Its report calls for an end to what it terms the ‘one and done’ approach to gender equality on some boards which it claims is dragging overall progress downwards. The review states that at this ‘evolved stage’ in the UK’s journey, it is disappointing that there are 75 companies in the FTSE 350 which remain ‘resolutely male-dominated’ with only one woman on their board.

If each of these companies were to improve their gender balance in 2019 by adding one woman to their board, this would take the FTSE 350 almost half way to achieving the 33% target.

The report states: ‘The 33% target is a collective effort and it is incumbent on every FTSE 350 listed company to play their part - get with the new norm - today one woman at the table, is little different to none!’

In addition, the review highlights slow progress in changing the gender make-up at senior executive levels.

It states: ‘Despite an ever-increasing pool of women with substantial board experience, the number of women in FTSE 350 chair roles remains flat at 22 - and the number of women in CEO roles is this year even lower at just 12 and down from 15 this time last year.

‘A sharper focus is needed to understand what is happening in the appointment process for these really top jobs.’

The number of all-male boards across FTSE 350 has continued to fall from 152 in 2011 to five today.

The five FTSE 350 companies with no women on their board are named as hotel company Millennium & Copthorne, Daejan Holdings, a property company, Herald Investment Trust and JP Morgan Japanese Investment Trust. Sub-prime lender Amigo Holdings is also listed, but last week it appointed Clare Salmon as a non-executive director.

The review says 19 FTSE 100 companies have already reached the 33% target, with a further 21 looking on track to achieve the target by 2020, while 38 FTSE 250 companies have also met the target and a further 31 are on track to do so by the deadline.

In the FTSE 100, four companies - retailer Next, online real estate provider Rightmove, financial services provider Hargreaves Lansdown, and household goods and construction company Taylor Wimpey - have 50% or more women on their boards. Six FTSE 250 companies have met the same threshold.

The list of ten FTSE 100 companies with the greatest gap and greatest opportunity to appoint women to senior positions is headed by Ashtead Group, Imperial Brands and Fresnillo, which the review says have been the poorest performers on women in leadership for two years running, joined by British American Tobacco and NMC Health. All five companies have made no progress. However both CHR and Glencore have shown progress this year.

Sir Philip Hampton, chair of the Hampton-Alexander review said: ‘Over 100 FTSE 350 companies have already achieved - or exceeded - the 33% target for women on boards, with a further 50 companies well on their way.

‘I would like to thank the business leaders and stakeholders that have driven progress in recent years for their significant and collective contribution. At the same time, too many companies still have a long way to go.’

The Hampton-Alexander Review published its first report in November 2016. It is chaired by Sir Philip Hampton, and previously the late Dame Helen Alexander. Its key recommendations are a 33% target for women on FTSE 350 Boards by the end of 2020, and for women on FTSE 350 executive committees and direct reports to the executive committee on a combined basis in the same timeframe.

FTSE women leaders: Hampton-Alexander review is here

Report by Pat Sweet