Gender diversity improves in firms

FOR the first time, women make up more than a third of all board members in top 350 companies in the UK.

New data shows there has been a considerable increase in representation of women on the boards of the FTSE 350 companies. However, 41 per cent of FTSE 350 companies have not reached 33 per cent woman representation on their boards.

Business secretary Alok Sharma asked companies to take action to ensure increased representation of women by the end of December 2020.

In 2016, the independent, government sponsored Hampton-Alexander Review set a series of recommendations to drive the representation of women on boards of top 350 companies in the UK.

Representation of women at the top of business has risen by 3.8 per cent in last year despite the challenges created by the pandemic, latest figures showed.

Data also revealed that 19 boards within the top 250 companies have only a single woman board member. There is also one all-male board compared to 152 all-male boards in 2011.

“While I am pleased that the FTSE 350 as a whole has finally hit this historic landmark, more than 100 of the UK’s top companies have failed to meet the target,” said Sharma.

In February, the Investment Association (IA) and the Hampton-Alexander Review jointly wrote to around 40 companies in the top 350, with one woman or less on their board, regarding their ‘lack of gender diversity’.

Denise Wilson OBE, chief executive of the Hampton Alexander Review said, “This confirms the UK’s business-led voluntary approach is working and the benefits of diversity are being recognised, with business seeking more than ever those with fresh energy, new ideas and diverse perspectives.”

Sir Phillip Hampton, chair of Hampton-Alexander Review, said the target was achieved due to the ‘collective and inclusive’ efforts of all of our stakeholders.