The charter includes five commitments to promoting equality in the workplace and supporting career progression for colleagues from ethnic minority backgrounds.
By the end of 2025, the society aims to have 40% of its senior management roles held by women, and 10% of senior management roles held by black, Asian and minority ethnic (BAME) colleagues.
Commitments include transparent reporting and the publication of regular updates on the actions being taken.
Peter Frost, chief customer officer and board member at Coventry Building Society, has been appointed executive sponsor for race, in line with the charter.
Diversity and inclusion will be on the agenda of all leadership team meetings, and a Diversity Steering Group made up of employees from every level across the organisation will inform and challenge policies.
Steve Hughes, chief executive of Coventry Building Society, said: “We are a mutual organisation with a strong members-first ethos, brilliant people and a focus to make a real difference in the communities we serve.
“We know that to do that, we need people of all backgrounds and perspectives at the table, and on the senior leadership team.
“We have a lot of work to do, but I am fully committed to ensuring this organisation is a truly inclusive workplace that reflects the full diversity of the city of Coventry and the wider UK.
“However discrimination happens, we share a responsibility to break it down every time, in any way we can; it has no place in Coventry Building Society or wider society.”
