The UK’s top companies are doing well in their efforts to hit government gender equality targets but some smaller firms are not making such good progress, according to an interim report from the Hampton-Alexander Review.

FTSE 100 firms are on track to reach the target of 33% of board positions going to women by 2020 but those in the FTSE 350 will fall short unless 40% of all board appointments are female.

Only a quarter of FTSE 350 board positions are held by women and there remain 10 all-male boards.

Today’s statistics show that if progress matches the same gains made over the last three years, then FTSE 100 companies are on track to meet the 2020 target.

‘But, while the number of women on boards has increased to 25.5% in FTSE 350 companies, around 40% of all appointments need to go to women in the next 2 years for the FTSE 350 to achieve the 33% target,’ say the report authors.

‘While some FTSE 350 companies are on track to meet the government-backed targets for women on boards, others are lagging behind. These have today been urged to emulate success stories of the 80-plus companies already at or beyond the 33% such as hospitality company Whitbread, alcoholic drinks company Diageo, and fashion retailer Next.’

Sir Philip Hampton, Chair of the Hampton-Alexander Review said ‘far too many’ companies were failing to address gender equality in the board room.

‘It is good to see progress of women on boards continuing with the FTSE 100 likely to hit the 33% target in 2020. However, nearly half of all available board appointments in the run up to 2020 now need to go to women if the FTSE 350 are to meet the target. Far too many companies still have no women - or only one woman - on their board,’ he said.

Hampton also announced the opening of an online portal for FTSE 350 to submit 2018 gender diversity leadership data and said he was ‘eagerly awaiting’ to hear of progress in executive and leadership positions.

‘We’ll be analysing the data on women in executive leadership roles and hope to see increasing numbers of women joining Executive Committees, or reporting to ExCo members, in the FTSE 350,’ he said.

Melanie Richards Deputy Chair at KPMG, sponsor of the Review said it was ‘undeniable’ that more needed to be done to address male domination of company boards.

‘These figures are a significant step in the right direction and reflect the efforts and change in emphasis businesses have placed on tackling the gender gap. But it is undeniable that there is more to do to achieve equality in the Boardroom,’ she said.

‘In order to achieve these ambitious targets significant change is required, which will not happen overnight. It will take systematic focus on all aspects of recruitment and retention.

The progression of women remains key, coupled with an emphasis on creating environments in which talent can thrive, leadership stereotypes are challenged and individuals are valued for their skills and capabilities.’

Report by Rob Munro