Dr Ruth Sealy Cranfield School of Management The UK’s “Voluntary Business-led approach” to women on boards Women Economic Engagement, Dublin, April 29-30.

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Presentation transcript:

Dr Ruth Sealy Cranfield School of Management The UK’s “Voluntary Business-led approach” to women on boards Women Economic Engagement, Dublin, April

Lord Mervyn Davies: ex-trade minister, ex- Chairman of Standard Chartered Bank Extensive consultation meetings Online submissions Online survey 2,600+ responses Report March major recommendations Results by 2015 or quota threat The Davies Review and Report

Female FTSE Index 2010 – 2013 Female FTSE 100October 2010 March 2012 Sept 2012 March 2013 Female held directorships 135 (12.5%) 163 (15.0%) 191 (17.4%) 194 (17.3%) Female executive directorships 18 (5.5%) 20 (6.6%) 21 (6.7%) 19 (6.1%) Female Non-Executive Directorships 117 (15.6%) 143 (18.3%) 170 (21.7%) 176 (21.8%)

Women on Boards 2013 No. of All Male Boards DateNo of Boards with Women 21 March March March

Female FTSE Sept 2011 (6 mth) Mar 2012 (6 mth) Sept 2012 (6 mth) Mar 2013 (6 mth) New female appointments New male appointments Total new appointments Female % of new appointments 13.3%22.50%26.7%44.1%25.8% Percentage of Directorships going to Women

Predicting percentages of WoB

FTSE 100 New Female Appointments Experience

FTSE 250…Catching up FTSE 250 Companies Female-held directorships 189 (9.4%) 267 (13.3%) Female executive directorships28 (4.6%)32 (5.4%) Female non-executive directorships 168 (11.4%) 235 (16.6%) Companies with at least one female director 135 (54%)183 (73%) Companies with multiple female directors 47 (18.8%)68 (27%)

FTSE 100 Female Executives YearExecutive Committee Member Executive Board Directors (16.3%)13 (3.6%) (13.0%)17 (4.8%) (18.1%)17 (5.2%) (17.2%)18 (5.5%) (15.3%)18 (5.8%)

Individuals Internally Promoted to Executive Committee 48% Female 62% Male

EU Directive could affect up to 950 UK companies A turnover of more than €50million and/or more than 250 employees 433 Additional Listed CompaniesNumber of WoBPercentage WoB Female-held directorships2157.6% Female executive directorships 605.2% Female non-executive directorships % Average board size6.5

Challenges  Principles, not rules: “Comply or Explain”  No sanctions  Driven by the voluntary actions of the Davies Steering Committee  Driven by media coverage and peer pressure – less so for FTSE 250  Driven by the threat of legislative intervention

The Partnership Approach  Business: Chairmen, Heads of Diversity, Senior Women  Government: Equalities and Business, at the highest levels  Media – generous with time and information, lengthy conversations, changed the way the issue is reported. Has played a substantial part in moving debate forward.  Academia – we monitor and report constantly!