Improving gender balance in FTSE leadership
We are delighted to report that the third phase of the FTSE Women Leaders Review is underway, with Government Ministers, corporate sponsors and other business stakeholders continuing to provide valuable support.
The FTSE Women Leaders Review is an independent, business-led framework supported by the Government, which sets recommendations for Britain’s largest companies to improve the representation of Women on Boards and in Leadership positions.
The FTSE Women Leaders Review builds on the excellent work of both the Hampton-Alexander and Davies Reviews over the last 10 years, with the 33% target for Women on Boards being achieved in the aggregate for the FTSE 350 at the end of 2020, and the Leadership just falling short of the target at 29%.
Our first report, including the new recommendations was published on the 22nd February 2022.
The journey to increase the representation of women on boards and in the leadership teams of FTSE 350 companies began in earnest in the UK in 2011, when only 9% of women served on FTSE 350 boards.
Today there are over 37% women on FTSE 350 boards, and around 31% of all leadership roles are occupied by women.
Such progress is a clear indicator of the success of the UK’s independent, voluntary and business-led approach, and efforts of many to harness the skills of women for the benefit of British business.
We would like to thank all companies and stakeholders who have worked hard to improve the gender balance of their boards and leadership teams, as we continue the path to further progress.
There are 4 new Recommendations that have been announced to fuel further progress in this next phase:
- The voluntary target for FTSE350 Boards & for FTSE 350 Leadership teams is increased to a minimum of 40% women’s representation by the end of 2025
- FTSE 350 companies should have at least one women in the Chair, Senior Independent Director role on the Board and/or one woman in the Chief Executive Officer or Finance Director role by the end of 2025
- Key stakeholders should continue to set best-practice guidelines or use alternative mechanisms to encourage any FTSE 350 Board that has not yet achieved the previous 33% target for the end of 2020, to do so
- The scope of the Review is extended beyond FTSE 350 companies to include the largest 50 private companies in the UK by sales
The Path Ahead
The Rt Hon Kwasi Kwarteng MP The Rt Hon Liz Truss MP
“This Government is committed to levelling up and bringing opportunity to everyone; and we back business and the business case to achieve greater women’s representation at board and senior executive positions in our leading companies”.
“Never in the history of women in the British workplace has there been a stronger supply of skilled, capable women, ambitious for themselves, and ambitious for their organisations.
It is now for business to fully-utilise a talent pool filled to overflowing with educated, experienced women, to their own benefit and that of the UK economy.”