KPMG UK are proud sponsors of the FTSE Women Leaders Review, and last week I had the privilege of hosting a live discussion around findings from the latest FTSE Women Leaders Review at our Broadcast Studio. This annual event – coming ahead of International Women’s Day on Saturday, the fitting theme of which is ‘accelerate action’ – marks an opportunity to celebrate the fantastic strides made by UK businesses towards gender balance.
The Review, which includes 400 of the biggest public and private companies in the UK, has helped drive huge progress in increasing diversity on boards. Since it began in 2011, less than 10% of FTSE 350 board members were women. Today, that figure stands above 40%.
A third (35%) of leadership roles in the FTSE 350 are now held by women, and 60% of companies in the index are on track to meet the Review’s 40% target for women on boards by the end of this year. If you belong to a large UK company, and are interested to see where you rank, you can see who comes out where on ftsewomenleaders.com.
These figures mean that the UK now places second only to France when it comes to gender diversity on boards at major companies in the G7 (45.4% of people on company boards across the CAC are women, slightly more than the 43.4% across the FTSE 350).
How has such significant progress been made over the past decade?
One of the many notable findings from the Review is that the UK, which takes a voluntary approach to encouraging diversity on boards, is outperforming a host of nations – including Germany, the Netherlands and Norway – which impose quotas in this area. The Review, which is supported by Government, takes a business-led approach that has empowered businesses to take the lead in driving progress on a voluntary basis, with data-led transparency playing an essential role in encouraging change, both from a commercial and societal perspective.
But whilst we’ve made significant strides, more work is needed, especially when it comes to improving diversity in key decision-making roles. The Review’s updated recommendations focus on spurring change in this area, whilst also calling on the investment, corporate governance communities, and wider stakeholders to do all they can to encourage progress.
At KPMG I’m proud that our firm continues to grow the number of women in leadership roles. I’ve seen how the influence and accountability of leadership helps to drive our commitment to gender equality and creates an inclusive environment where all our colleagues can thrive and reach their full potential.
Last week’s launch was a brilliant chance to hear leaders of UK industry and Government come together to discuss how diverse, inclusive and equitable leadership drives good growth. Shining a light on best practice, especially on occasions like International Women’s Day, has a key role to play in encouraging further progress over the years ahead.
Initiatives like the FTSE Women Leaders Review continue to advocate for more balanced and inclusive leadership which is vital for economic growth – and we’ll be doing all we can to accelerate action.