This year’s Female FTSE Report, by academics at Cranfield School of Management and Exeter University Business School, found the percentage of women holding FTSE 100 non-executive director positions is at an all-time high of 33%, compared to 6% in 2007. However, the percentage of women holding executive directorships remains low at just under 10% on the FTSE 100 and under 8% of FTSE 250.

This year, six women hold chair positions and a further 14 hold senior independent directorships on the FTSE 100.

On the FTSE 100, 34% of male non-executive directors hold senior independent director or chair positions compared to only 8% of women non-executive directors.

The report found that since June 2016, the percentage of women on FTSE 250 boards has risen from 20.4% to 22.8% and 242 companies have at least one woman on their boards.

However, there are still very few women in executive directorships across FTSE 250 boards – 38 in 2017, making 7.7%, less than the 10% on FTSE 100 boards. Women account for just six of the CEO positions on FTSE 100 companies and 10 of the CEO positions on the FTSE 250, as of October 2017.

Cranfield School of Management’s Professor Susan Vinnicombe, said: ‘While it is encouraging to see the significant increase in FTSE 100 non-executive director positions held by women over the past ten years, it is dispiriting to see that few of them move into senior roles. Just 8% of women hold senior positions on boards, compared to 34% of male non-executive directors.’

The report makes two recommendations. It wants the Financial Reporting Council to consider whether disclosure in a company’s annual report should include information on which type of external evaluation was undertaken, in addition to a summary of actions taken since the evaluation.

In addition, it says the board evaluation industry should adopt minimum standards for reviews, in the form of a code of conduct, kitemark or other method by mutual agreement.

Professor Ruth Sealy from University of Exeter Business School who co-authored the report, said: ‘In our board evaluator study, the more sophisticated behaviourally-focused evaluations were extremely clear about the considerable benefits of a critical mass of diversity affecting boardroom behaviour, culture and effectiveness. They evidence this through the dynamics of better debate and decision-making.’

Separately, figures from the latest government-backed Hampton-Alexander review reveal almost 28% of board positions in FTSE 100 companies are occupied by women - up from 12.5% in 2011. In that time the number of all-male FTSE 350 company boards fell to just eight from 152.

If progress is maintained, FTSE 100 companies are on course to meet the review’s 33% target for women on boards by 2020.

However, Sir Philip Hampton is calling for FTSE 350 companies to quicken the pace of change on boards, and has extended the 33% target to senior leadership positions of all FTSE 350 companies. Previously this voluntary target only applied to FTSE 100 firms. He said that at least 40% of appointments to senior positions will have to be filled by women over the next three years if FTSE 350 firms are to hit these targets.

Hampton said: ‘This year we have seen progress pick up on FTSE 100 boards and go slow elsewhere. We must now renew commitment to this important issue for UK business to fully harness the under-utilised potential of the many talented women in the workplace.’

The Female FTSE 100 Board Report 2017 is here.

The Hampton-Alexander Review:  FTSE Women Leaders Improving gender balance in FTSE Leadership is here.

Report by Pat Sweet