A private equity firm is launching a campaign for the government to initiate tax breaks for start-up companies in which women account for at least half of senior management.
“Seonaid Mackenzie, Managing partner at Sturgeon, explained her belief that financial services start-ups could benefit enormously by “Tapping into this overlooked workforce and the government should be actively encouraging this by offering them tax-breaks, especially for start-up financial services companies appointing women to 50% or more of their senior management roles.
“Such moves would add substantial dynamism to the UK financial services industry, which is especially relevant in the wake of the Brexit vote.”
‘Diversity improves innovation’
Sturgeon was among the first signatories to the treasury’s Charter and the only regulatory incubator to do so. It was one of only 13 signatories to pledge to have 50/50 women in senior management roles, alongside Virgin Money, Legal & General and the FCA. The 72 signatories range from international firms such as Mizuho Bank to start-ups such as Affinity Capital, which is managed entirely by women
“At Sturgeon we firmly believe that diversity amongst our team improves innovation, decision-making and the way we deliver our services. Women today represent 80% of our workforce and we aim to always maintain 50% in senior management in accordance with our Charter pledges. We take immense pride in the fact that our endeavour to be a responsible organisation ties in so well with the aims of the UK Government’s Charter and we are delighted today to release our initial four pledges as a charter signatory.”