FTSE Women Leaders Review: UK leads on Gender Balance
The latest findings from the FTSE Women Leaders Review confirm that the UK remains at the forefront of global efforts to improve gender balance at the top of business. As the Review concludes its current five year cycle, it reports strong and sustained progress across boards and senior leadership in both listed and private companies.
Women now hold 43 percent of board roles across FTSE 350 companies, a remarkable increase from just 9.5 percent when the Review began in 2011. Today, 88 percent of FTSE 350 companies have reached or are close to the target of 40 percent women on boards, with 69 percent already meeting the benchmark. These figures represent a significant improvement on 2021, when only 40 percent of companies were at or near the target.
Progress Beyond the Boardroom
While board level representation has advanced rapidly, the Review also highlights important gains in senior leadership. Over the past five years, the proportion of women in leadership roles has risen steadily in both listed and private companies.
Currently, 64 percent of FTSE 350 companies are at or near the 40 percent women in leadership target. Among the UK’s largest private companies, this figure rises to 78 percent. Non Executive Director roles have become almost gender balanced, with women occupying 49 percent of positions. However, women remain underrepresented in key executive roles, particularly Chair and Chief Executive posts, where progress has been slower.
Government and Business Voices
Senior figures from government and business have welcomed the findings, while emphasising the need for continued action.
Chancellor of the Exchequer Rachel Reeves described the progress as a sign of how far the UK has come, noting that women’s representation has risen from under 10 percent in 2011 to 43 percent today. She stressed that removing barriers to women’s ambition is essential for stronger decision making and economic growth.
Business and Trade Secretary Peter Kyle highlighted the importance of ensuring that talent can reach the highest levels of leadership, while acknowledging that more work remains to be done.
Minister for Equalities Seema Malhotra pointed to the role of voluntary, business led action in driving change, alongside new employment protections, improved gender pay gap transparency and expanded childcare provision. She underlined that gender equality is not simply a social goal, but a business necessity.
A Voluntary Model with Global Impact
One of the most striking aspects of the UK’s progress is that it has been achieved without mandatory quotas. Instead, the Review has relied on transparency, accountability and collective commitment from businesses.
International comparisons show that the UK ranks second only to France among G7 countries with available data, despite France operating a quota system. With 350 listed companies and 50 major private firms participating, the UK’s approach stands out for both its scale and ambition.
Leadership from the Review and Its Sponsors
Chief Executive Vivienne Artz praised companies for their sustained focus on diversity, describing the transformation of UK boardrooms as inspirational. She noted that organisations achieving the 40 percent target are also building stronger pipelines of female talent for the future.
The Review is supported by major corporate sponsors, including KPMG UK and Lloyds Banking Group, both of which have reaffirmed their commitment to advancing women’s leadership and embedding inclusive practices across their organisations.
Key Areas for Further Progress
Despite strong headline figures, the Review makes clear that challenges remain. Representation in executive leadership continues to lag behind board level progress. In 2025, women accounted for:
- 17 percent of Chairs
- 61 percent of Senior Independent Directors
- 8 percent of Chief Executives
- 21 percent of Finance Directors
These figures show that while some senior roles are approaching parity, others remain stubbornly resistant to change.
Addressing these gaps will require sustained focus on talent pipelines, mentoring, sponsorship and fair recruitment and promotion practices. The Review emphasises the importance of supporting women at executive committee level and among direct reports, where future leaders are developed.
Looking Ahead: The Next Phase
The next stage of this work will be delivered through a new initiative, The Women Business Leaders Review: Spotlighting the UK’s Progress Towards Gender Balance. This programme will continue to refine recommendations, engage new sponsors and strengthen transparency across UK business.
By maintaining a business led, evidence based approach, the Review aims to ensure that progress is not only sustained but extended into areas where representation remains weakest.
A Business Imperative, Not a Box-Ticking Exercise
The latest FTSE Women Leaders Review demonstrates that long term, voluntary action can drive meaningful and lasting change. Over fifteen years, women have moved from the margins to the centre of UK boardrooms, helping to shape strategy, culture and performance.
For organisations committed to building resilient, innovative and future ready leadership teams, gender balance is no longer optional. It is central to competitiveness, credibility and sustainable growth.
As this phase of the Review comes to a close, the message is clear. The UK has made impressive progress, but the journey towards full equality in leadership is not yet complete. Continued commitment from government, investors and businesses will be essential to ensure that opportunity at the top is truly open to all.
For further information visit ftsewomenleaders.com
