A government-backed report released on Tuesday reveals that women now occupy approximately 43% of board positions in Britain’s 350 largest publicly traded companies. However, while
progress has been made, the report highlights the need for further efforts to increase female representation in leadership roles.
According to the FTSE Women Leaders Review, women held 43.4% of board seats in FTSE 350 companies in 2024, up from 40.2% in the previous year. Female representation in senior leadership roles also saw an increase, rising to 35.3% from 33.5% in 2023.
In FTSE 100 companies, women made up 44.7% of board positions and 36.6% of leadership roles in 2024, both reflecting an improvement from the previous year. However, despite these gains, the number of female CEOs in FTSE 350 companies has declined for the second consecutive year, dropping from 21 in 2022 to 20 in 2023, and now down to 19 in 2024.
Board seats often include non-executive roles that do not have the same decision-making power as executive positions like CEOs. Nevertheless, the UK government emphasized that overall progress has been strong, particularly given the country’s voluntary, business-led approach to improving gender diversity.
Unlike countries such as France and Belgium, the UK does not impose mandatory quotas for female board representation. Instead, publicly listed companies are encouraged to have at least 40% of women on their boards. The report found that nearly three-quarters of FTSE 350 firms have met or exceeded this benchmark.
British finance minister Rachel Reeves, the first woman to hold the role, praised the progress but stressed the need for continued efforts. "The UK is leading the charge for gender equality in boardrooms, but we cannot rest on our laurels," she said.
"We must break down the barriers that prevent many women from securing decision-making roles, ensuring that top talent reaches the highest levels of leadership in businesses driving economic growth across Britain," Reeves added.
However, among Britain’s 50 largest private companies, women hold only 31% of board seats—significantly lower than their representation in public firms, underscoring the need for broader efforts to close the gender gap across all sectors. Photo by Phil Whitehouse, Wikimedia commons.