Women make up bulk of new non-exec directors for first time
Women made up the majority of newly appointed non-executive directors to FTSE 150 boards last year for the first time, new analysis of UK boardrooms has shown.
Read more: UK women earn £260,000 less than men over working life
In the 2018-19 financial year, a record 72 per cent of FTSE 150 boards appointed a new non-executive director as they sought to reinvigorate their companies. This was up from 65 per cent in 2018, executive search firm Spencer Stuart said today.
“The class of 2019 showcase record levels of diversity – whether in terms of education, experience, skills, gender, race, ethnicity, nationality, and age,” said Tessa Bamford, a member of Spencer Stuart’s board practice.
However, big business in the UK has a long way to go in terms of gender diversity. There are only six women CEOs of FTSE 100 companies and firms reported significant gender pay gaps earlier this year.
Out of the newly-appointed non-executive directors to the 150 biggest UK companies, over a quarter were first-time directors. The average age of all new non-executive directors was 57, Spencer Stuart said.
A third have a financial services background and a quarter were experienced CEOs. More than 90 per cent did not attend Oxbridge, a figure that stands in stark contrast to 55 per cent of the latest UK cabinet.
Bamford said: “Boards are recognising the strategic imperative for new perspectives and experience in the boardroom. As we continue to see a reduction in the number of chairs and CEOs holding outside board roles, there is increased opportunity to breathe new life into corporate Britain.”
She added: “To remain relevant, to be able to make a meaningful contribution to strategy and challenge management effectively, boards need to refresh themselves continually and seek out directors who can bring in much-needed knowledge and experience from the front line.”
(Image credit: Getty)