Cable – Use 2014 To Get More Women On Boards

The pair have jointly written to the Chairs of the FTSE350 stating, that with the deadline for Lord Davies’ 25 per cent target for FTSE100 companies ever nearing, they should use three targeted initiatives this year to help press ahead with continued change.

In 2011, the FTSE100 were set the ambition by Lord Davies and his Steering Group for women to account for 25 per cent of FTSE100 boards by 2015. The latest figures for the FTSE100 show that this now stands at 20.4 per cent, up from 12.5 per cent in February 2011.The FTSE250 have also been encouraged to increase female representation and aim for 25 per cent of women on boards.

It is estimated only a further 60 new female board appointments will need to be made to reach the target for the FTSE100.

Vince Cable and Lord Davies have asked FTSE350 Chairs to:

– Aim to appoint one additional female director in the year ahead.
– Consider giving two female candidates from senior management the opportunity to serve as a non-executive director at another company.
– State clear targets for the number of women at senior management and board level and what steps they are taking to achieve those targets.

Business Secretary Vince Cable said: “In the past few years we’ve made great progress in improving boardroom diversity and the momentum has turned. But the time for talking and listening is over – we now need to start seeing businesses acting on their words.

“We’re now on the home stretch and countries across the world are looking at the voluntary approach we’ve taken. We need to show them that we can get over the finish line.”