The FTSE Women Leaders Review Top 50 Private Companies Getting Started Guide & FAQs

  1. Getting Started Guide Read now

  2. FAQs Read now

Getting Started Guide

 

1.My company is private and not listed on any stock exchange, why are we being asked to submit data? 

In February 2022, the FTSE Women Leaders Review which is supported by Government, announced four new recommendations, one of which included an expansion of the scope to 50 of the largest private companies in the UK. Further details on the Recommendations can be found at Question 4 of FAQs. 

2. As this is the first year participating in the Review, does my company have the same targets as the FTSE 350?

Yes, the business case for gender balance is clear and has been a topical issue for UK business for many years. The targets of 40% women’s representation on Boards and in Leadership teams, and one of the four key board roles to be occupied by a woman apply to all in scope companies, and are expected to be achieved by the end of 2025. This is a great opportunity to demonstrate the work you have been doing in this area is paying off and/or take stock to make improvements. 

3. Key Dates for the Review 

4.  How is the Gender Data for Leadership and Boards collected? 

4.1 Leadership Gender Data

The data submission process takes place through a secure online Portal which can be accessed via the Review’s website. The Portal is designed to gather company specific Leadership Gender Data regarding the number of men and women on both the Executive Committee and Direct Reports to the Executive Committee at a snap-shot reporting date of 31st October each year. 

Therefore this year the Leadership Gender Data will need to be compiled as at 31 October 2022.

4.2 Board Gender Data

You will be required to submit Board Gender Data on four key Board roles only via the online Portal. The four roles are the Chair of the Board, the Senior Independent Director/or Deputy Chair, the Chief Executive Officer (CEO) and the Chief Financial Officer/Financial Director. 

No other data relating to the Board is required in this Portal submission. Any other required data relating to the composition of the Board will be collected by the FTSE Women Leaders Review team from BoardEx, and/or publicly available sources at the end of the 2022 calendar year.

Please note: Any Executive Director who is a member of the Board and also a member of the Leadership team, needs to also be included via the online Portal submission, in the Executive Committee, or equivalent, data. This is likely to include the CEO and the Finance Director only, who most often sit on the Board and on the Executive Committee, but it may also include any other Executive Director that is also a member of the Board.

5. What type of data is collected via the Portal?

There are two types of data collected in this process, relevant employee contact details for the Registered User for each company, and the company specific Leadership & Board Gender Data:

a) Data for the relevant employee contact will be collected when they register on the Portal. The data that is collected is personal information such as the contact name, email address and telephone number. This data will not be published and will remain confidential to the parties of the FTSE Women Leaders Review. Please read our latest Privacy Policy for further details on the use of the data.

b) Leadership Gender Data and selected Board Gender Data is collected when your company submits data via the online form during November. The Leadership & Board Gender Data that is collected is set out below. These will be published by individual company, and in the aggregate, in the next Report. 

6. What data do I need to submit? 

Leadership Gender Data

Sections 1 and 2 of the online form collects the gender of members of the Executive Committee and the Direct Reports to the Executive Committee on a snap-shot basis as at 31 October 2022. The form will be similar to the below format. 

Section 1 – Leadership Gender Data
Executive Committee Men Women
Total Number of Executive Committee Members as at 31 October 2022

*excluding all administrative and support staff

Section 2 – Leadership Gender Data
Direct Reports* to the Executive Committee Men Women
Total Number of Direct Reports as at 31 October 2022

*excluding all administrative and support staff

Board Gender Data 

Section 3 of the form is on a snapshot basis as at 31 October 2022, and requests the gender and name of the holders of key Board roles. The purpose of this Board Gender Data is to provide a better understanding of the gender split in the most senior roles on the Board where women are not often strongly represented. 

Section 3 – Board Gender Data Name Gender 
1. Chair 
2. Senior Independent Director/Deputy Chair
3. Chief Executive Officer (CEO)
4. Chief Financial Officer or Financial Director

Note: Any other required data relating to the composition of the Board will be collected by the FTSE Women Leaders Review team from BoardEx, and/or publicly available sources at the end of the 2022 calendar year.

6.1 What is your definition of Executive Committee? 

We anticipate most companies will have an Executive Committee or similarly named organisational structure. For those companies that do not, it should be the nearest equivalent and senior-most executive or managerial governing body that sits below the board, this will often be chaired by the CEO or in the absence of this, the collective of employees who directly report to the CEO. This should exclude all administrative and support staff. From data gathered in previous years the average size of a FTSE 100 Executive Committee is 10 members. These are typically slightly smaller in FTSE 250 companies.

6.2 What is your definition of Direct Reports to the Executive Committee?

Direct Reports are employees in a direct reporting line to members of the Executive Committee or the nearest equivalent. This should exclude administrative and support staff. From data gathered last year, the average size of a FTSE 100 Direct Report population is 80 employees. These are typically slightly smaller in FTSE 250 companies.

6.3 What if the role of Chair, Senior Independent Director, Chief Executive Officer or Chief Financial Officer / Finance Director doesn’t exist in the organisation?

If there is no equivalent role in the organisation for one or all of these roles, then there will be an option in the form to select ‘No such role’. If you are unsure please contact info@ftsewomenleaders.com

7. How do I get started?

The Portal will be open from 19th September 2022 for companies to register for the first time and browse the Leadership & Board Gender Data fields that require completion.  When the Portal opens, a full guide will be provided on the Portal welcome page including a step-by-step video. 

The Portal will be open for Leadership & Board Gender Data submissions from all companies from:

Tuesday 1 November 2022.

The Portal will close on Wednesday 30 November 2022

To prepare for Portal opening, you can familiarise yourself with the Leadership & Board Gender Data that will be required as outlined in question 6. 

8. Who should complete the registration process and submit the Leadership & Board Gender Data?

The person who registers and submits the Leadership & Board Gender Data should be the same person. They should also be an employee of the company, appropriately authorised to submit this data on behalf of the company and someone the FTSE Women Leaders team can contact in the event of any queries.

9. How long will it take to complete the online submission?

Providing you have collected all of the data required in advance, the online submission process is straight-forward and should take no more than half an hour to complete.

10. What will happen to the Leadership & Board Gender Data once it has been submitted?

You will receive an email notification confirming your company Leadership & Board Gender Data has successfully been submitted. The email will include a link to log back into the online facility to see the information you submitted, but you won’t be able to edit it.

11. If I notice a mistake in the Leadership or Board Gender Data I have submitted will I be able to change it?

The online facility will be live from Tuesday 1 November – Wednesday 30 November 2022 which we hope is enough time to check the Leadership & Board Gender Data is accurate before you submit it. If a change is required, the registered user will need to confirm this in writing via Contact Us at info@ftsewomenleaders.com

You will then be sent a link allowing amendments to your submission for up to 48 hours after receiving the link.

12. How will the Leadership & Board Gender Data be used by the FTSE Women Leaders Review team?

With the support of our partners and sponsors Lloyds Banking Group and KPMG, the FTSE Women Leaders Review are responsible for collecting and reporting on progress as regards women’s representation on FTSE 350 and the largest 50 private company Boards, the Executive Committee and Direct Reports to the Executive Committee. Leadership Gender Data will be published both by individual company and on an aggregate basis in the annual FTSE Women Leaders report.

13. Who will have access to the Leadership & Board Gender Data?

The Leadership & Board Gender Data submitted will be accessed by a limited number of parties involved in analysing the gender performance data for the FTSE Women Leaders Review and compiling the report. This includes the FTSE Women Leaders Steering Group and team, the Government Equalities Office, the Department of Business, Energy and Industrial Strategy and partners supporting the FTSE Women Leaders Review website and publication of reports. 

14. What are the implications of GDPR as regards asking for permission to use data?

Data Protection and data confidentiality is a priority for Government and the FTSE Women Leaders Review team. Data consents, collection and storage processes are compliant with GDPR regulations. Please read our latest Privacy Policy.

15. How will the Leadership & Board Gender Data collected be published in the report?

The Leadership Gender Data, which is collected on a ‘snap-shot’ basis as at 31 October 2022, may be published by the FTSE Women Leaders Review on an individual company basis and in the aggregate.

The Board Gender Data regarding the four key roles which is collected on a ‘snap-shot’ basis as at 31 October  2022, may be published by the FTSE Women Leaders Review on an individual company basis and in the aggregate.

16. Why isn’t this information already available elsewhere?

The composition of UK Boards is publicly available information and also reported by BoardEx. and elsewhere. This is not the case for the composition company Executive Committees or Direct Reports to the Executive Committee, however the FRC and BEIS are currently reviewing this. To provide accurate year-on-year reporting on progress, all in scope companies are requested to submit their Leadership & Board Gender Data at the same time via the portal on the FTSE Women Leaders website.

17. What happens if my company doesn’t submit its Leadership & Board Gender Data?

We anticipate all in scope companies will want to participate as the Review’s annual report is widely used and distributed to business communities, including investors, customers, other stakeholders and regulatory bodies. If any company chooses not to participate, the names of these companies will be still be published as part of the reporting process.

18. Should my company publish the Leadership Gender Data FTSE Women Leaders require elsewhere?

Yes. In line with the recommendations of the previous Hampton-Alexander Review, we also encourage companies to publish details of the number of women on the Executive Committee and the Direct Reports to the Executive Committee in their Annual Report and Accounts and/or on their websites. As the reporting process takes place only annually, information on websites helps the FTSE Women Leaders Review team and other stakeholders to keep updated.

Contact Us
If you have any further questions please contact the FTSE Women Leaders Review team at info@ftsewomenleaders.com

May 2022

Frequently Asked Questions

 

1. What is the FTSE Women Leaders Review?

The FTSE Women Leaders Review (the Review) is an independent review body, supported by Government, which builds on the excellent work of the Davies Review & Hampton-Alexander Review to increase the number of women on FTSE 350 & the largest private company boards, with an important additional focus to improve women’s representation in senior leadership positions. Find out more and view previous reports at www.ftsewomenleaders.com.

2. Who Chairs the Review?

This phase of the Review has two new Co-Chairs, who were appointed in April 2022. They are Penny James, CEO of Direct Line Group and Nimesh Patel, CFO at Spirax-Sarco Engineering plc. 

3. Who runs the Review and how does it operate?

The Review team is led by the Chief Executive, Denise Wilson on a day-to-day basis. The team comprises of corporate sponsors (KPMG and Lloyds Banking Group) and other business representatives, with the Government providing Secretariat support and policy guidance from the Department of BEIS and data analysis and further policy guidance from the Government Equalities Office.

The Review is governed by a Steering Group made up of experienced business members, and an Advisory Panel of relevant business organisations that meets periodically. 

Key dates of the Review

 

4. What are the Recommendations for the Review? 

The FTSE Women Leaders Review announced Four New Recommendations in February 2022, including higher targets and extending the scope to 50 of the largest private companies. They are as follows: 

  • 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 woman 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. 

5. How did you determine the list of Top 50 of the largest private companies? 

The FTSE Women Leaders Review has determined the criteria for the Top 50 list of the largest private companies to be those companies that have an annual turnover in excess of £1 billion and an employee workforce in excess of 4000 employees. In addition, the company needs to be headquartered in the UK, with neither the company, nor the parent organisation listed on any UK or overseas stock exchange. The company will also make a significant contribution to UK business and the economy and/or have a significant UK consumer profile.

6. Why is the criteria for the in-scope large private companies different than for companies under the FTSE? 

The constituent list of companies in the FTSE 350 index is determined by the size of Market Capital and other considerations, and is updated quarterly by the London Stock Exchange. There is no such equivalent list for private companies in the UK. The criteria applied to determine the Top 50 list ensures that those companies included in the extended scope reflect those which have a significant role to play in British Business.  

7. When will the next report be published? 

This year’s report will be made public in February 2023.

8. What is your definition of Executive Committee? 

We anticipate most companies will have an Executive Committee or similarly named organisational structure. For those companies that do not, it should be the nearest equivalent and senior-most executive or managerial governing body that sits below the board, this will often be chaired by the CEO or in the absence of this, the collective of employees who directly report to the CEO. This should exclude all administrative and support staff. From data gathered in previous years the average size of a FTSE 100 Executive Committee is 10 members. These are typically slightly smaller in FTSE 250 companies.

9. What is your definition of Direct Reports to the Executive Committee?

Direct Reports are employees in a direct reporting line to members of the Executive Committee or the nearest equivalent. This should exclude administrative and support staff. From data gathered last year, the average size of a FTSE 100 Direct Report population is 80 employees. These are typically slightly smaller in FTSE 250 companies.

10. Is this the same as the new Gender Pay Gap (GPG) reporting requirements?

Nothis is an entirely separate, voluntary request made by the independent FTSE Women Leaders Review, supported by the Department of Business, Energy and Industrial Strategy and the Government Equalities Office. Together we request FTSE 350 companies and the largest 50 private companies to submit Leadership Gender Data on the gender representation on the Executive Committee and Direct Reports to the Executive Committee.

Mandatory GPG reporting https://genderpaygap.campaign.gov.uk/ is a legislative requirement that came into force in April 2017 requiring employers with 250 employees or more, to publish a range of Gender Pay Gap information by 30 March for the public sector and 4 April for the private and voluntary sector.

Analysis of FTSE companies’ gender pay gap reports, shows there is a significant gap in the earnings opportunity of men and women, largely as a result of too few women in higher paid executive or leadership roles and too many women occupying lower paid and lower grade roles.

The FTSE Women Leaders Review’s primary purpose is to increase the number of women on FTSE 350 boards and in executive and leadership roles, ensuring equal opportunity for both men and women and as such significantly contributing to closing the gender pay gap.

11. Is this the same as the new FCA Listing Rules reporting requirements?

Nothis is an entirely separate, voluntary request made by the independent FTSE Women Leaders Review, supported by the Department of Business, Energy and Industrial Strategy and the Government Equalities Office. Together we request FTSE 350 companies and 50 of the largest private companies to submit Leadership Gender Data on the gender representation on the Executive Committee and Direct Reports to the Executive Committee.

In April 2022, the FCA finalised rules requiring listed companies to report information and disclose against targets on the representation of women and ethnic minorities on their boards and executive management, making it easier for investors to see the diversity of their senior leadership teams. The rules will apply to listed companies for financial accounting periods starting from 1 April 2022. 

The FCA’s approach sets positive diversity targets for listed companies. If they cannot meet them, they need to explain why not. This approach allows flexibility for smaller firms or those based overseas. The rules also allow companies to decide how best to collect data from employees to show they are meeting the targets.  

The FTSE Women Leaders Review’s primary purpose is to increase the number of women on FTSE 350 & largest private company boards and in executive and leadership roles, ensuring equal opportunity for both men and women.

Contact Us
If you have any further questions please contact the FTSE Women Leaders Review team at info@ftsewomenleaders.com