In a sobering revelation, the latest Female FTSE Board Report has found that while overall gender diversity in FTSE 250 boardrooms is on the rise, the number of women holding executive director positions has plummeted by a staggering 11% since 2022. This stark contrast exposes the persistent barriers preventing women from securing the most influential roles in Britain’s leading companies, despite progress in non-executive appointments.
The Executive Gender Paradox
According to the report, conducted by Cranfield University and EY, women now hold an impressive 42% of overall directorships on FTSE 250 boards—a 3% increase from 2022. Furthermore, 70% of these companies have met the government-backed target of having at least 40% female representation on their boards. However, beneath these encouraging headlines lies a troubling reality.
Professor Sue Vinnicombe, who has overseen the Female FTSE Board Report since its inception in 1999, describes the phenomenon as an “executive gender paradox.” While women are making strides in securing non-executive director (NED) roles, their presence in the most senior executive positions is dwindling. Of the 793 women holding directorships on FTSE 250 boards in 2024, a mere 10 are chief executives—a 17% decline from 2022—and only 23 are chief financial officers, marking a 12% decrease.
Barriers to the C-Suite
The report identifies several factors contributing to the glass ceiling that prevents women from reaching the highest echelons of corporate power. Maternity bias, inadequate childcare policies, and the male-dominated nature of executive environments are cited as significant obstacles. Professor Vinnicombe emphasizes that even when women do break through to the C-suite, they often find themselves in unsupportive and hostile atmospheres.
“Through their own tenacity, drive and experiences some women do make it to the top positions, but once they get to the C-Suite they often find themselves unsupported and in a hostile, macho environment,” Professor Vinnicombe explains.
The Need for Meaningful Change
To address these deeply entrenched issues and drive genuine progress, experts argue that companies must take decisive action. This includes:
- Confronting unconscious biases in hiring and promotion processes
- Implementing robust support systems for women in executive roles
- Cultivating inclusive workplace cultures that value diversity
- Offering comprehensive childcare benefits and flexible working arrangements
- Establishing mentorship and sponsorship programs to nurture female talent
Only through such targeted initiatives can companies hope to dismantle the barriers that have long prevented women from reaching the pinnacle of corporate leadership. As Professor Vinnicombe asserts, addressing these issues is crucial for achieving “significant and meaningful changes in the numbers of women executive directors.”
A Call to Action
The findings of the Female FTSE Board Report serve as a stark reminder that despite progress in overall board diversity, true gender equality in the upper echelons of business remains elusive. As pressure mounts on companies to take bold steps towards creating more inclusive and equitable workplaces, the onus is on leaders to champion change from the top down.
By confronting the systemic barriers that hinder women’s advancement and fostering environments where all talent can thrive, businesses can unlock the full potential of their workforce and reap the benefits of diverse leadership. The time for incremental change has passed; now is the moment for transformative action to shatter the glass ceiling once and for all.
