The UK has climbed to second in the international rankings for women’s representation on boards at FTSE 100 level, with new data released on 22 February showing nearly 40% of UK FTSE 100 board positions are now held by women, compared with 12.5% just ten years ago.
The data has been published in a new report by the Government-backed FTSE Women Leaders Review, which monitors women’s representation in 24,000 positions on FTSE 350 Boards and in Leadership teams of the UK’s biggest companies, building on the success of the previous Hampton-Alexander and Davies Reviews.
The findings demonstrate a major sea change in attitudes to getting women leaders to the top table of business in the UK, with women’s board representation increasing in 2021 across the FTSE 100 (39.1%), FTSE 250 (36.8%) and FTSE 350 (37.6%).
The report highlights the success of the UK government’s voluntary, business-led approach to setting targets for getting more women on boards, as the UK progressed from fifth to second in the international rankings at FTSE 100 level, leapfrogging countries such as Norway, which enforces a mandatory quota system on businesses.
The number of women in Chair roles across the FTSE 350 rose to 48, up from 39 in 2020 and there has been a significant decrease in the number of ‘One & Done’ boards to just 6 this year, as British businesses take action to diversify their boardrooms.
There are over 700 more women in Leadership roles in the FTSE 350 companies this year, increasing women’s representation to 31.5%, an increase of two percentage points year-on-year.
While there has been remarkable progress at the boardroom level, the report also shines a light on areas where there is still more to do. For example, only one in three Leadership roles and around 25% of all Executive Committee roles are held by women and there are very few women in the CEO role. Equally, there are still many companies yet to hit the former 33% target set by the Hampton Alexander Review.
Minister for Women and Equalities, Liz Truss, said, "It is excellent to see the progress being made, but we know there is more to be done. "This Government is committed to levelling up all parts of our country, working to tackle inequality and promoting equality of opportunity, including at senior level, so everyone can thrive.
"We will shortly put forward a range of measures to advance equality for women at work, increasing opportunity, and tackling the issues that are holding women back as we look to ensure that everyone can reach their full potential."
Bina Mehta, Chair of KPMG in the UK, said, “While the representation of women in leadership roles has continued to improve, the need to maintain momentum and continually challenge remains. Forty is the new thirty when it comes to women’s representation targets on boards and in senior leadership roles. But beyond the numbers, it’s just as important to ensure that the overflowing pipeline of well-qualified and capable women translates into more women Chairs, SIDs, CEOs and CFOs. I’m delighted KPMG UK is co-sponsoring the FTSE Women Leaders Review, helping to make truly inclusive leadership cultures a reality for all businesses.”
