The government will back a new five-year review to monitor female representation in leadership positions at the UK’s largest companies, following on from the success of the Hampton-Alexander Review.
The Department for Business, Energy and Industrial Strategy said a new chair would be appointed to lead the FTSE Women Leaders Review and introduce new targets for female representation at leadership level over the coming years.
The Hampton-Alexander Review, which ran from 2015 to 2020, found that its main target had been exceeded by the time the period concluded. Its final report, published earlier this year, revealed that more than a third (34.3%) of FTSE 350 board positions were held by women – an increase of 50% over five years.
It had aimed to ensure that 33% of board positions were held by women by 2020.
Business minister Paul Scully urged organisations to maintain progress in gender diversity, “UK business has taken great strides when it comes to gender diversity at board level, underlining the success of the government’s voluntary approach.
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“Companies shouldn’t take their foot off the gas. Evidence shows that more diverse businesses are more successful businesses – the case is too strong to ignore.”
FTSE 350 companies are now being invited to submit their gender diversity data via the FTSE Women Leaders Review online portal by 30 November 2021, with the next annual report due to be published in February 2022.
Some authorities are setting their own targets in order to improve progression opportunities for women. Earlier this year, the Financial Conduct Authority proposed that at least 40% of board members in City firms should be women, including at least one senior board position.
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The gender pay gap among full-time employees in April 2021 was 7.9%, up from 7.0% in 2020, according to the Office for National Statistics. Among all employees, the gap increased to 15.4% up from 14.9%.
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