FROM The 30% Club Review recommends increasing the board target to 33% and extending from FTSE 100 to FTSE 250
London, 29 October 2015 - The 30% Club has welcomed the final annual review from Lord Davies of Abersoch, The Davies Report on Women on Boards, which gives insight and advice on gender equality across FTSE 350 boards and in the workplace. The Report, published today, shows that five years on from the original review female representation on the boards of FTSE 100 companies has reached 26% - a milestone that goes beyond the original aim of 25% by end 2015. It recommends that the target be raised from 25% to 33%, and of FTSE 350 company boards, within the next five years. The Report also recommends that stakeholders work together to increase the number of women in Chair, Senior Independent Director and Executive Director positions on FTSE 350 companies.
Brenda Trenowden, 30% Club Global Chair, who was at the publication launch today, said: “This final report is a culmination of all the great work that has been put into achieving female equality on boards since its inception in 2010. The 30% Club has collaborated closely with the Davies Commission since our own beginnings in November 2010, and the fact that the Review's goal of 25% representation has been surpassed is a significant achievement for us all.”
The Davies Review, published every year since 2010, highlights in its latest summary that in each and every month since 2011, the number of women serving on FTSE 350 Boards has steadily increased. It also shows that there have been 550 new women appointments in just over four years.
Trenowden continued: “The lack of representation of women at senior levels remains a global phenomenon, still, and an issue which needs to be addressed. We welcome Lord Davies recommendation to increase female representation on boards to 33% - a figure which is closely aligned to our target of a minimum sustainable figure of 30%.
“There is more work to do to improve female representation in the workplace, however, and not just in the UK, but worldwide. The 30% Club’s initial focus on FTSE 100 boards like the Davies Review was a starting point for trying to change the status quo. As we look beyond 2015, we will continue to focus on our pipeline initiatives which nurture more female talent for the top jobs of the future, as well as expanding our global reach.” Since its inception in 2010, the 30% Club has expanded into Hong Kong, Southern Africa, Ireland, the US, Canada, Malaysia and Italy, with plans to launch in the Gulf and India in the future.
Meanwhile, its UK activities have expanded into a schoolroom to boardroom continuum including mentoring, school visits, research, scholarships and career advice.