UK adopts Aussie model on gender reporting
14 October 2011
Several developments have taken place in the United Kingdom this week designed to improve the numbers of women on boards and in leadership roles.
1. The Financial Reporting Council (FRC) has amended the UK Corporate Governance Code to strengthen the principle on boardroom diversity.
The amendments will require listed companies to report annually on their boardroom diversity policy, including gender, and on any measurable objectives that the board has set for implementing the policy and the progress it had made in achieving the objectives. The FRC will also update the Code to include the diversity of the board, including gender, as one of the factors to be considered when evaluating its effectiveness.
2. Review of Lord Davies Report released by School of Management Cranfield University released on 12 October 2011 showing that:
- 61 of the FTSE 100 companies have responded to the Lord Davies review, acknowledging that gender diversity is an issue, with 33 setting themselves targets for the percentage of women they aim to have on their boards.
- Women make up 14.2% of FTSE 100 Directors – up from 12.55 in 2010
- Women make up 8.9% of FTSE 250 Directors – up from 7.8% in 2010
- 22.5% of all board appointments since publication have been female
- There are 14 all male boards within the FTSE 100 – down from 21 in 2010.
3. Prime Minister David Cameron hosted an event at 10 Downing Street at which he committed to writing to those FTSE companies that had not set targets and setting up a Government website to publish the targets.
Click here for the Prime Minister's comments