Fulfilment of Kinnevik’s Diversity, Equity & Inclusion Targets 2022
1. Increase Kinnevik Inclusion
Increase our Inclusion Score on an annual incremental basis
The Kinnevik Inclusion Score is a clear indication of how good we are as an organisation at utilising the diversity of our team and it helps us gain insight into the perspectives of particularly vulnerable employees.
In 2022, we saw a slight decrease in our Inclusion Score by 0.2 points to 76.9. Although still at very high levels and well above the industry benchmark of 71.2, this means we did not reach our 2022 objective of an incremental increase. The decrease in Score may be partly due to an increase in participation from 80% to 95%, a common trend as people experiencing the most challenges start feeling comfortable sharing feedback for the first time.
2. 10% Female Capital Allocation
On a two-year rolling basis, 10% of new capital to be invested in female founded or led companies from the 2019 AGM and onward
As more than 95% of global investments still go to companies with all-male founder and management teams, we believe there is good reason to continue pushing the industry towards closing the gender funding gap.
Per year-end 2022, on a two-year rolling basis, 17% of Kinnevik’s investments into new companies was invested in female founded or led companies. Since May 2019, the share is 16%.
3. Follow-On Investments
Only make follow-on investments in companies that are making sufficient progress in relation to diversity and inclusion
Kinnevik has continued to make all follow-on investments in portfolio companies conditional upon satisfactory progress on diversity and inclusion. All potential follow-on investments are evaluated on DEI (diversity, equity and inclusion) performance as part of the investment evaluation process. During 2022, 97% of our portfolio companies, excluding 2022 investments, made progress on their respective DEI ambitions and gaps.
4. Ensure Portfolio Progress
Achieve annual incremental progress across portfolio on relevant diversity, equity and inclusion efforts
For 2022, we set portfolio progress targets aimed at driving strategic DEI engagement at portfolio level. To achieve these, we have actively
supported our companies in everything from recruitment, overall talent management processes and education as to best practice
sharing between companies. As a result, by the end of 2022, 59% of our portfolio companies have implemented DEI data collection
processes (target 40%), 74% have a relevant DEI strategy (target 30%), and 74% have set DEI targets (target 30%).