Women now make up 43% of Britain's top boardrooms, report says

LONDON (Reuters) - Women make up about 43% of the boards of directors of Britain's 350 biggest public companies, according to a government-backed report published on Tuesday that also said more work was needed to boost women's representation in leadership roles.

In 2024, FTSE 350 companies had women on 43.4% of company boards compared with 40.2% a year earlier, while women held 35.3% of leadership roles versus 33.5% in the previous year, the FTSE Women Leaders Review report said.

For FTSE 100 companies, women's representation on boards was 44.7% in 2024 while in senior leadership roles it was 36.6%. There was progress from a year ago on both counts.

Board positions can include non-executive positions that lack decision-making functions akin to the role of a CEO.

The report also showed that the number of women CEOs among FTSE 350 companies fell for the second consecutive year - from 21 in 2022 to 20 in 2023, and now to 19 in 2024.

Still, the government said overall progress was positive, given Britain's voluntary, business-led approach to diversity.

In contrast to countries such as France and Belgium, Britain does not have a mandatory quota system for women on boards at publicly listed companies, but its rules say these firms should have at least 40% of female representation on their boards.

Almost three quarters of the FTSE 350 companies were meeting or exceeding the 40% target, the report said.

"The UK is leading the charge for gender equality in boardrooms, but we cannot rest on our laurels," British finance minister Rachel Reeves, herself the first ever woman in the role, said in a statement.

"We must break down the barriers that stop many women being represented in decision-making roles, so that top talent reaches the highest levels of leadership in businesses driving economic growth across Britain," she added.

Among Britain's 50 biggest private companies, the proportion of women on boards of directors was less than at their public counterparts, at 31%, the report said.

(Reporting by Sachin Ravikumar; Editing by Gareth Jones)