Legal & General Investment Management (LGIM) has set up a fund to benefit organisations with higher levels of gender diversity, which it hopes will inspire businesses to improve female representation. The L&G Future World Gender in Leadership UK Index Fund – which it has called the GIRL fund – will focus exclusively on UK-listed companies. It will be open to institutional and retail investors, with LGIM putting £50 million of its own money into the fund. GIRL aims to score companies based on four gender diversity measures: women on the board of directors, women executives, women in management and women in the workplace. LGIM said it was also considering using the gender pay gap as a fifth indicator. The organisations hoping to secure investment from the fund are expected to reach a minimum of 30% representation across the four measures.

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