The number of women in top jobs has seen the number of female FTSE 100 chief executives fall below 10, according to a Government-backed report
The UK’s largest publicly traded companies have achieved gender-balanced boardrooms, according to a government-supported report.
However, the scarcity of women in senior roles has resulted in fewer than 10 female FTSE 100 CEOs. This progress is noteworthy, given that more businesses are attempting to eliminate costly or ineffective diversity objectives, with numerous firms in the US scaling back initiatives, as noted by the head of the FTSE Women Leaders Review.
The report’s latest data reveals that women now hold 43.4% of boardroom positions across FTSE 350 companies, an increase from 42.1% last year and a significant rise from the 24.5% representation in 2017 when the report was first published.
This means that listed companies continue to surpass the voluntary 40% target set by the review. Vivienne Artz, CEO of the FTSE Women Leaders Review, attributed the recent changes to a lack of opposition to diversity initiatives among the UK’s largest corporations.
She acknowledged the ongoing debate around diversity, equality, and inclusion, particularly from the US. However, she expressed her satisfaction and admiration for the willingness of companies to share their data, stating that they had encountered no resistance in the UK.
The latest findings come as several major US corporations, including Google, Meta, Amazon and McDonald’s, have scaled back their diversity initiatives due to political pressure following Donald Trump’s presidential election win. Ms Artz suggested that companies setting diversity targets merely for appearances are “probably having an existential crisis” over DEI programmes.
However, she argued that it could be beneficial for businesses to reassess their initiatives. She said: “I think it’s helpful to weed out those practices that are not working.”
The analysis also revealed that the percentage of women in leadership roles rose to 35.3% across FTSE 350 firms, up from 34.5% the previous year, as of the end of October 2024. This includes executive positions such as CEO and CFO, as well as those directly reporting to these leaders.
However, in the FTSE 100, the number of female CEOs dropped from 10 to nine, remaining “few and far between, with little progress in a decade”, according to the review. There were 28 female finance directors and 16 chairs in the FTSE 100. Around 100 of the top 350 listed companies still had less than a third of their leadership positions filled by women.
“Whilst FTSE 350 company boards are now gender-balanced, sustained effort and determination is required to achieve the 40% target for women in leadership by the end of this year,” Ms Artz remarked.
The top listed companies boasting the highest percentage of female leaders include high street favourites Marks & Spencer, Next, and Burberry, alongside publishing powerhouses Pearson and Bloomsbury, all surpassing the 50% mark for female representation.
Conversely, those at the lower end of the spectrum with less than a quarter female presence are mining firms Fresnillo and Antofagasta, alongside Games Workshop and CMC Markets. A few private firms like chemical titan Ineos, courier service Hermes, and wholesale heavyweight Bestway have yet to welcome any women onto their boards.
Across the G7 – the group of seven of the world’s most advanced economies – the UK’s FTSE 350 ranks in second place, behind France, for female boardroom representation. The French lead with mandatory gender quotas for their top 40 company boardrooms, while the UK prefers the route of voluntary targets.
Chancellor Rachel Reeves has thrown her weight behind the cause, stating: “The UK is leading the charge for gender equality in boardrooms, but we cannot rest on our laurels.
“We must break down the barriers that stop many women being represented in decision-making roles, so that top talent reaches the highest levels of leadership in businesses driving economic growth across Britain.”