One in five FTSE 350 firms warned about gender diversity
A fifth of FTSE 350 firms have been warned about the lack of gender diversity in senior positions.
The Hampton-Alexander review has written to 63 companies asking how they plan to improve gender balance.
The government-backed review wants to see a third of board-level roles at the UK’s top businesses held by women by the end of this year.
Although the top 100 firms have passed the benchmark, there is work to be done for the remaining FTSE 350-listed companies.
Figures earlier this month showed FTSE 100 firms were meeting the target with one in three board positions held by women.
However, the review, which was set up in 2016 by the former chair of RBS Sir Philip Hampton and the late CBI president Dame Helen Alexander, has singled out 24 FTSE 250 companies which only have one woman on their board and 35 FTSE 350 firms which have all-male executive committees.
A further four FTSE 250 companies failed to meet both targets and had an all-male executive committee and only one woman on the board.
Four of the firms warned about their all-male executive committees were FTSE 100 firms: Ashtead Group Plc; Fresnillo Plc; Melrose Industries Plc; and Spirax-Sarco Engineering Plc.
“Diversity results in better decision-making and plays an essential role in a company’s long-term success,” said Chris Cummings, CEO of the Investment Association.
The review’s chief executive, Denise Wilson, said: “Despite moving in the right direction, too many companies are not making progress quickly enough.
“If every FTSE 350 company achieved at least 33% women’s representation on their board and in senior leadership by the end of 2020, this would be a major milestone.
“Increasing the representation of women in leadership and ensuring diversity in the widest sense, is a fundamental foundation to building a truly inclusive culture – where everyone can thrive.”