Lloyd's of London chief executive John Neal has described the findings of a survey into sexual harassment at the world's biggest and oldest insurance market as "totally unacceptable".
More than 6,000 people working there responded to a survey conducted by the Banking Standard Board on behalf of Lloyd's. Nearly 500 (8%) said they had either suffered or observed sexual harassment in the past 12 months.
The survey, which was sent out to the 45,000 people who work within Lloyd's, revealed the experience of women working there is "much less positive" than it is for men. Overall the gender balance is 50:50. However, of the corporations senior leaders, only 34% are women.
"That's pretty stark and totally unacceptable," said John Neal, Lloyd's CEO. "The survey is validating in a pretty ugly way the issues that were raised six months ago."
As well as vowing to stamp out the problems within the next three to five years, he said he was "both upset and disappointed" at the findings.
In April, Lloyd's set up a helpline after Bloomberg reported evidence from 18 women of widespread sexual harassment.
Neal continued: "I am determined that we create a working environment at Lloyd's where everyone feels safe, valued and respected. Cultural change takes time, but we have to accelerate progress and the measures announced today are intended to do just that."
The survey also revealed that more than 20% said they had seen people in the organisation ignore inappropriate behaviour and a similar number said their firms had a negative impact on their health and wellbeing.
Lloyd's has threatened lifetime bans for individuals found guilty of improper behaviour as well as fines or bans for firms.
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