According to Vince Cable the latest figures for Women on Boards show that female representation on the boards of the UK’s top companies continues to increase. The statistics suggest that the UK is making good progress in reaching Lord Davies’ target of 25% of board positions being held by women by 2015. However, in order to reach the target, FTSE100 companies need to appoint 66 more female directors in the next 2 years.
Recently published figures for the FTSE100 show that:
- 19% of directors are female (up from 17.3% in May 2013). Of this:
- 23.8% of non-executive directors are female (up from 22% in May 2013)
- 6.1% of executive directors are women (up from 5.6% in May 2013)
- 24% of board appointments since 1 March 2013 have been women (in May 2013 this was 12%).
Despite the improvement these statistics don’t seem to have impressed one of the City’s biggest fund managers, Legal & General, which has warned that it will vote against the chairman of any FTSE 100 company that persists with an all-male board after the government’s two-year deadline for board diversity. One of the all-male executive committees is at Royal Bank of Scotland. Chris Sullivan, chief executive of RBS’s corporate banking division who sits on the committee, said at a conference this week that he did not believe in quotas to ensure more women are promoted.
No doubt, if the target is missed, the quota debate will continue. For more information please email firstname.lastname@example.org.