Women make up 40% of directors on FTSE 100 boards and 39% on FTSE 250 boards, largely meeting the new Women Leaders Review Targets, introduced to improve gender balance in FTSE leadership.

The Cranfield University Female FTSE Board Report, supported by EY, showed that 10 FTSE 100 companies have 30% or less female representation.

Currently, 48 companies have met the new target, with 18 companies having 50% or more women on their boards.

Though the number of women on FTSE 100 boards continues to rise, the progress of women in executive roles has been driven largely by boards appointing female non-executive directors (NEDs) to comply with targets, the report found.