Women make up a third of FTSE 350 board members for first time
Women account for more than a third of board members across the UK's top 350 companies for the first time, new figures show.
According to the Department for Business, Energy and Industrial Strategy, representation of women in the FTSE 350 has risen by 3.8 per cent in the last year, taking the percentage of female board members above 33 per cent.
The news comes after the Hampton-Alexander Review set a target in 2016 for women to account for 33 per cent of board members by the end of 2020.
Despite the number of female board members rising, four in 10 of the businesses have failed to reach the threshold.
Figures show that 19 of the FTSE 250 companies have just one female board member.
There is also one all-male board, though the figure has tumbled from 152 all-male boards in 2011.
Speaking of the findings, business secretary Alok Sharma said that increasing the representation of women on boards is imperative to boosting the UK economy and called on businesses who have not reached the target to do so by December.
For the first time in history, more than a third of board members across the FTSE 350 are female. 🎉
This meets the target set by the government backed @HA_Review https://t.co/z5dECjr0o1
(1/2) pic.twitter.com/DecWcnLiiA— Dept for BEIS (@beisgovuk) September 22, 2020
“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,” he said.
“Research shows that diverse leadership teams are more innovative and make better decisions.
“As the UK economy continues to recover from coronavirus, increasing representation of women on boards represents a golden opportunity not only to rebuild, but build back better.”
Denise Wilson, chief executive of the Hampton Alexander Review, added: “Recognising the significant impact of the global Covid-19 pandemic on all business activities, it is encouraging to see the number of women at the top of British business continue to increase.
“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.”
A full list of the businesses’ board make-ups is set to be published in due course.
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