, technology developers, representatives from the voluntary and education sectors, unions and the wider public and explore how the bank can maintain stability and reduce uncertainty. inclusive communications also requires more tailored content. our visual summaries of our inflation and the financial stability reports, explain how developments in the global economy and financial system affect the outlook for inflation and financial stability without the need for dense text. deploying social media, including facebook and youtube, can make our messages available directly to a broader audience. new digital products, such as knowledgebank, use accessible language and engaging visuals to help us tell a story about what the bank does. our strategy is working, with major progress over the past five years. for example, female representation in senior roles at the bank has increased from 17 % in 2013 to 31 % today, and is on track for our target of 35 % by the end of 2020. 1 bame representation below senior management is 19 %, up from 13 % in 2013. in 2018 we were one of the first organisations to conduct a special cognitive diversity survey. our results indicate colleagues are generally positive about inclusiveness at the bank on every metric measured. in 2018 we were one of the first organisations to conduct a special cognitive diversity survey to gain a better understanding of how our colleagues feel about working at the bank. the survey measured seven inclusivity metrics including interpersonal interactions, flexible working, communication with leaders as well as recruitment and promotion, and results are cut across twelve different aspects of diversity. our results indicate colleagues are generally positive about inclusiveness at the bank on every metric measured by the survey. and 80 % of colleagues in our annual employee survey reported they think the bank takes diversity seriously, 7 percentage points higher than the uk average. and 87 % of bank colleagues say they are treated with respect as an individual, 6 percentage points higher than the uk average. see also my letter to nicky morgan, chair of the treasury select committee, on 4 july 2018. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx let me now turn specifically to ethnic diversity at the bank. investing in ethnicity2 our diversity and inclusion strategy has had a positive impact on bame diversity at the bank of england. since we implemented name - blind recruitment processes in march 2018 around one quarter of all recruitment offers ( internal and external ) have been to declared bame candidates. but there is scope for further improvement. the turnover rate

investing in ethnicity & race speech given by mark carney, governor bank of england investing in ethnicity & race conference 2019, bank of england 28 march 2019 all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx introduction it ’ s a pleasure for the bank of england to host this workshop on investing in ethnicity & race. to pursue its mission, bank of england must reflect the diversity of the people it serves. that hasn ’ t always been the case. historically, central banks were run by the city for the city. the bank ’ s first female court member, frances heaton, was appointed only in 1993, while our first black, asian and minority ethnic ( bame ) member, lord morris, followed five years later. i ’ m the 120th in a very long line of male, white governors of the bank. over the last five years the bank has implemented a concerted strategy to increase diversity and foster inclusion. these initiatives have had a material impact on all aspects of diversity at the bank. we are now reinforcing them to further improve the retention and progression of bame colleagues in particular, and to deepen progress on inclusion more generally. the bank values diversity for at least three reasons. first, it is the right thing to do : a public institution should reflect the public it serves. second, diversity helps to build the trust we need to fulfil our remits. the decisions that the bank takes impact every uk citizen, but not everyone wants to be steeped in fan charts and stress testing. the conventional central banker approach is to build trust through a track record. in recent decades this has been supplemented by greater transparency. but trust is also grounded in familiarity. people trust individuals, places and things that they know. better reflecting the diversity of the people we serve can reduce misperceptions that we are experts making esoteric decisions in an ivory tower for the benefit of others. broader outreach to all strata of society across the country can reinforce these benefits. diversity can make our communication more effective. homogenous organisations are more likely to fall afoul of the ‘ curse of knowledge ’, where people assume that their audience has the same information and base level of understanding as themselves. by drawing on alternative perspectives, we can craft our messages so that they resonate with more people. all speeches are available online at www. bankofengland. co. uk / publications