I’m incredibly proud of the progress Kinnevik and our portfolio companies have made towards social sustainability and, more specifically, business diversity this past year. Tying our diversity and inclusion targets to the remuneration of our teams has only solidified our commitment in this field. Before I dive deeper into this progress, I want to also acknowledge that we need to work harder to include a wider range of underrepresented groups in our diversity benchmarks going forward — and we are in the process of incorporating this into our sustainability and D&I commitments for 2021 and beyond.
I am pleased to share that our management team is now 43% female, representing a 23 percentage point improvement to team composition. With this, we have achieved our 2022 target two years early — something to be immensely proud of!
Our portfolio companies have taken similar steps to achieve greater diversity and future success: since the launch of our diversity and inclusion framework in May 2019, the share of women in their management teams’ has increased from 20% to 29%, and the share of women on the boards of private companies has increased from 10% to 13%. We have helped to find eight female board members for our private portfolio companies over the course of the year, and have cut the number of portfolio companies with all-male management teams by half. This has been aided by our newly formed Kinnevik Greenhouse talent network, which consists of around 8,000 leaders in our key markets, of which around 70% are women, and helps us to source the best talent for our partners.
We have also been recognised as setting a benchmark for best practice in diversity and inclusion within the Venture Capital industry. We achieved a so-called level 2 certification — the highest available — in the Diversity VC Standard assessment developed by Diversity VC, a UK non-profit partnership promoting diversity in venture capital investing, and Diversio, the world’s leading D&I solution provider for investors.
But the work is never over, and we know there is still plenty to do. We are now turning our attention to achieving a 40/60 gender composition in our Investment and Corporate teams, which currently comprise 23% and 73% women respectively. Additionally, starting in 2021, Kinnevik will add a People & Culture metric to the due diligence process for all new investments. This will assess the companies’ approach and implemented structures in relation to leadership and culture, talent and performance, and diversity and inclusion.