Sometimes, there are small glimmers of positive change within the fight for gender parity in the workplace. For example, just recently, Big Four firm EY named Alison Duncan as their next UK chair, a role she took up on 1 April.

If successful, Duncan will not only be the first woman to hold this position at the firm, but she will be working alongside UK & Ireland’s regional managing partner Anna Anthony; meaning EY’s top leadership positions will be held by women.

In light of this, one may look positively at the 2025 FTSE Women Leaders review, published in February, which notes significant progress in gender representation on boards. However, a closer look reveals a harsh reality: while more women are present at the table, few hold the seats of real power and decision-making.

Since 2011, female representation on FTSE 350 boards has surged from 9.5% to over 43%, surpassing the 40% target three years ahead of schedule. This progress is brilliant, yet it hides an imbalance—women remain overwhelmingly concentrated in non-executive director (NED) roles.

Women now hold 49.9% of NED positions (1,188 in total), but only represent 15.6% (87) of executive director (ED) roles, where day-to-day decision-making happens.

This underrepresentation in executive director positions highlights a critical gap in leadership diversity.

Unlike NEDs, who provide oversight and strategic guidance, executive directors are responsible for managing daily operations and driving significant business outcomes. The large difference—15.6% versus the 40% target—underscores the need for sustained efforts beyond board representation.

Leadership gap beyond boards

The underrepresentation of women in executive roles is not just a boardroom issue. Women account for only 29.2% of executive committee members (excluding direct reports), according to the FTSE Women Leaders Review 2025.

Alarmingly, The Pipeline’s Women Count 2024 report found that female representation on FTSE 350 executive committees declined for the first time in eight years, reversing previous gains.

The lack of female senior leaders is also present in the accountancy sector and in top financial roles. The Women Count data reveals that fewer than one-fifth of FTSE 350 chief financial officers (CFOs) are women, despite women making up 44.6% of chartered and certified accountants in the UK.

Further, female CFO representation has stagnated since 2022 at 18%, indicating a persistent glass ceiling.

In the accountancy sector specifically, only 27% of partners are women at the top firms. In fact, there were 2,401 women partners in the Business & Accountancy Daily Top 75 Firms annual survey 2025, albeit up 19% on the previous year’s 2,026. But women still only represent 27% of the total partnership of the UK’s top firms while eight of these firms have no women in leadership roles at all.

This representation is even worse when looking beyond the Top 75. The Financial Reporting Council’s (FRC) 2024 state of the industry report found that just 18% of partners at all UK firms are women; at the same time, two of the Big Four firms are likely to miss their female partner targets for 2025.

Progress is essential in these roles to reach parity.

Global backlash against DEI 

The stagnation of female representation in leadership roles is happening at a time when diversity, equity, and inclusion (DEI) initiatives are under increasing attack, particularly in the US. Right-wing social and political forces, including President Trump, have fuelled a growing anti-DEI movement, with major companies scaling back their commitments.

In the UK, public sentiment is shifting too, with 47% of Britons believe women’s equality has gone ‘far enough’, according to the 2024 IPSOS Global Attitudes Towards Women in Leadership survey.

Such a time calls for increased action and for businesses to focus on the continued gaps in parity, rather than celebrating too soon.

Four key actions for lasting change

After 12 years of working with over 120 businesses, here are four essential factors that drive genuine progress toward gender parity:

1) Lead from the top

Senior leadership must take active responsibility for driving change. This includes:

• Setting clear gender diversity targets at the executive level, not just for board representation.
• Ensuring CEOs and leadership teams champion DEI as a core business priority.

2) Change the culture

Workplace environments must be actively inclusive, with:

• Leadership development programmes that support and sponsor female talent into executive roles.
• Policies that remove systemic barriers, such as outdated promotion pathways and biased leadership selection criteria.

3) Drive accountability

Data is the key to progress. Companies must:

• Track progress on gender parity at all leadership levels.
• Link executive bonuses and performance reviews to diversity goals.

4) Persevere

Progress requires long-term commitment, not just short-term initiatives. Businesses should:

• Resist the growing backlash against DEI by embedding diversity into corporate strategy, not just HR initiatives.
• Stay committed to diversity, by focusing on the benefits it brings, both culturally and regarding performance.

Power imbalance remains

The numbers tell a clear story and headline progress is obscuring the truth. Women may hold 49.9% of NED roles, but with only 15.6% in executive director board positions and just 29.2% on executive committees, the real power imbalance remains.

Businesses cannot afford to be complacent when the most critical leadership roles remain out of reach for women.

We’ve seen what happens when progress is taken for granted. In the US, companies like Meta (Facebook), Deloitte, and McDonald’s are loudly retreating from their DEI commitments, while political forces push an agenda that threatens to dismantle hard-won gains.

The UK must not follow this path. Without women in key decision-making roles, corporate leadership will become less representative, less innovative, and ultimately, less successful.

The time for symbolic representation is over. Women must be in real positions of power to shape the future.

About the author

Professor Geeta Nargund is chair of The Pipeline