FTSE 350 urged to meet 2020 targets

FTSE 100 firms on track to reach government-backed target of 33% of board positions going to women by 2020 but FTSE 350 may fall short. More women than ever before are on the boards of the UK’s largest companies but they still have some way to go to meet the target of 33% women by 2020, according to new data revealed today (27th June 2018) to mark the halfway point of a government-backed review.

Figures released today by the Hampton-Alexander Review, which aims to ensure that talented women at the top of business are recognised, promoted and rewarded show 305 positions - 29% of FTSE 100 board positions - are held by women, up from 12.5% in 2011. The halfway point of Hampton-Alexander Review also shows quarter of FTSE 350 board positions are held by women, but there remain 10 all-male boards.

FTSE 350 target of 33% women on boards

Launched in 2016, the government-backed Hampton-Alexander Review set FTSE 350 businesses a target of having 33% of all board and senior leadership positions held by women by the end of 2020. Today’s statistics show that if progress matches the same gains made over the last three years, then FTSE 100 companies are on track to meet the 2020 target.

However, today’s announcement also revealed that while the number of women on boards has increased to 25.5% in FTSE 350 companies, around 40% of all appointments need to go to women in the next 2 years for the FTSE 350 to achieve the 33% target.

While some FTSE 350 companies are on track to meet the government-backed targets for women on boards, others are lagging behind. These have today been urged to emulate success stories of the 80-plus companies already at or beyond the 33% such as hospitality company Whitbread, alcoholic drinks company Diageo, and fashion retailer Next.

Nearly half of all board appointments now need to go to women

Sir Philip Hampton, Chair of the Hampton-Alexander Review said: "It is good to see progress of women on boards continuing with the FTSE100 likely to hit the 33% target in 2020. However, nearly half of all available board appointments in the run up to 2020 now need to go to women if the FTSE 350 are to meet the target.

Far too many companies still have no women - or only one woman - on their board.

Meanwhile, progress in executive and leadership positions is eagerly awaited as the portal for companies to submit their gender data opens today.

We’ll be analysing the data on women in executive leadership roles and hope to see increasing numbers of women joining Executive Committees, or reporting to ExCo members, in the FTSE 350."

Prioritise commitment to tackling gender inequality

Business Minister Andrew Griffiths today called on businesses to prioritise their commitment to tackling gender inequality, saying: "while it is great to see there are more women at the top of Britain’s largest businesses than ever before and I applaud those businesses who have made great strides, it is clear there is still a long way to go and I urge businesses to keep stepping up and championing diversity.

The Hampton-Alexander Review is highlighting the benefits of everyone having an equal opportunity to reach the top, and I commend their effort in driving this important initiative."

Minister for Women Victoria Atkins said: " This government is absolutely committed to increasing diversity in business, and we are leading the way in supporting the work of the Hampton Alexander Review to make sure FTSE companies support and develop their female talent pipeline.

Women are good for business: they bring valuable perspectives and experiences to the decision-making process. FTSE 350 companies need to do their bit and accelerate progress. There is no excuse for having an all-male board.

The online portal for FTSE 350 companies to submit their 2018 gender leadership data also opens today. Progress made on women in executive and leadership roles will be revealed in November."

Figures for women on boards of FTSE companies published on 1 June by BoardEx, a business intelligence provider, show:

FTSE 250 is at 23.6% up from 22.8% in October
FTSE 350 is at 25.5% up from 24.5% in October
10 FTSE 350 all-male boards

The 10 FTSE 350 companies with all-male boards are:

Baillie Gifford Japan Trust Plc
Daejan Holdings Plc
Herald Investment Trust Plc
Integrafin Holdings Plc
JP Morgan Japanese Investment Trust Plc
On The Beach Group Plc
Sports Direct International Plc
Stobart Group Ltd
TBC Bank Group Plc
Ti Fluid Systems Plc

The 2018 Hampton-Alexander Report will be published on the 13 November 2018, a year after last year’s report.

The Hampton-Alexander portal is open for FTSE 350 companies to submit their 2018 data on women in leadership - ie the number of men and women on the Executive Committee and the Direct Reports to the Executive Committee from 27 June to 31 July 2018.

For further information visit https://ftsewomenleaders.com