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Women now make up 25% of FTSE 100 boards Women now make up 25% of top 100 boards
(35 minutes later)
The UK's top companies have reached a "major milestone" in increasing the number of women in their boardrooms, but more needs to be done, a new report is expected to say. The UK's top companies have reached a "major milestone" in increasing the number of women in their boardrooms, but more needs to be done, a report says.
FTSE 100 companies have now met a voluntary target of 25% women board members, says the report's author, former trade minister Lord Davies.FTSE 100 companies have now met a voluntary target of 25% women board members, says the report's author, former trade minister Lord Davies.
But he says this should now be replaced by a new target of 33% of women board members at FTSE 350 firms by 2020.But he says this should now be replaced by a new target of 33% of women board members at FTSE 350 firms by 2020.
His full report is due out later.His full report is due out later.
Lord Davies said there had been a "steady and sustained increase" in the number of women serving on FTSE boards since 2011, when they made up 12.5% of board members at companies listed on the 100-share index.Lord Davies said there had been a "steady and sustained increase" in the number of women serving on FTSE boards since 2011, when they made up 12.5% of board members at companies listed on the 100-share index.
He cautioned against the introduction of legally enforced quotas to guarantee a female presence on boards, describing them as "unwarranted".He cautioned against the introduction of legally enforced quotas to guarantee a female presence on boards, describing them as "unwarranted".
On the Today Programme, Lord Davies was asked why 260 of the 286 women on the boards of FTSE 100 companies are non-executives.
"The focus of our work was on fixing the boardroom. We've done that and there's very few all-male boards left," Lord Davies he said.
"We now need to see the same change, through a voluntary approach, in the executive committee structure of big companies and small companies."
'Significant effort''Significant effort'
The progress made so far provided "clear evidence that the voluntary, business-led approach is working", he said. Lord Davies said in his latest report that the next five years should see "substantive and sustainable improvement in women's representation on boards of FTSE 350 companies".
Lord Davies said the next five years should see "substantive and sustainable improvement in women's representation on boards of FTSE 350 companies".
"Following five years of significant effort on the part of the biggest FTSE boards, all FTSE-listed companies should be taking action," he added."Following five years of significant effort on the part of the biggest FTSE boards, all FTSE-listed companies should be taking action," he added.
The government has already said it plans to bring in a target to include women on the boards of all the UK's top 350 companies.The government has already said it plans to bring in a target to include women on the boards of all the UK's top 350 companies.
This will come as part of a series of "equality-boosting measures" which it hopes to introduce in the first half of 2016.This will come as part of a series of "equality-boosting measures" which it hopes to introduce in the first half of 2016.