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Davies report to call for more women in boardroom Davies report calls for more women in boardroom
(about 9 hours later)
Firms are expected to be told to almost double the number of women on boards by 2013 or face government measures. Firms have been told to more than double the number of women on their boards by 2015, or face government measures.
Former minister Lord Davies of Abersoch will urge FTSE 350 companies to boost the number of women at the board table to 20% by 2013 and 25% by 2015. Former minister Lord Davies of Abersoch has urged FTSE 350 companies to boost the percentage of women at the board table to 25% by 2015.
But he is expected to stop short of imposing quotas, unless the voluntary measures fail. But he stopped short of imposing quotas, unless voluntary measures fail.
The Chartered Management Institute (CMI) said the news would be welcomed by "nervous businesses".The Chartered Management Institute (CMI) said the news would be welcomed by "nervous businesses".
"The news that companies will not be forced to promote female workers to the boardroom by quota will be widely welcomed by nervous businesses," CMI chief executive Ruth Spellman added. Lord Davies called on chairmen to announce in the next six months their goals "to ensure that more talented and gifted women" get top jobs.
"Currently 18 FTSE 100 companies have no female directors at all and nearly half of all FTSE 250 companies do not have a woman in the boardroom," he said.
"Radical change is needed in the mindset of the business community if we are to implement the scale of change that is needed."
CMI chief executive Ruth Spellman said: "The news that companies will not be forced to promote female workers to the boardroom by quota will be widely welcomed by nervous businesses."
"However, a concerted effort still needs to be made to use female talent, otherwise companies will be missing out on a vast array of talent at their disposal.""However, a concerted effort still needs to be made to use female talent, otherwise companies will be missing out on a vast array of talent at their disposal."
Diverse talent poolDiverse talent pool
As well as calling for greater female representation at the top of the corporate ladder the Lord Davies report is expected to ask headhunters and shareholders to sign up to a code of conduct to increase the number of women on candidate lists. As well as calling for greater female representation at the top of the corporate ladder, the Lord Davies report asked headhunters and shareholders to sign up to a code of conduct to increase the number of women on candidate lists.
Reports also suggest that Lord Davies will call on chairmen not to use recruitment firms that refuse to produce figures on the number of women they place on boards. Other measures put forward include a call for more women to be promoted to executive committees to ensure there is a more diverse talent pool for companies to recruit female non-executive directors from.
Other measures expected to be put forward include a call for more women to be promoted to executive committees to ensure there is a more diverse talent pool for companies to recruit female non-executive directors from. "There is a business case, not just an equality case, for better diversity in the boardrooms of UK PLC," said Hay Group's UK managing director, Lesley Wilkin.
"There is a business case, not just an equality case, for better diversity in the boardrooms of UK Plc," said Hay Group's UK managing director, Lesley Wilkin.
"Simply put, a diverse leadership team is a more effective leadership team.""Simply put, a diverse leadership team is a more effective leadership team."
'Comply or explain''Comply or explain'
Media reports have also suggested that Lord Davies could call for companies to adopt a "comply or explain" approach, which would encourage companies to publish their own targets, and comply with them or explain to shareholders why they have not done so. Lord Davies called on companies to adopt a "comply or explain" approach, which would encourage companies to publish their own targets, and comply with them or explain to shareholders why they have not done so.
Currently a total of 113 women hold 135 FTSE 100 directorships - just over one per firm.Currently a total of 113 women hold 135 FTSE 100 directorships - just over one per firm.
The most recent report from the Cranfield School of Management on female representation in the boardroom found that in 2009 women made up only 12.2% of directors of the FTSE 100 companies in 2009. The most recent report from the Cranfield School of Management on female representation in the boardroom found that in 2009 women made up only 12.2% of directors of the FTSE 100 companies.
FTSE 250 companies have an even lower proportion of female directors at 7.3%, and nearly half of them do not have any women in the boardroom.FTSE 250 companies have an even lower proportion of female directors at 7.3%, and nearly half of them do not have any women in the boardroom.