Women currently make up 43% of directors on FTSE 100 boards and 42% on FTSE 250 boards – meeting the Women Leaders Review targets
However, the number of women holding executive positions fell from 47 in 2022 in the FTSE 250 to 42 in 2024 – a decline of 11%
The number of women holding executive directorships on FTSE 250 boards has fallen in the last two years, declining 11% from 47 in 2022 to 42 in 2024, according to Cranfield University’s latest Female FTSE Board Report, supported by EY. The decline comes despite overall female representation on FTSE 250 boards continuing to rise, and means women now represent just 12% of executives across these companies.
Now in its 25th year, the Female FTSE Board Report research found that 42% of overall directorships on FTSE 250 boards are currently held by women – an increase of 3% from 2022. 174 FTSE 250 companies have at least 40% females on their board, meaning 70% have now met the Women Leaders Review target.
Of the 793 women holding directorships on FTSE 250 boards in 2024, just 10 are Chief Executive Officers (CEOs) (a 17% decline from 2022), 23 are Chief Financial Officers (CFOs) (a 12% decline from 2022), 35 are Chairs (the same as 2022), and 125 are Senior Independent Directors (SIDs) (a 50% increase from 2022). This means the increase in female representation in directorships FTSE 250 boards was solely driven by women in NED roles.
This year’s report identifies maternity bias, childcare policies and the male-dominated executive environment as factors that prevent women from securing the top roles.
Across the FTSE 100, 74 companies have met the target of having 40% women on their boards. 43% (450) of FTSE 100 directorships are held by women, however, just ten are CEOs, 24 are CFOs, 165 are Chairs, and 409 are NEDs. Just 36 companies in the FTSE 100 have women in ED roles.
As part of the 2024 report Cranfield conducted a special project to analyse the gender balance and experience of female CFOs across the FTSE 350, and found that there was a missed opportunity to increase the number of women in CFO positions in the last two years.
There were 28 outgoing CFOs across the FTSE 250 over the past year, but just three females were appointed to this role during the same period, taking the total number of female FTSE 250 CFOs to 23 (making up just 13% of all FTSE 250 CFOs). Similarly, there were 29 outgoing CFOs across the FTSE 100 since 2022, with just eight females appointed to this role during the same period, taking the total number of female FTSE 100 CFOs to 24 (making up 24% of all FTSE 100 CFOs).
Sue Vinnicombe, Professor of Women and Leadership at Cranfield School of Management, who has overseen the Female FTSE Board Report since 1999, said: “To say that’s disappointing in 2024, 25 years on from when I started this report, is a huge understatement. It’s clear that many issues still must be addressed before we can really expect to see significant and meaningful changes in the numbers of women executive directors. With the percentage of women in director roles meeting the Women Leaders Review targets, the headlines look great – but the persistent reality remains, that the glass ceiling for women in executive level positions is still stubbornly in place. An ‘executive gender paradox’ across FTSE 250 boards has emerged, as the gap between the number of women in NED roles and executive roles grows.”
Anna Anthony, EY UK&I Regional Managing Partner-elect and UK Financial Services Managing Partner, said: “Female representation in the most influential roles is a key pillar of true gender parity, and we need to see growth across both non-executive and executive directorships. Companies must do more to grow the pipeline, better support women to senior management and executive positions, and aim to go above and beyond minimum requirements.”
