Women Economic Engagement,
Dublin, April 29-30 2013
The UK’s “Voluntary Business-led
approach” to women on boards
Dr Ruth Sealy
Cranfield School of Management
The Davies Review and
Report
• Lord Mervyn Davies: ex-trade minister, exChairman of Standard Chartered Bank
• Extensive consultation meetings
• Online submissions
• Online survey 2,600+ responses
• Report March 2011
• 10 major recommendations
• Results by 2015 or quota threat
Female FTSE Index 2010 – 2013
Female FTSE 100
October
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
Date
No of
Boards
with
Women
21
March
2011
79
11
March
2012
89
6
March
2013
94
Percentage of Directorships
going to Women
Female FTSE
100
2010
Sept 2011 Mar 2012 Sept 2012 Mar 2013
(6 mth)
(6 mth)
(6 mth)
(6 mth)
New female
appointments
18
21
45
26
19
New male
appointments
117
72
123
33
55
Total new
appointments
135
93
168
59
74
44.1%
25.8%
Female % of
new
appointments
13.3% 22.50% 26.7%
Predicting percentages of WoB
2011 - 2020
FTSE 100 New Female
Appointments Experience
FTSE 250…Catching up
FTSE 250 Companies
Female-held directorships
Female executive directorships
Female non-executive
directorships
Companies with at least one
female director
Companies with multiple female
directors
2012
2013
189
(9.4%)
28 (4.6%)
168
(11.4%)
267
(13.3%)
32 (5.4%)
235
(16.6%)
135 (54%) 183 (73%)
47 (18.8%) 68 (27%)
FTSE 100 Female Executives
Year
Executive Committee
Member
Executive Board
Directors
2007
122 (16.3%)
13 (3.6%)
2008
139 (13.0%)
17 (4.8%)
2009
175 (18.1%)
17 (5.2%)
2010
161 (17.2%)
18 (5.5%)
2013
176 (15.3%)
18 (5.8%)
Individuals Internally Promoted
to Executive Committee
62%
48%
Female
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 Companies
Number of WoB
Percentage WoB
Female-held directorships
215
7.6%
Female executive
directorships
60
5.2%
Female non-executive
directorships
155
9.2%
Average board size
6.5
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!