FTSE 350 companies are being urged to do more to get women into senior leadership positions.
The Hampton-Alexander Review 2018 report said that, although FTSE 100 companies were on track to meet the government’s target of getting a third of women into senior leadership positions by 2020, FTSE 350 firms were falling behind.
The report was compiled by an independent review body that builds on the work of the Davies Review to increase the number of women on FTSE 350 boards. Its findings showed that more than 30 per cent of board positions are currently occupied by women in the FTSE 100 – an increase from 12.5 per cent in 2011. However, in the FTSE 350 almost one in four companies have only one woman on their board, and there remain five all-male boards.
Minister for Women and Equalities Penny Mordaunt, said: “When women are included we know that businesses are more likely to enjoy profits above their industry averages.
“Today, we can see that the top UK companies are taking action, not just because gender equality is morally right, but also because it makes good business sense.
“But there is still more to do. By addressing their inequalities and cultures, businesses are setting an example that gives women throughout their organisations the power to reach their full potential.”
The report found that, in the FTSE 100, four companies have 50 per cent or more women on their boards, while six FTSE 250 companies have met the same threshold. The report also showed an increase in the number of women in FTSE 350 leadership positions just below the board, with FTSE 100 Executive Committees at more than 21 per cent women for the first time.
Tackling gender inequality and the gender pay gap is part of the government’s modern Industrial Strategy, which aims to help businesses create better, higher-paying jobs.
“Female representation on FTSE boards has risen to record levels, but at times of great change things can all too easily slip backwards. The evidence is clear – diverse boards outperform their rivals.Action is required now to end all-male boards and pick up the pace of progress,” said CBI Chief UK Policy Director Matthew Fell.
“With so much focus on the non-executive appointments of listed firms, it’s essential companies concentrate on the day-to-day leaders of our biggest businesses. This data shows just how far we still have to go to ensure capable women can progress from entry-level to senior management positions,” he added.