Women on Boards
Update March 2012
Concerned about the slow rate of progress, the Coalition Government Agreement pledged to "promote gender equality on the boards of listed companies". As a first step the then, Business Minister Edward Davey and Lynne Featherstone, Minister for Women, invited Lord Davies of Abersoch to undertake a review of the current situation, identify the barriers preventing more women reaching the boardroom and make recommendations regarding what government and business could do to increase the proportion of women on corporate boards.
In September 2010 Lord Davies began consulting with a wide range of stakeholders, interested parties and commentators including senior business figures, women business leaders, entrepreneurs, executive search firms, investors, women's networks and women who are just below senior executive level. In addition an online call for evidence elicited a total of 2,654 responses.
Lord Davies was supported by a steering board made up of experts drawn from the business world and academia.
Women on Boards review and recommendations (PDF, 1.9 Mb)
Press Release
13 March 2012: Women on Boards 2012
Women on Boards 2012 (PDF, 389 Kb)
Lord Davies of Abersoch today published the first annual progress report on his ground-breaking review of Women on Boards.
Lord Davies said: "I believe that we are finally seeing a culture change taking place right at the very heart of British business in relation to how women are seen within the workforce"
Commenting on the report the Secretary of State for Business, Vince Cable said: "Increasing female board representation is a win-win proposition for business. Well-balanced boards with broader experience introduce fresh perspectives and new ideas, which help improve performance and boost productivity"
Amanda Mackenzie, Chief Marketing and Communications Officer at Aviva and a member of Lord Davies's review panel, said:" What has been achieved in year one is hugely encouraging, particularly for a generation of talented women who will form part of the diverse and better boards of the future"
Press Notice-Lord Davies of Abersoch today publishes the first annual progress report on his ground-breaking review of Women on Boards.
5 March 2012: European Commission weighs options to break the ‛glass ceiling’ for women on company boards
The Commission is inviting the public – individual businesses, social partners, interested NGOs and citizens – to comment on what kind of measures the EU should take to tackle the lack of gender diversity in boardrooms. A public consultation will run until 28 May 2012. Following this input, the Commission will take a decision on further action later this year. Upon making the call in 2011, Vice-President Reding said that if "significant progress" had not happened by March 2012, "you can count on my regulatory creativity."
European Commission Consultation on Gender imbalance in corporate boards in the EU
European Commission Press Release
Update October 2011
Concerned about the slow rate of progress, the Coalition Government Agreement pledged to "promote gender equality on the boards of listed companies". As a first step Edward Davey, Business Minister and Lynne Featherstone, Minister for Women, invited Lord Davies of Abersoch to undertake a review of the current situation, identify the barriers preventing more women reaching the boardroom and make recommendations regarding what government and business could do to increase the proportion of women on corporate boards.
In September 2010 Lord Davies began consulting with a wide range of stakeholders, interested parties and commentators including senior business figures, women business leaders, entrepreneurs, executive search firms, investors, women's networks and women who are just below senior executive level. In addition an online call for evidence elicited a total of 2,654 responses.
Lord Davies was supported by a steering board made up of experts drawn from the business world and academia.
Women on Boards review and recommendations (PDF, 1.9 Mb)
Press Release
12 October 2011
Cranfield School of Management has published a six month monitoring report on Women on Boards.
Cranfield 6 month Monitoring Report (PDF, 7.8 Mb)
Commenting on the report Lord Davies of Abersoch, CBE said: "This report is very important in providing evidence and a fact base that the market can reflect on. This is about good business practice; it is also about securing performance. You need engagement and diversity in teams to achieve success. Too many UK boards and executive teams do not have it. We are working to change that."
12 October 2011
The Prime Minister hosted a reception at 10 Downing Street to celebrate women's contribution to business.
Press Release - PM welcomes progress on women on boards
No10 event you tube - Women on Boards
Kate Grussing, Managing Director Sapphire Partners, said:
“Running a search firm that specialises in recruiting women for senior executive and non-executive roles, I am all too aware that there are not enough women at the top of British business, despite the great female talent in this country. The Women on Boards review is an important step in the right direction. As a company that was founded to help companies better access female talent, we were delighted to sign up to the head hunters’ code to promote gender equality on British boards.”
For further quotes please see the attached link.
Quotes
The progress we have seen to date is very encouraging with business groups and industry initiatives like executive search agencies leading the way. Many companies have set out there own target towards achieving greater diversity on boards, but there are those who are dragging their feet. The rate of female appointments since March is still well below the 25% target that was set by the panel with 47% of all FTSE 250 companies continuing to have all male boards.
David Cameron said at parliamentary questions on Wednesday 15 September that “current figures for women in boardrooms were “simply not good enough and the under-representation of women in public life was also reflected at the top of political parties. “Only 14% of FTSE 100 company directors are women. We should do far better, “said Mr Cameron.
On 27 July Vince Cable and Theresa May wrote to the Chairmen and Chief Executives of all FTSE 350 companies, asking them to meet Lord Davies recommendation to announce by September the percentage of women they aim to have on their boards in 2013 and 2015, with a suggested minimum of 25%.
Letter from Vince Cable and Theresa May (PDF, 42 Kb)
Recommendation 8 of the Davies report called for executive search firms to join forces and draw up a voluntary Code of Conduct for the industry to abide by. The code was launched on 22 July 2011.
Voluntary code of conduct
Recommendation 3 of the Davies report called for the Financial Reporting Council to amend the UK Corporate Governance Code to require listed companies to establish a policy concerning boardroom diversity, including measurable objectives for implementing the policy, and disclose annually a summary of the policy and progress made in achieving the objectives. Following consultation the Financial Reporting Council announced in October that it intends to amend the UK Corporate Governance Code in accordance with Lord Davies’ recommendation.
Details of the amendments to the Code and copies of the consultation document and the responses received can be found at:
FRC - Corporate Governance Code
