UK boards are now made up of a higher number of female members, a year after the introduction of a voluntary code of conduct for executive search firms.
Derived from Lord Davies’ review into ‘Women on Boards‘, the code is developed from seven principles of best practice for executive search firms to abide by.
Further findings show that the number of women appointed to the boards of the UK’s top companies has reached 16.7 per cent of the FTSE 100 and 10.9 per cent of FTSE 250 boards. This represents a climb from 12.5 per cent and 7.8 per cent respectively in 2010.
The findings come one year after the Executive Search Firms Code of Conduct, which requires 30 per cent female long lists, was brought in.
Business secretary Vince Cable says that the results show that the UK’s business-led approach to achieving boardroom diversity is working.
He adds, ‘Diverse boards are better boards: benefiting from fresh perspectives, talent, new ideas and broader experience which enables businesses to better reflect and respond to the needs of their customers.’
The new code of conduct has seen the creation of the 30% Club, a group set up to support more women onto company boards.
During the past year some of the high-profile female appointments to FTSE 100 boards have included Lucinda Bell, British Land finance director; Sarah Ellard, who joined the board of Chemring; and Stacey Cartwright, who was given a place on GlaxoSmithKline’s board after serving as finance director at Burberry.