The Parker Review, which was set up to improve diversity in the UK’s boardrooms, found that 96 the of the FTSE 100 had at least one director from an ethnic minority background on their board by the end of 2022 – up from 89 last year.

Meanwhile, almost half (49) of these 96 businesses now have two or more minority ethnic directors on their boards.

Of the four companies which have not met the target, one company has been acquired since December and is no longer part of the FTSE 100.

Frasers Group, the owner of the House of Fraser, was among the four FTSE 100 companies that did not meet the target by the end of 2022.