As the number of women appointed to FTSE boards doubles, new research from Search Consultancy, the recruitment solutions company, reveals that UK plc is against the notion of either voluntary or compulsory quotas being foisted upon FTSE companies.
On the back of former minister Lord Davies urging FTSE 100 companies to sign up to a voluntary target of 25 per cent female board representation by 2015, Search’s Gender Contender research reveals almost two thirds (64 per cent) of UK businesses are fundamentally opposed to any form of voluntary quota whatsoever.
Amongst those favouring the quota, 13 per cent polled felt that the proposed figure of 25 per cent board representation was pitched at the right level, whilst a further 14 per cent felt it was too low.
Since Lord Davies’ announcement in February, 23 women have already been recruited to boards this year, representing about 30 per cent of total board appointments.*
Lord Davies and Business Secretary Vince Cable are currently urging FTSE 350 companies to set their own “challenging targets” and publish their aims by this September, making it clear that unless they see firm evidence of progress they will consider legislation to forcibly impose a quota.
Yet the Gender Contender research shows that resentment to compulsory measures is even greater with four out of five businesses opposing a compulsory quota, believing that it’s not for the government to intervene.
Grahame Caswell CEO at Search Consultancy, said: “We salute the fact that the likes of Astrazeneca, Reckitt Benckiser and British Land have all appointed female directors since the publication of Lord Davies’ Women on Boards Report earlier this year.
“What’s significant about our research findings however is that businesses across the country simply aren’t backing the concept of quotas per se.
Caswell added: ”As a 500 strong recruitment business passionate about equal opportunities, we welcome this cultural shift to dilute the male dominated boardroom. In our experience over the last two decades across all sectors, senior female executives bring a colossal amount to the top table.
“Unless they make changes fast, the writing’s definitely on the wall for FTSE companies as this appears to be a coalition priority. Norway, for example, where there’s a legally enforced 40 per cent quota across corporate boards, might just be a glimpse into our future.”
On Monday this week, at the Cass Business School in London, a new organisation committed to smashing the 25 per cent voluntary quota was launched. Appropriately named the 30% Club, it has already been backed by industry giants such as Roger Carr of Centrica, Sir Philip Hampton of RBS, Charlie Mayfield of John Lewis and Steve Varley of Ernst & Young.