Women executives confront greater oversight than men, head of Government-backed review reveals
A significant milestone has been reached in the boardrooms of Britain’s largest listed companies, with women now holding 43% of all FTSE 350 board positions, according to the latest government-backed FTSE Women Leaders Review. This figure represents a dramatic leap from just 9.5% when the review began fifteen years ago and places the UK second globally for such representation, behind only France, which enforces mandatory quotas.
However, this headline progress masks a stark and persistent divide at the very apex of corporate power. The review reveals that the pace of change has effectively stalled, with the 43% board representation figure remaining virtually unchanged from 2024. More critically, progress in the most powerful executive roles is described as “achingly slow.” While over 70% of FTSE 350 firms have met a voluntary 40% target for women on boards, the picture for women in leadership is one of entrenched disparity.
The Stalled Path to the Top
The data shows that women occupy 35.3% of leadership roles—defined as executive committee positions and their direct reports—across the FTSE 350, a marginal increase. The real deficit is in what the review terms the “four key roles”: Chair, Chief Executive Officer, Senior Independent Director, and Finance Director. Representation in the Senior Independent Director role is strong at 56%, but it plummets elsewhere.
Only 7% of FTSE 350 CEOs are women, a total of just 19 individuals, down from 20 the previous year. Just 17% of Chair roles and 22% of Finance Director roles are held by women. Vivienne Artz, Chief Executive of the FTSE Women Leaders Review, stated that the “pace of change is naturally beginning to level as parity approaches” for boards, but acknowledged that progress for these top executive jobs remains minimal.
“It’s because they are incredibly demanding and difficult roles to fill,” Ms Artz told the Press Association, arguing that companies too often revert to the “safe option” of recruiting someone who has “done it before.” This approach, she warned, meant businesses were not fishing in new talent pools or properly evaluating skills and expertise.
Scrutiny, Bias, and the Childcare Ceiling
Beyond a narrow recruitment pool, the review and its chief executive point to deeper cultural barriers. Ms Artz stated that female CEOs face greater scrutiny and are judged on different criteria than their male counterparts, with personal topics like marriage and children becoming distracting talking points that can “diminish the credibility of the leader.”
Unconscious bias, stemming from ingrained stereotypes about leadership traits, continues to hinder women’s advancement. This is compounded by a lack of access to informal networks and critical assignments necessary for career progression. Furthermore, the high cost of childcare in the UK presents a formidable structural barrier. Ms Artz argued that these costs force families into decisions that can “derail” or “sideline” a woman’s career, with women more likely to seek flexible working arrangements that can later see them overlooked for promotion.
The situation in the UK’s 50 largest private companies mirrors this mixed picture. While 37% of leadership roles are held by women, board representation is polarised, with over a third of companies performing strongly and more than half falling below 33%.
Leaders and Laggards
The review highlights a clear divide in corporate performance. Drinks giant Diageo and The Co-operative Group lead the field with women making up 77.8% and 72.7% of their boards respectively. They are joined by firms including Marks & Spencer, HSBC, and water companies Severn Trent and Pennon Group, all of which have female board representation exceeding 60%.
In leadership roles, Burberry Group leads the FTSE 100 with 54% women in senior positions, followed by retailers Next and Sainsbury’s. At the opposite end of the spectrum, parcel delivery firm Evri and yoghurt maker Muller have no women on their boards. Pub groups Mitchells & Butlers and Wetherspoons sit near the bottom with around 22% representation, while Games Workshop and miner Fresnillo are among those with the lowest proportion of women in senior leadership roles.
The corporate landscape has seen recent high-profile changes, with a flurry of female CEOs like GSK’s Dame Emma Walmsley, Severn Trent’s Liv Garfield, and Diageo’s Debra Crew departing top listed companies, often replaced by men. In a counterpoint, energy giant BP is set to appoint its first ever female chief executive in April.
Government Pledges and Economic Imperatives
Responding to the report, Chancellor Rachel Reeves said the data “shows how far we’ve come,” but conceded “there is still a long way to go as women remain under‑represented in key executive roles.” She tied the issue directly to economic performance, stating, “When they can participate fully at every level, organisations make better decisions, innovate more and perform more strongly, boosting our whole economy.”
Business and Trade Secretary Peter Kyle echoed the sentiment, saying he was “pleased the UK continues to lead the charge for gender equality in boardrooms” under its voluntary target system, but added, “be in no doubt that despite this progress, there is still much more work to do.” The government has pointed to initiatives like the Employment Rights Act, stronger protections for mothers, and enhanced gender pay gap transparency as part of its approach to addressing the remaining barriers.
