Asos has shelved diversity targets for its executive, making it primarily dependent on profits.
As reported by the Telegraph, the previous bonus scheme female and ethnic minority leadership targets. Last year, Asos executives didn’t receive their bonuses as the online retailer didn’t hit its targets.
Asos has made the decision is growing profits is “what management will be focused on delivering for the year ahead”.
It said the move was in order so as not to “detract from our emphasis on profitability”. Instead, the retailer will include a diversity measure in its longer-term incentive scheme.
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Asos has a target to achieve 50% female and 15% ethnic minority representation at every leadership level by 2030.
The retailer joins other companies who have refocused its ESG targets to focus on profit.
Unilever’s new CEO Hein Schumacher has said it will no longer “force-fit” all of its brands with a social purpose.
Earlier this year, Shell announced its plans to cut oil production to prioritise shareholder payouts.
