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The proportion of women on the boards of UK's 350 biggest listed companies increased by almost 3% in 2022 to reach 40.2% as of Jan 11, 2023
Published : 28 Feb 2023, 10:00 AM
Womens' share of board seats at Britain's 350 biggest listedcompanies. FTLCreached40%for thefirsttimein 2022, aUKgovernment-backed report on Tuesday showed, three years ahead of plan.
Improving boardroom diversity has become a focus for many policymakers and investors who say a broader range of experience improves decision-making and corporate culture.
In February 2022, the business-led FTSEWomenLeaders Review set FTSE350companiesa40%target forwomenonboardsand in leadership teams by 2025,upfrom a previous target of 33%.
The new goal was given official backing by the Financial Conduct Authority, which regulates listedcompanies,in April 2022, with the watchdog also including broader diversity targets.
The proportion ofwomenon FTSE 350boardsincreased by almost 3% in 2022 to reach 40.2% as of Jan 11, 2023, while in thetop100companies, the FTSE 100,womenheld 40.5% of board positions,upfrom 39.1% in 2021, the report said.
"This progress is very welcome, and I'd urge business to keepupthis momentum to achieve better balance in leadership positions as well as in boardrooms," Kemi Badenoch, business and trade secretary andwomen's equality minister, said.
In contrast to countriessuch as Belgium and France, Britain does not have a mandatory quota system forwomenonboardsat listedcompanies, making the progress more remarkable, the report said.
Just over a decade ago, 152 of the FTSE 350Boardshad nowomenon them. Now there arewomenon every board and the vast majority ofcompanieshave three or more, it added.
However, the portion ofwomenin leadership roles - defined as the executive committee and its direct reports - still falls short of the target, with the FTSE 100 at 34.3% and FTSE350 at 33.5%.
