experimenting with newand better ways to collaborate.
Always with a focus on creating
an inclusive culture andcommunity where each one of
our employees can thrive, bothprofessionally and personally.”

FAT I M A P E N R O S E(she, her, hers)

Senior Managing Director,
Director of Human Resources
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WELLINGTON MANAGEMENT 2021 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)

Senior Managing Director, Director of
Global Diversity, Equity, and Inclusion (GDEI)10•WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Our strategic approachO U R S T R AT E G Y

GDEI is core to who Wellington is. Cultivating

We have created a five-year GDEI strategy anda diverse workforce, customizing solutions toaction plan. Our global approach is driven bymeet individual needs, and fostering an inclusive

GOALS OVER THE NEXT
FIVE YEARS: 2022–2026
We seek to hire, develop, retain, and advancefirm leaders, implemented by managers, enabledworkplace are stated objectives of the firm.

by human resources processes, supported by

One of the hallmarks of Wellington has beenacross all levels at our firm to build strong

employees, and guided by the GDEI team.

its ability to continuously evolve and adapt.

teams and a diverse workforce.

We have set specific goals linked to talent,

We have a history of successfully navigating aculture, community, and investment, customized
for each functional area and local office toensure global consistency and local relevance.
Examples of areas we have identified for
improvement include representation of female
and BIPOC talent across the firm and within
our investment areas.
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 reviewsof qualitative talent engagement survey
feedback; manager capability surveys; andassessments of individual contributions aspart of the performance appraisal process.

shifting asset management landscape. In our
pursuit of investment excellence over the longterm, we believe that a diverse workforce andinclusive culture support our mission. Bringing
together people with different backgrounds
and experiences enriches our thinking, deepens
our insights into client needs and investment
markets, and strengthens our teams andrelationships. We are dedicated to attracting andretaining high-impact talent, globally. We seek
to build teams that are inclusive of a wide rangeof personal and demographic characteristics,
such as age, gender, race, sexual orientation,
ethnicity, veteran status, disability status,
education, and communication style.

employees from underrepresented groups

As a result, during the next five years, we
are working to increase the representationof women and BIPOC employees by 5
to 10 percentage points firmwide with a
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%

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Our strategic approach
RECENT MOMENTSW I T H G L O B A L I M PA C T
We recognize the need across our industry toincrease diversity, equity, and inclusivity, and webelieve we are doing our part to drive progress,
day by day. Here are some examples.

• Jean Hynes becomes CEO of Wellington –the first woman to hold that position in the firm.

• Our inaugural GDEI Transparency Reportshares the firm’s approach, examples
of initiatives, employee voices, goals,
and outcomes.

• Wellington’s president, Steve Klar, andmembers of senior leadership launchaccountability mirror discussions.

• Groundbreakers Academy – a professional
development program for early- to mid-career,globally diverse employees – is created byand exclusively for our firm.

• The Count Me In Campaign promotes
voluntary self-identification for everyone
across the firm. Over the past two years, wehave reached out to our employees twice ayear. These campaigns have been successful
in increasing voluntary self-identification.

• The Bystander Intervention in the
Workplace Webinar teaches specific actions

myth, Hispanic and LatinX identities, LGBTIQ+

to support friends, colleagues, family, andallyship as a management practice, and thechildren in public or private settings.

intersectionality of veteran status and a broad• The Racial Equity Institute Groundwater•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »range of identities.

Seminar examines data, themes, trends, and• Closed captioning via automated speechcharacteristics of modern-day racial inequity.

recognition (ASR) technology is available(The groundwater metaphor communicatesfirmwide for Webex. It also supports language

the reality that we live in a racially structured

translation.

society, and that that is what causes
racial inequity.)• Preserving our Respectful Workplace• The Wellington Access Ventures platform islaunched to fund historically excluded founders
and fund managers led by diverse teams.

training program includes online courses and

The WAV platform aims to provide early-

tailored in-person sessions where employees

stage funding to the diverse venture capital

participate in training focused on harassment

ecosystem, to accelerate the businesses ofand discrimination avoidance.

diverse entrepreneurs.

• Our multiyear Upstanders initiative engages• In addition to observing MLK Jr Day, the firm

250 of our senior leaders across the globe toadded Juneteenth as a paid holiday for US

sponsor and mentor diverse talent.

employees. We encourage employees to find

• The firmwide Becoming Allies Group islaunched in response to the racial inequities
and tragedies revealed during COVID-19, withnew ways to learn, listen, and promote equality,
equity, and unity on this, and every day.

• The firm elects new senior managing

a focus on learning how to become effective

directors annually. Effective January 2022,

allies and fight structural racism.

there are 22 new senior managing directors.

• Our GDEI Guest Speaker Series features realworld stories and courageous conversations

12

on topics such as decoding the Asian minority

This diverse group includes 23% female
and 41% BIPOC.

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.

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WELLINGTON MANAGEMENT 2021 GDEI REPORTTalent
IDENTIFYING AND HIRING
D I V E R S E TA L E N T
Recruiting to build a diverse and inclusive teamis a critical component of our GDEI efforts.
Since we are focused on talent, who we hire
into the company is critical. In recruiting, we
focus on both a passion for the markets andhire 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.

strong shared values. Our recruiting activities
must include every effort to find, attract, andThe actions we are taking to identify and hire diverse talent include:• Conducting diverse talent market research to better understand hidden talent pools.
• Recruiting beyond traditional sources, such as working with boutique search firms.
• 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 process.
• Striving to identify a diverse slate of candidates for each of our open roles.

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Talent

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »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 uniqueto all undergraduate students but focuses onunderrepresented groups in the investment
management industry, including, but not limited
to, females and BIPOC students.
early-career programs for recent graduates,

reframe what leadership looks like, and pushproviding opportunities to gain industry skills

our apprenticeship model to redefine the current

through hands-on experience, coaching,

and future investment professional profile.

and mentorship. Our early-career programs

to bring in top diverse talent through ourundergraduate, graduate, internship, andearly-career programs.

WELLINGTON MANAGEMENT 2021 GDEI REPORT

Undergraduate Internship Program is open

Simply put, we have to create a new pathway,

and as the firm has grown, so has the need

Glossary of Terms »throughout the firm, globally. Our US Diversity

Wellington also offers a variety of multiyear,

Wellington’s campus and early-career strategy,•

at both the undergraduate and graduate levelset of skills and environment to flourish.

Diversity has always been an integral part of

16

We offer internship and co-op opportunities

encompass global roles across the firm’sfunctional platforms, including investment,client, and infrastructure roles.

Talent

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »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

in fast-track entry-level jobs and major
graduate business schools as preparation for

Diversity associations are nonprofit

GIRLS WHO INVEST (GWI)

organizations that advocate for diversity andWellington is a corporate sponsor of GWI, a

inclusion by fostering connections between

nonprofit organization dedicated to increasing

the private, public, and government sectors.

the number of women in portfolio manage-

Many of these organizations promotement and executive leadership in the asset

business relationships, career opportunities,

management industry.

organizations, and entrepreneurial ventures.

T H E R O B E R T T O I G O F O U N D AT I O N

and leadership or professional development

Wellington partners with TOIGO, whose mission

opportunities for underrepresented talentis to foster the career advancement andcommunities. Sustaining strategic partnerships

increased leadership of underrepresented talentglobally with diversity associations is acore component of our diversity, equity, andSEO LONDON

inclusion strategy. We partner with more than

SEO London is a nonprofit organization that

10 external diversity associations globally –a few of them are highlighted below.

by creating mechanisms for greater inclusionfrom the classroom to the boardroom.

prepares talented students from underrepresented backgrounds for career success,partnering with companies to create a lastingand powerful community of diverse talent.
Learn more about the partnership.

YEAR UP

Wellington is a corporate sponsor of Year Up,a national nonprofit organization focused

100 WOMEN IN FINANCE

on providing urban young adults with

100WF is a leading global organization forinternship opportunities to build the skills,
experience, and support they need to reach

women in the finance industry, seeking to further
the progress of women who have chosen financeas a career through the three pillars of education,peer engagement, and impact.

MANAGEMENT LEADERSHIPF O R T O M O R R O W ( M LT )Wellington is a corporate sponsor of MLT,a national nonprofit organization that seeks
to increase the presence of minorities

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leadership positions in corporations, nonprofit•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »their potential through professional careersand higher education.

Talent
C A M P U S O R G A N I Z AT I O N S
AND CLUBS
We are committed to building strong
relationships with underrepresented
communities at the universities and graduate

tuition; 2. An opportunity for two separate 10- to
12-week internships during their sophomore andjunior summers; 3. Engagement with participating
schools through Wellington-sponsored activities
and case competitions; 4. Potential full-timeschools from which we actively recruit. We seek

placement upon graduation.

to educate diverse undergraduate and MBA

This program increases our ability to attract

students about opportunities in investment

early-career Black/African American talent;management and to identify those students

builds substantive relationships with HBCUs; andwho have an interest in and a passion forestablishes Wellington as an institution committed

investment management.

to having a meaningful and positive impact
on the Black community. The data shows that

NORTHEASTERN CO-OP
PROGRAM

HBCUs offer a strong selection of high-potential
students and future leaders. By taking a deliberate
approach to partner with HBCUs, the firm is

We have participated in the Northeasterninvesting in our future leaders, while working toUniversity Co-op Program since 1999, whereby

solve the representation gap with Black/African

students alternate internships and school for

American individuals at the firm.

six-month intervals for both undergraduate

We began our HBCUs partnerships approx-

and MBA students. Some of the students areunderrepresented and/or international students.

I chose to attend FAMU because
I wanted to experience the cultural
belonging that only an HBCU
provides. It is a community that
fosters excellence and the ideathat the future is limitless. I founda culture within Wellington
that aligns with my values andwelcomes divergent perspectives,
and the unabashed embrace of
critical thinking that allows you
to be both bold and deliberate.”

imately three years ago and since that time, wehave hired two full-time employees, with plansto recruit an additional two in 2022, and hired 11

HBCU SCHOLARS PROGRAM

19

interns, with plans to recruit an additional 11 in
2022. Additionally, across firm, foundation, andOur current HBCU holistic program provides

employee giving, Wellington donated US$1.35

a multifaceted experience that consists ofmillion to UNCF between 2020 and 2021. Moving

four components: 1. A merit-based scholarship

into 2022, we have hired a total of 14 HBCU

to contribute to the cost of participants’ college

students or graduates, and we are continuing to•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »build momentum.

J OYC E M C D OW E L L(she, her, hers)

Client Analyst, Client Service Management;
Graduate of Florida Agricultural andMechanical University (FAMU) and Memberof Wellington’s Shades Business Network

Talent
DEVELOPING AND
A DVA N C I N GO 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 andglobal mobility (almost 120 assignments globally
since 2019), and promotion opportunities.
We have robust processes in place to review ourtalent decisions, including decisions relating
to our promotion and compensation processes,
which provide regional, global, and crossfunctional lenses to ensure consistency andfairness. A few of our partner organizations arelisted below.

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WELLINGTON MANAGEMENT 2021 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 year-long

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
workshops, coaching, case studies, real-world
business challenges, and client simulations,

BLACK BRITISH BUSINESSAWA R DS ( B B BAWA R DS ) /TA L E N T A C C E L E R AT O R

and there is also a heavy focus on presentation
skills and engaging with senior leaders.

Our business model and culture
are built on the principle thatleveraging different perspectives isbetter for clients versus a singular,
top-down ideology. Above all, we
are a humanistic and talent-driven
organization. I truly believe allthese attributes make Wellington
an attractive destination for peopleof color in our industry.”Founded 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.

J AWA N PA R K E R(he, him, his)

Senior Managing Director, Director of
Investments, Asia, and Head of Wellington
Management, Singapore; Co-Sponsor
of Wellington’s Shades Business Network,
Sponsor of HBCU Scholars Program
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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Talent

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Talent

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »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

processes and reviews, we are confident that

Leaves of absence – Various types of leaves ofgender and ethnicity are not factors thatabsence are offered to provide ample time away

influence compensation outcomes at Wellington.

from work to support employees who experience

Here are two external organizations that wepartner with to promote gender and racial

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 alignbalance and pay equity:• Women in Finance Charter (UK)• Boston Women’s Workforce Council (US)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 and

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.

processes are thorough, robust, and methodical,

Family care – Employees have access tovarious services and programs that support

both the external and internal environment. To

their traditional or contemporary family care

support our internal processes and reviews,

needs, such as Paid Parental Leave, Paid Family

we also recently engaged a globally recognized

Leave, Adoption Assistance, and Child andthird-party firm to undertake an independent

Elder Care. This includes same-sex partner

global pay equity study. As a result of thesebenefits available to all Wellington employees(subject to local regulations).

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »for an elderly parent or ill family member, and thefulfillment of military duty responsibilities.
Flexible work opportunities – In 2021,
Wellington announced its vision and approachtransition to a hybrid work environment whereperpetuating our culture. Our compensationand designed to ensure fairness relative tothe birth or adoption of a child, the need to carefor our “Future of Work,” which will entail aour interests with those of our clients. When
determining compensation, we seek to pay

life events such as a personal medical condition,

both remote work and the office play a criticalrole. Our vision is a future where all employees
are empowered to work flexibly to drive the best
outcomes for our clients. As part of this process,our employees are encouraged to work remotely
two days a week (e.g., with a 60%/40% weekly
split between in-office and remote work) as astandard practice and will have flexibility in termsof working 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

Other – Additional offerings include medical

resources to support employee wellbeing,

and dental benefits for employees, dependents,

including a partnership with Calm.com to provide

and domestic partners (where local regulations

employees with access to Calm.com’s suite

allow), retirement savings programs, tuitionof tools to help employees and their families

assistance, vacation/holiday policies, religious

meditate, relax, focus, and improve sleep.

and cultural observances, wellness and lactation

Volunteerism and community impact –All Wellington employees are provided withspace, and employee discount programs.
Benefit offerings may vary across offices.

We can all be an agent of change
and show with example how
inclusion, empathy, and embracing
diversity makes us all betterand makes our workplace abetter place.”

two business days during the year to volunteer
their time in the communities in which we live
and work. In addition, Wellington’s matchinggift program supports the community
involvement and donations of employees
to nonprofit organizations and educational
institutions. In 2020, more than US$750,000
in employee contributions were matchedby the firm and distributed to nonprofit andnongovernmental organizations worldwide.
For more information on community
engagement, see page 34.

LILIANA CASTILLO DEARTH(she, her, hers)

Managing Director, Equity Portfolio Manager;
APAC DEI Committee Chair

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Our culture pillar
We work to sustain an environment based on sharedvalues, equity, and excellence and one that is supported byunderstanding and respecting each other’s differences.

•

WELLINGTON MANAGEMENT 2021 GDEI REPORTCulture
Wellington’s inclusive, supportive culture is vitalleaders and managers lead the way as allies,

to our success. Our culture reflects our long-

mentors, and sponsors. Our culture is further

standing commitment to diversity. It is centeredpromoted by our Business Network Leadershiparound an unwavering focus on our clients andteams and GDEI Team.

a shared belief in the value of collaboration,
respectful debate, and differentiated thinking.
Our culture has clearly had to evolve alongside
the company and the investment platform, but
our guiding principles remain unchanged, forgedstronger by the uncertainty of markets and thegrowing pains of continuous evolution.

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
We are committed to realizing the promise of
GDEI through continuous learning, self-reflection,and growth empowered by direct actions. The

We appreciate new perspectives and strive tofirm’s diversity education offers a variety ofactively avoid groupthink. For example, each day

solutions on topics including, but not limited to:

our investment teams meet to discuss a broad• Generational diversity

range of investment perspectives in our Morning
Meetings. We believe this collegial approach
drives better solutions for our clients.
All Wellington employees are responsible forcontributing to our diverse and inclusive culture• Gender diversity• Assessments: IAT, EQ, GlobeSmart, Social
Styles, HBDI, MBTI

by mitigating bias in investment, talent, and• Unconscious bias and micro-inequities

business decisions, and demonstrating inclusive• Transgender awarenessbehaviors. We offer diversity education programs
to all employees to enhance their knowledge
about inclusive workplace practices. Our senior• Cultural diversity• GDEI team dialogues• Managing inclusion

27•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »The EMEA DEI Committee’s
key objective is to strengthen
talent through deliberate actions
that highlight the intellectual,
diverse, and humanistic natureof our firm. Our aim is to provide
better solutions for the benefitof our clients and colleagues in
the region.”

D I PA K PAT E L(he, him, his)

Senior Managing Director, Associate
Director of Consultant Relations; EMEADEI Committee Member

Culture• Managing millennials or skill buildingfor Millennials• Leadership Excellence (LeX)• Respectful workplace sessions• Business Network Leaders Workshop

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 to

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
professionals and regional DEI committees,
our senior leaders, from our CEO and her
management team to leaders across functions
and locations, are also accountable. They playa visible and vocal decision-making role toensure that differences are valued as an asset
and inclusion is core to the workplace culture.

amplify 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:

One way that we can all learn
from each other is through active
dialogue. A dialogue that sharesindividual experiences and leads toa better and deeper understandingof each of our personal journeys.
It is through this exchange that
we appreciate each other’s wisdom
and use this knowledge to develop
better outcomes for our employees
and our clients.”• Educating ourselves and others in oursphere of influence about structural barriers,systemic racism, and any other types of
discrimination globally.

• Engaging with the discomfort of discussing
aspects of race, ethnicity, gender identity,
sexual preference, favoritism, disrespect,bias, and inequity.

• Enacting active ally behaviors which serve tocreate an equitable and inclusive community
and an environment of mutual respectand belonging.

28•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »MELISSA MARQUIS(she, her, hers)

Managing Director, Director of Regulatory
Technology; Member of Wellington’s Veterans
Business Network

CultureU P S TA N D E R S

and societal awareness, deeper understanding

Upstanders is a grassroots initiative that engages

of differences, and actions for inclusion. There

partners and managing directors in the firm’s
DEI efforts. The initiative began in 2016 witha group of 25 partners and has since expanded
to over 120 partners and 150 managing
directors. Upstanders commit to enhancing

are venues and mediums for each voice to beheard. These are hosted and sponsored by theregional DEI committees, GDEI Team, businessnetworks, platform leaders, heads of offices,and Human Resources.

the engagement of diverse colleagues acrossthe firm through sponsorship, mentorship,

the organization. Today there are over 280

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

Upstander pairings at the firm.

Wellington has a long history of seeking input

and networking. The ultimate objective of thegroup is to promote the development, retention,
and advancement of diverse talent across

We strive to be the destination
for the best diverse talent in our
industry. How do we get there?
Through purposeful attention
when it comes to promotion,
development, and recruiting –in that order.”from employees on a variety of issues relating

STRONG VOICESAND LEADERSHIPPERSPECTIVES
Wellington promotes internal and external voices
through several channels including leadership
blogs, a newsletter called Diverse Voices, andguest speakers on topics of diversity, equity, andinclusion. These initiatives promote a learning
culture that embraces self-reflection, social

29•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »to our firm, our people, and our business. Since
2017, we have administered a global firmwide
engagement survey every two years, with highparticipation rates, most recently with 90%
of our employees participating to share theirviews and feedback, well above the 65% – 80%
average for most medium-to-large companies .
8These high participation rates are an indicatorof how invested our employees are in improving
and strengthening Wellington. Our overall
2021 engagement index score of 84% (in the

D A V I D C H A N G , C F A®
(he, him, his)

Senior Managing Director, Commodities
Portfolio Manager; Founding Memberof the Wellington Upstanders, Sponsor
of Wellington’s NextGen – Americas
Business Network

Culture
top quartile among financial services firms)

ACCESS ASIA

demonstrates the strength of our employees’

Access Asia embraces the rich cultural diversity

commitment to the firm and our culture, which

within Asia, and highlights the region’s growing

we are always working to build upon. Our

cultural impact within our firm and withengagement survey data has also helped theour clients.

firm to identify areas for continued focus overtime, such as strengthening our feedback culture
and providing increased opportunities for

ASIANS IN MOTION (AIM)skills-based development and career growth.

AIM raises awareness of Asian cultures in theworkplace and provides a forum for support,
mentoring, and networking to all Wellington

OUR BUSINESS NETWORKSManagement employees of Asian origin or with

Our business networks and diversity working

an interest in learning more about Asia.

groups bring together people with different
backgrounds and shared interests to collaborate
on initiatives related to talent engagement,
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.

Our culture respects differences
and allows folks to be their whole,authentic self. I’m proud to havebeen out as gay at Wellington
since day one without any concerns
about my professional growth.
My differences are celebrated,and my colleagues actively seek
opportunities to learn about whatmakes me uniquely me, finding
commonality in our sharedexperiences.”

CONEXIONES

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

Each network has a partner of the firm as abusiness sponsor, and business network leaderroles are considered a development channel for
employees. As of year end, over two-thirds of thefirm is a member of at least one network.

30•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »SA M I KO R N A(he, him, his)Managing Director, Director of Data Operations
and Technology Services APAC; Memberof Wellington’s Pride+ Business Network

Culture
D I SA B I L I T I ES AWA R E N ESSNETWORKThe disAbilities Awareness Network works tostrengthen the firm’s competitive advantage
by providing awareness and support for those
impacted by a disability, whether they bedisabled themselves or are a caregiver of adisabled person.

N 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)Our NextGen, WYP and WPDN networks
help employees early in their careers to build
relationships at the firm and advance theirskills. These regional networks work closelywith employees across generations andlocations, and they are open to all employees.

FOUR SEAS

Founded to connect employees with abackground or interest in Chinese culture, Four
Seas provides a platform for networking, cultural
exchanges, career development, and knowledge
sharing of Chinese culture and markets.

PRIDE+

Pride+ supports the firm’s open environment
for lesbian, gay, bisexual, transgender, andother supporting members to collaborate and

The disAbilities AwarenessNetwork is proud to improve
our DEI knowledge and give ourmembers the ability to lead with
empathy, kindness, and consideration. Through our Work Without
Limits partnership, their leadershost disability inclusion andetiquette training, allowing us
to broaden our perspective,
learn from our peers, and growtogether as a community.”

network with colleagues. It offers opportunities
for personal and professional development to

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(ICAN – EMEA)

its members and allies across the firm.

The Inclusion and Cultural Awareness Network
raises awareness of underrepresented talentand supports the firm’s initiatives to bolster awork environment that is inclusive by ethnicity,age, socioeconomic background, religion, sexual
orientation, gender identity, neurodiversity,and disability, among other characteristics.

31•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »NICK IRBY(he, him, his)Business Associate, Client Platform –Competitive Intelligence; Member of
Wellington’s disAbilities Business Network
and Diversity Awareness Subcommittee

Culture
SHADESWELLINGTON VETERANS

Shades provides employees who have

Wellington Veterans enhances our efforts toexperience of, or interest in, the African

attract, develop, and retain veterans of the armed

diaspora with the opportunity to connect. Keyforces. It hosts networking events, guest speakers,

goals of Shades include supporting efforts

and service days with local veterans’ groups,

to attract, develop, and engage employees ofand advocates increased hiring efforts focused

African descent.

on veterans.

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

WOMEN’S BUSINESS ALLIANCE(WBA)

TDWG supports the Tokyo office’s commitment

WBA fosters an environment where ourto an inclusive workplace in which all employees

exceptional talent collaborates to create equal

can communicate freely, attain their fullopportunities, a strong meritocracy, and apotential, maximize their contribution to ourbelief that the system is fair.

I believe people perform at theirbest when they can bring theirwhole selves to work. Hiding partsof ourselves is exhausting andunproductive – and feeling free toshare your full self is imperative
to fostering a place where diverse
opinions are heard and included.
This is why we continually strive
to create the most inclusive
environment possible.”clients, and be recognized and evaluated fairly.

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

Recognizing the intersectionality of caregivers
across 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.

L I Z K L E I N E R M A N , C F A®
(she, her, hers)

Managing Director, Fixed Income Portfolio
Manager; Co-Sponsor of Wellington’s Pride+
Business Network
32•

WELLINGTON MANAGEMENT 2021 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.

•

WELLINGTON MANAGEMENT 2021 GDEI REPORTCommunity
Our partners help us identify talent, brainstorm

challenged communities. Most students

solutions, and better understand global markets

benefiting from our programs identify as Black/and business segments. Through both firm

African Heritage, Hispanic/LatinX, Asian,initiatives and our foundation, we work with andIndigenous, immigrant, refugee, and/or low

give back to our communities through targetedincome and many programs are led by people

philanthropy, knowledge-sharing forums,

from within the community or who have similar

mentoring, volunteer events, and other forms

lived experiences to the students they serve.

of engagement.

Grants in 2021 totaled just over US$14 million.

• Our Annual Appeal provides employees with

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:a convenient and meaningful way to provide
financial support to global and regional
nonprofit and nongovernmental organizations.

• The Matching Gift Program matches employee

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.”

donations to registered nonprofit organizations.

• The Volunteer Program allows each of ouremployees to give two business days a year tovolunteer at nonprofit organizations.

• The Wellington Management Foundation andthe Wellington Management UK Foundation
support more than 100 nonprofit andnongovernmental organizations that improveeducational opportunities for youth fromtraditionally underserved and economically

KAREN PFEFFERLE(she, her, hers)

Wellington Management Foundation
Executive Director

34•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Community
As we’ve confronted the challenge of a global
pandemic, we have increased the frequency
and transparency of our communicationand leaned heavily on our humanistic culture,galvanizing our sense of community andshared purpose. Over the last few years, ourUS-based Wellington Management Foundation
has strengthened our commitment in times ofcrisis, offering US$4.25 million in Emergency

Although we share a global
philosophy toward outreachand engagement, we believe
applying a local lens ensures ourefforts benefit those in our own
communities and neighborhoods.”

Grants to more than 100 of our global grantees.
The Foundation also offered US$3.97 million
in major gifts to organizations responding
to the needs of families and schools to support
remote learning, academic recovery, andchildren’s mental health.
In 2020 and 2021, Wellington Management
and its employees made significant contributionsof more than US$3.4 million to organizations
working to bring social justice and racial equity to
our communities locally, nationally, and globally.

AV I K SA H A(he, him, his)

Embedded Science Team Analyst

35•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Community
FINANCIAL LITERACY
Partnerships Advisory Council (FinLitPAC), a

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

new initiative aiming to help advance financial

Wellington’s internal corporate sustainability

literacy in underserved communities. Our goal isinitiatives, which we refer to as WellSustain,

to partner with organizations that have provenaim to incorporate sustainable behavior

financial literacy curricula, strong connections

into our business practices. GDEI principles

with underserved local communities with arun throughout the WellSustain pillars ofparticular focus on youth, and that can provide

Environment, Community, and Culture. This

meaningful opportunities for Wellington

is particularly evident in:

During 2021, we launched a Financial Literacy

employees to engage and volunteer. In thisinitial pilot year, we are focusing on Boston,
but we aim to expand to other Wellington
office locations over time.
We have identified five local organizations topartner with in our first year:• Invest in Girls (www.investgirls.org)• BUILD Boston (https://build.org/boston)• Junior Achievement (https://newengland.ja.org)• FitMoney (www.fitmoney.org)• Council for Economic Education(www.councilforeconed.org)• 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.

• The way we ensure that GDEI is a cornerstoneof our investment, business, and talent
practices, to the benefit of our clients andtheir beneficiaries.
Examples of our WellSustain initiative canbe found throughout this report or you canread more about WellSustain in Wellington’s
Sustainability Report.

36•

WELLINGTON MANAGEMENT 2021 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), andthe issues we prioritize (ESG), we lead by example to foster
diversity, equity, and inclusion across the financial industry.

•

WELLINGTON MANAGEMENT 2021 GDEI REPORTInvestment
INDUSTRY COALITIONS
We are actively involved with many industry
coalitions including:• CFA Institute Experimental Partners• Corporate Call to Action (US)• National Association of Securities
Professionals (US)• The Diversity Project (UK)• Black Opportunity Fund (Canada)

Wellington focuses on the business areas where we can work together.
They have partnered with us to identify these areas and the results havebeen mutually beneficial. We respect and expect that we are being given an
opportunity and it has allowed us to build out our relationships within theorganization and expand our business in many areas. We are treated as true
partners and their commitment and respect is exemplary. Diversity is not abox to be checked – but a chance to build culturally, improve performance,and provide opportunities. Thank you, Wellington team, for your dedicatedcommitment to helping move the needle and make the world a better place.”C O N N I E K R E U T Z E R (she, her, hers)
Managing Director, Head of Institutional Sales, Co-Head of Global Equity, Penserra• Insurance Women’s Investment Network (IWIN)• 30% Club (Japan)• CEO Action (PwC)

C O R P O R AT E C A L L T O
ACTION: COALITION FOREQUITY & OPPORTUNITY

to increase business opportunities with minority-

to the US Equal Employment Opportunityand business-owned broker/dealer firms. To

Commission. Known generally as “EEO-1 data,”

help foster these relationships, we’ve hosted twothese disclosures will, for the first time, allow

Emerging Broker Forums in our Boston office

investors, consumers, and other stakeholders toover the past six years that included more thanassess the composition of the workforce of these15 brokerage firms, and we maintain relationships

companies, and to measure progress towardwith 15 diverse brokerage firms. To best service

greater diversity. View Wellington’s EE0-1 data.

our broad spectrum of investment strategies,

In February 2021, Wellington Management, along

we build sustainable, mutually beneficial

with members of the Corporate Call to Action:

relationships with an expansive group of overgroup launched by the Connecticut Office of the

BROKERAGE DIVERSITYR E L AT I O N S H I P STreasurer and the Ford Foundation, announced

Having relationships with a diverse set ofopportunities for our clients and arms ourits commitment to publicly disclose workforce

brokerage firms is important to us and we aim

trading team with valuable market intelligence.

Coalition for Equity & Opportunity, a working

38

demographic data that is currently reported•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »200 trading partners around the globe. Active
engagement with these firms generates liquidity

Investment
SUPPLIER DIVERSITY
We value diversity in every aspect of ourI 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 Nbusiness, including procurement, via ourOur ESG analysts regularly assess the DEI

suppliers and trading partners. We are building

practices of portfolio companies and engage toa supply base that reflects our principles ofencourage improvement where warranted. We

inclusion by leveraging diverse suppliers as direct

believe diversity among directors, leaders, andand indirect providers of goods and services

employees contributes positively to long-term

to our firm. We strive for our supplier diversity

investment results by imbuing a company withWe also advocate for change with policymakers.

efforts to foster competition and provide

myriad perspectives that help it better navigate

In 2021, we wrote a public letter to the US

economic support for underserved communities.

complex challenges.

Securities and Exchange Commission (SEC)

We are currently focusing on raising awarenessthroughout our firm regarding opportunities toincrease our use of diverse suppliers, including
leveraging our business networks to spreadawareness. We collaborate with diverse suppliers
owned by women, BIPOC, veterans, and leadersfrom the LGBTIQ+ and disabilities communities.
In addition, we committed to make improvements in our support of suppliers owned bydiverse individuals and the employees of thosecompanies through the Corporate Callto Action coalition.

We pursue a number of stewardship avenues
to effect change, including aligning our proxyvoting decisions with our engagement efforts. In
2021, we wrote letters to all S&P 500 companies,

WELLINGTON MANAGEMENT 2021 GDEI REPORT

practice. In addition to these efforts focusedon racial/ethnic diversity, we continue to use
our vote to encourage improvement on board
gender diversity.

supporting Nasdaq’s proposal to require listedcompanies to disclose board diversity statistics
and include at least two diverse directors on theirboards. (This proposal was later approved.)

composition of their board as well as their

them improve their DEI profile and implement

EEO-1 data. We voted against the reelection ofbest practices. In May, we hosted an ESG

nominating/governance committee chairs at

webinar for private portfolio company executives

28 companies in the index that failed to discloseand board directors on DEI. We discussed

this information.

evolving investor and regulatory expectations on

In 2022, we plan to vote against the reelectionof nominating/governance committee chairs

expect companies in the UK to align with the

Glossary of Terms »foster change where companies lag best

Finally, we engage with private companies to help

ethnic diversity on their boards. We will also•

and Parker reviews and will use our vote toasking them to disclose the racial and ethnic

at S&P 500 companies that lack racial/

39

recommendations of the Hampton-Alexander

disclosures, emerging strategies from public andprivate markets, and effective communication
approaches. Learn more about our efforts to help
the next generation of company executives build
strength through DEI.

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.

groups of Black investors in the US venture
capital ecosystem.

C U LT U R E

In venture capital, we firmly
believe that the next generationof industry-defining entrepreneurs are diverse; and WAV
aims to provide the capital theyneed to scale their businesses.
Joining the WAV team in 2021
are Van Jones, Sasha McKenzie,
and Frederik Groce – all withunique and diverse backgrounds
to better serve our portfolio
companies and deliver returns
for our clients.”

INVESTMENT

WAV is the culmination of our senior leadership

The WAV platform aims to provide early-

speaking with asset allocators and clients.

stage funding to the diverse venture capital
ecosystem, to accelerate the businessesof diverse entrepreneurs. We view this as areal opportunity to build something over thelong 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)

Head of Wellington Access Ventures
40•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »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 governance,and by clear accountability.

•

WELLINGTON MANAGEMENT 2021 GDEI REPORTMeasuring our progress
Our regional DEI committees, as well as our
GDEI Team, support the direction of the firm’s
multiyear diversity, equity, and inclusion strategy
through initiatives that align with firm priorities.
GDEI oversight is also woven into our talent
processes, including through manager andleader training and guidance, team dialogues,
robust discussion and evaluation at our global
and regional talent oversight committees, andreview by senior leaders of the firm.

Our DEI efforts aren’t just about
the numbers. They’re about
establishing a firmwide mindset,
ensuring that everyone knows
there is an equal opportunity toadvance, bringing your true self
to work, and being inclusive when
no one else is watching.”

In addition to oversight of our individual talentand process outcomes, Wellington is committed
to reviewing our processes more broadly, atthe firm, functional, and regional levels. This isaccomplished through review and measurementof progress toward the firm’s five-year goals
by our CEO Management Team, as well as review
of progress against GDEI goals across ourfunctional areas and offices.

J O H N A V E R I L L , C F A®
(he, him, his)

Senior Managing Director, Global
Industry Analyst of Investment Research;
North America DEI Committee Chair

42•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Measuring our progress

43•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »Measuring our progress

44•

WELLINGTON MANAGEMENT 2021 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

metrics, support multiple objectives: deliberate

By setting realistic goals and identifying clear

program planning; employee involvement;

and robust metrics to track progress andmanager accountability; and more.

outcomes, we foster accountability and set thestage for transparent and impactful evaluationof what is working, and where we need to evolve
our approach. We start by asking our teams,

and metrics:

2. Review data policies, practices, and processes

formance, client service, or business solutions?”

needed to retain confidential and personally

The overarching consideration when setting

identifiable information.

We believe transparency regarding diversity
data creates accountability and allows our firmand our industry to measure progress. To that
end, we conduct an annual review of quantitative diversity dashboard metrics with seniorleadership and team managers, periodic
reviews of qualitative talent engagement
survey feedback, and an assessment of individual contributions as part of the performanceappraisal process. Our diversity dashboard
metrics, as well as other GDEI reporting and

WELLINGTON MANAGEMENT 2021 GDEI REPORT

meaningful diversity and inclusion measures

to help us achieve in terms of investment per-functional, or local office business or talent goals.

Glossary of Terms »We take the following steps to establish

1. Define which diversity dimensions to monitor.

progress toward the achievement of firmwide,•of initiatives; resource allocation; development“What do we want diversity, equity, and inclusion

meaningful metrics is that they must map

45

recruiting and retention processes; prioritization

3. Establish baseline measures and set goals as
progress measures.
4. Track and monitor firm, functional, and local
office metrics.
5. Designate responsibility and accountability.
6. Cascade communication to increaseawareness and transparency.

Measuring our progress
LOOKING AHEAD
As we enter 2022, it is imperative for us to

OVER THE NEXT FIVEYEARS: 2022–2026

continue to explore new avenues of growth, toAs referenced earlier, we hold ourselves

keep pushing into under-covered regions of theaccountable by setting goals.

world, and – by extension – to continue to attract
diverse talent, skills, and perspectives fromall corners of the globe. We believe that as themarkets continue to rapidly evolve, ourshared focus on advancing GDEI will enable
our investors to keep pace. As we have for the
past 40+ years, we will leverage the strengthsof our balance sheet, private partnership model,
and long termism to continue to invest in our
most prized asset – our people. We currently
have efforts to broadly integrate sustainability
into our investment process and productdevelopment, to expand our footprint in Asia,
to grow our alternatives platform, and to enhance
the technology that supports our investors,
all with an unwavering focus on increasing

46•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »We are working to increase the representationof women and BIPOC employees by 5 to 10
percentage points firmwide with a specificfocus on the leadership team, the leadershippipeline, management, investment professionals, and across our committee 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

globalization, DEI, and our investment resultsfrom 30% to 35–40%; % BIPOC fromfor clients long term.

33% to 38–43%

Measuring our progress
TALENTCULTURECOMMUNITY

1st
Office outside
the US
1st
1st Affinity
Femalegroup formed
partner(Moms’ Group)

1980

1983

1995

2011

Globalbusiness
networks
launched

47

•

2012

1st
Emerging
BrokerForum

1st Female
managing
partner

1st
Latinopartner

1999

2000

1996

1st Diversity
association
sponsorship(INROADS)

1st Global
diversity
Strategic
andpartnerships
inclusion with diversity
director organizations
established

INVESTMENT

2002

Health care benefits
for employees’
domestic partners
first offered

Leadershipexcellencecourse:Cultural
Awareness

2005

1st
Diversity
working
group

1st
D&I
strategy

2006

Diversity
Committee
established

2007

2015

2016

Inclusive Manager Upstanders
Development
initiative
Programlaunched

Supplier
diversity
programformalized

2010

1st
1st
AfricanCampusAmerican program
partner launched

We are a research-driven firm – it isin our DNA – and we have a great
opportunity to turn that researchorientation to GDEI as well – to do
our homework, then get together
to collaboratively refine ourunderstanding, then get to workto generate better outcomes. It is
exactly what we do every day!”

Groundbreakers
AcademyUnconscious
Bias training
launched

1stStudent
career day

2013

1st Latino
managing
partner

1st Talentengagement
surveyWELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »1stPartner
outside the
US

2017

2018

Respectful
Workplacetraining
launched
HBCU
campusengagement

Becoming
Allieslaunched

2019

GlobalCount Me In
campaign

2020

RacialEquityseminars

2021

Wellington
AccessVentureslaunched

S A N D H Y A D O U G L A S , C F A®
(she, her, hers)

Senior Managing Director, Chief Operating
Officer, Investments; Sponsor for Wellington’s
Asians in Motion Business Network, Memberof Upstanders Leadership Team, Founding
Member of the Becoming Allies Leadership
Team, and Advisory Group Member of
Wellington’s Shades Business Network

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 2018, 31 December 2019, 31 December 2020, and 31 December 2021,

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 non-binary 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 under-reporting 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 CHRO, and other senior leaders to strategize on what is

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

working, areas for improvement, and any support needed to face potential headwinds.

survey, we also report our US diversity and workforce data using prescribed definitions ofrace and ethnicity. Although the EEO-1 reporting format and categories used by the US Equal

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

Employment Opportunity Commission are not necessarily representative of Wellington’sorganizational 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

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

an annual basis.
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 a more
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.

48•

WELLINGTON MANAGEMENT 2021 GDEI REPORTGlossary of Terms »E E 0 - 1 D ATA
EE0-1 Data

Appendix
GLOSSARY OF TERMS
Allies/Allyship

Belongingness

Someone who is willing to take action in support of another person, in

Refers to the universal emotional need to affiliate with and be accepted byorder to remove external barriers that impede that person from contributing

members of a group.

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.

BIPOC
Acronym that stands for Black, indigenous, and people of color.
Bisexual
Commonly referred to as bi or bi+. According to bi+ educator and advocate
Robyn Ochs, the term refers to a person who acknowledges in themselves

Americas

the potential to be attracted – romantically, emotionally, and/or sexually –North America location which includes our offices spread across theto people of more than one gender, not necessarily at the same time, in the

North American continent.

same way, or in the same degree. The “bi” in bisexual can refer to attraction

APAC
Asia Pacific location which includes our offices in locations such as Beijing,
Hong Kong, Singapore, Sydney, and Tokyo.
Asian
A person having origins in any of the countries that make up Asia (e.g.,
Cambodia, China, Bangladesh, India, Japan, Korea, Malaysia, Pakistan,
the Philippine Islands, Indonesia, Thailand, and Singapore).
Baby Boomer
A term used to describe the behavior or characteristics of the generation

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 determines orientation.
Black or African American
A person having origins in any of the Black racial groups of Africa.
Caucasian or WhiteA person having origins in any of the original peoples of Europe, theMiddle East, or North Africa.

of people born between 1946 and 1964 (understanding that not everyone

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

The set of distinctive intellectual, relational, emotional, material, andspiritual features of a social group or society encompassing ways ofcommunicating, working, and living together, value systems, beliefs,
traditions, art, food, clothing, symbols, music, and literature.

49•

WELLINGTON MANAGEMENT 2021 GDEI REPORTDiversity

Ethnicity

The full range or representation of human and organization differences andDenotes groups, such as Irish, Fijian, or Sioux, that share a common

similarities. Diversity is a collective combination of people, thoughts, ideas,

identity-based ancestry, language, or culture. It is often based on religion,

perspectives, and job functions characterized by similarities and differences.

beliefs, and customs as well as memories of migration or colonization.9

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.

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

EMEA

women, though many women use the term gay to describe themselves.

EMEA is an acronym that stands for Europe, the Middle East, and Africa

People who are gay need not have had any sexual experience. Attraction

locations which includes our offices in locations such as Frankfurt, London,and self-identification determines sexual orientation, not the gender orLuxembourg, and Zurich.

sexual orientation of one’s partner. The term should not be used as an

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.

umbrella term for LGBTIQ+ 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 or male and female. For
many gender diverse people, the concept of binary gender is constraining.

EquitySome people prefer to have the freedom to change from one gender to

An approach that ensures everyone has access to the same opportunities.

another, or not have a gender identity at all. Others just want to be able

Equity recognizes that advantages and barriers exist, and that, as a result,to openly defy or challenge more normalized concepts of gender.

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.

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 awareof their gender identity at many different stages of life, from as early as
18 months and into adulthood.

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WELLINGTON MANAGEMENT 2021 GDEI REPORTGeneration X

Hispanic/LatinX

A term used to describe the behavior or characteristics of the generation

Refers to those who have origins in the Hispanic or LatinX countries,

of people born between 1965 and 1980 (understanding that not everyone

cultures, or languages (e.g., Central and South America, Puerto Rico,born in an era will exhibit the behaviors of the generation).

Portugal, Spain, Mexico). Could be an adjective or a noun and is used in

Generation Y or Millennials
A term used to describe the behavior or characteristics of the generation

IATof people born between 1981 and 1996 (understanding that not everyone

Acronym for the Implicit Association Test.

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

Inclusion

Generation Z

Demonstrated behavior or process of including others to achieve a common

A term used to describe the behavior or characteristics of the generation

goal or objective. Being inclusive is taking the time to listen and under-of people born between 1997 and 2012 (understanding that not everyone

stand others to ensure that our work environment is flexible, collaborative,

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

productive, and supportive for everyone. Inclusion is also resisting

as zoomers.

assumptions and generalizations about others and/or cultures. It is about

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.
HBDI
Acronym for the Herrmann Brain Dominance Instrument.

51

the United States to describe people with Hispanic/LatinX backgrounds.

•

WELLINGTON MANAGEMENT 2021 GDEI REPORT

challenging the status quo by seeking creative and innovative approaches
that are different than one point of view or preferred work style.
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 ofthese, and the experience is not just the sum of its parts. (Definition from
Kimberlé Crenshaw).

Leadership Team

Minority

Wellington’s leadership team is defined as the CEO Management TeamA term used by the US Census Bureau to include the list below. Please(including heads of offices), the Executive Committee, the Operatingnote that the term “minority” is not recommended for communication

Committee, and the Global Compensation and Talent Committee.

regarding members of diverse groups because it can be perceived

Leadership Pipeline

as derogatory.

Wellington’s leadership pipeline is defined as senior managing directors• Asian-Pacific Americans: US citizens whose origins are in Japan,

and managing directors. Senior managing directors are also partners

China, Taiwan, Korea, Vietnam, Cambodia, Laos, the Philippines,of the firm.

Samoa, Guam, the US Trust Territories of the Pacific Islands (Republic

LesbianA female who is physically, emotionally, and/or spiritually attracted toother females.
LGBTIQ+An acronym for Lesbian, Gay, Bisexual, Transgender, Intersex, Queer,
and/or Questioning. The “+” represents those who are part of thecommunity, but for whom LGBTIQ does not accurately capture orreflect their identity.
Marginalize
To relegate to an unimportant or powerless position within a societyor group.
MBTI
Acronym for the Myers-Briggs Type Indicator®.

of Palau), Thailand, Malaysia, Indonesia, Singapore, Brunei, Republicof the Marshall Islands, or the Federated States of Micronesia.

• Black/African Americans: US citizens having origins in any of theBlack 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 communitiesof which 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.

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WELLINGTON MANAGEMENT 2021 GDEI REPORTNative American

Social Styles

Descendant of the native inhabitants of the United States, including tribal

Term referring to The SOCIAL STYLE Model™.

affiliation. American Indian is used by the US Census Bureau, but Native
American is a more preferred term.

The effort among many companies to purchase products and services

People with Disabilities

from companies owned by diverse individuals. A business program that

A term used to focus on the functional capabilities of an individual

encourages greater use of certified diverse service providers, most

who may have a limitation of at least one major life activity (e.g. walking,learning, hearing).

commonly minority-owned or female-owned. May also include veteranowned, LGBTIQ+-owned, and SBA-defined small businesses.

Percentage Point or Percent Point

Characteristics of a diverse supplier include:

A percentage point is the simple numerical difference between two
percentages.
Race
Refers to a person’s physical appearance, such as skin color, eye color,hair color, bone/jaw structure, etc. (e.g., Caucasian, Black/African, Asian,Hispanic/LatinX). Race is a fluid concept used to group people according
to various factors including ancestral background and social identity.
Race is also used to group people that 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.

53

Supplier Diversity•

WELLINGTON MANAGEMENT 2021 GDEI REPORT• For-profit• Domiciled in United States or trust territories• Owned, operated, and controlled by at least 51% of members of adiverse group, which means that management and daily businessare controlled and operated by those group members. “Controlled”
means the primary power to make policy decisions, and “operated”
means active involvement in day-to-day management related tobusiness performance.
Transgender
An individual whose gender identity does not match the anatomicalsex with which they were born.

Unconscious Biases

Upstanders

Unconscious biases is the term used to explain the concept that

Upstanders refers to people taking action when change is needed andindividuals have preferences for objects and people at a subconscious

contrasts with the inaction of bystanders. It’s also an aspirational termlevel that unintentionally influences both behavior and decision making.

for a group of Wellington partners who have pledged their commitment

Undisclosed
Undisclosed refers to a race/ethnicity category used to categorize

to increase the firm’s success in sponsoring, recruiting, mentoring,developing, and retaining talent from underrepresented groups.

employees who identified as choosing not to disclose their race/ethnicity,
those that have not disclosed a race/ethnicity, and locations whereby we
do not collect and/or disclose race/ethnicity externally due to rules andregulations specific to that country.

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

54•

WELLINGTON MANAGEMENT 2021 GDEI REPORT

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
Futures Trading Commission (CFTC) as a commodity trading advisor (CTA) and serves as a CTA to certain
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;
Hong Kong; London; Luxembourg; Milan; Shanghai; Singapore; Sydney; Tokyo; Toronto; and Zurich. ■This material is prepared for, and authorized for internal use by, designated institutional and professional
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
material is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer topurchase shares or other securities. Investors should always obtain and read an up-to-date investment
services description or prospectus before deciding whether to appoint an investment manager or to invest
in a fund. Any views expressed herein are those of the author(s), are based on available information, and are
subject to change without notice. Individual portfolio management teams may hold different views and may
make different investment decisions for different clients.

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
material is directed only at Qualified Investors as defined in the Swiss Collective Investment Schemes
Act and its implementing ordinance. ■ In Hong Kong, this material is provided to you by Wellington
Management Hong Kong Limited (WM Hong Kong), a corporation licensed by the Securities and Futures
Commission to conduct Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advisingon securities), and Type 9 (asset management) regulated activities, on the basis that you are a Professional
Investor as defined in the Securities and Futures Ordinance. By accepting this material you acknowledge
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represent that you are a non-retail investor and that you will not copy, distribute or otherwise make thismaterial available to any person. ■ In Australia, Wellington Management Australia Pty Ltd (WM Australia)(ABN19 167 091 090) has authorized the issue of this material for use solely by wholesale clients (as definedin the Corporations Act 2001). By accepting this material, you acknowledge and agree that this material
is provided for your use only and that you will not distribute or otherwise make this material available toany person. Wellington Management Company llp is exempt from the requirement to hold an Australianfinancial services licence (AFSL) under the Corporations Act 2001 in respect of financial services provided
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Instruments Firm with registered number: Director General of Kanto Local Finance Bureau (Kin-Sho)
Number 428. WM Japan is a member of the Japan Investment Advisers Association (JIAA), the Investment
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however, they will comply with the substantive provisions of the US Investment Advisers Act only withrespect to their US clients.

In Canada, this material is provided by Wellington Management Canada ULC, a British Columbia unlimited
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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
authorized to operate and is only directed at eligible counterparties or professional clients as defined under
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
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United Kingdom, this material is provided by Wellington Management International Limited (WMIL), a firm

©2022 Wellington Management Company LLP. All rights reserved.

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WELLINGTON MANAGEMENT 2021 GDEI REPORT