FTSE should buck up

Efforts to further the advancement of women in the country’s biggest companies are being hampered by antediluvian attitudes, it appears. The review of progress in addressing gender inequalities within FTSE listed businesses has uncovered some pretty rum excuses for failing to do so. These include assertions that “women don’t fit comfortably in the board environment or do not want the hassle of doing so”; and that “all the good women have been snapped up”. Other (male) bosses argued that they already had a woman on the board so that was enough and it was “someone else’s turn”. One said that women were not capable of understanding the complexities that boards had to deal with, something the Queen and the Prime Minister might take issue with.

The disdain witnessed by Dame Helen Alexander and Sir Philip Hampton, who are jointly chairing the review, exemplifies what an uphill battle lies ahead to meet the target of filling one-third of board positions with women by 2020.

Although there are far fewer top companies with all-male boards – down from 152 in 2010 to just 10 now – many are still refusing to move with the times, even though they would benefit from doing so. One estimate suggests that bridging the gender pay gap could add £150 billion to the UK economy.

One campaigner said the explanations offered for resisting women on boards sounded more like 1918 than 2018. Gender diversity in business leadership is good for company performance and productivity; it benefits investors, the wider economy and society as a whole. Companies say they are committed to change but judging by some of the remarks reported today, many are merely paying lip service. They need to up their game.