Sir Philip Hampton, chair of GlaxoSmithKline, and Dame Helen Alexander, chair of UBM, have said the focus of their review is now on senior women below the company board level.

Research released by the review team show that 25% of those currently sitting on FTSE 100 executive committees, and their direct reports, are women.

However, although 20 FTSE 100 companies already have at least a third of their executive pipeline made up of women, the review found 12 FTSE 100 executive committees with no women on them.

In a joint statement, Hampton and Alexander said: ‘‘We don’t under-estimate the challenge the new voluntary target presents for many FTSE companies.

‘However, we are encouraged by the breadth of experienced women ready and willing to step up, the significant efforts underway in many companies on this agenda and the ability of British business to work together to bring about change when it is needed.’

The review also recommends the Financial Reporting Council (FRC) amends the UK corporate governance code so that FTSE 350 companies disclose the gender balance of their executive committees and direct reports to make sure there is transparency around how many women are in senior positions.

In July 2016, the review team announced it supported Lord Davies’s recommended 33% target for representation women on boards for FTSE 350 companies by 2020. New figures show a small increase in the number of women appointed to board positions in the past year.

The report also shows that all male boards within the FTSE 350 is at an all-time low – going from 152 (February 2011) to 11 currently.

Melanie Richards, vice chair at KPMG, said: ‘While UK plc has made great strides forward in promoting more women into the boardroom, there has been little improvement at the executive level. If we are to continue to make progress towards achieving greater gender balance, it is critical that all levels of the pipeline are addressed.

‘The current lack of available industry data demonstrates many companies are nervous about reporting on diversity. Leaders are perhaps concerned that disclosing their metrics publicly could harm their reputation or leave them a hostage to fortune. This nervousness is holding both business and individuals back.’

Laura Hinton, executive board member and head of people at PwC, welcome the move to stretch targets for women on boards and to extend this to executive roles, but said more needed to be done.

‘If organisations really want diverse teams to become a standard fixture of their business in the future they need to go one step further and set targets for all levels. This isn’t a one-size-fits all approach - it’s only by measuring and monitoring pipelines to understand what’s happening that organisations can take the targeted action that is often needed,’ Hinton said.

The government, 30% Club and Board Apprentice has also announced the launch of a new ‘Future Boards Scheme’, giving senior women the opportunity to get board experience to progress their careers to the next level. The scheme is aimed at FTSE 350 companies, SMEs and other major organisations.

Several major companies and public sector bodies have already signed up to take part in the scheme, including Aviva, Hammerson and the Student Loans Company.

The government says it believes the scheme has the potential to significantly grow the talent pipeline of women executives by giving women 12 months’ experience on a major board.

In a statement, the FRC said it welcomes the Hampton/Alexander report and looks forward to working with the review team to improve reporting on diversity.
 
'In light of the current public debate on corporate governance, we stand ready to revise the UK corporate governance code following the government consultation,' the regulator said.