By: Aparna Sreevalsan
BUSINESS minister Paul Scully has urged UK FTSE-listed companies to continue to address the lack of women in the boardroom and close the gender gap on all issues. The government and business secretary Kwasi Karteng acknowledge change and improvement has taken place – but say there is still some way to go.
“Evidence shows that more diverse businesses are more successful”, said Scully. The government is expecting at least 40 per cent of women on every FTSE board, while encouraging more women into executive positions to improve the “pipeline” of board candidates.
The Alexander Hampton Review, which was established by the government, has helped boost the number of women on boards by 50 per cent in the five years, since that report was published. According to the latest figures (published in February 2021), 34.3 per cent (more than a third) of FTSE350 board positions are held by women; the number has risen from 682 in October 2015 to 1026 in January 2021, which is a 50 per cent increase over the last five years.
For the first time, the FTSE100 has two companies with more women represented on their board than men: Diageo Plc (60 per cent) and Severn Trent Plc (55.6 pre cent). Four companies in the FTSE350 have a woman CEO and Chair pairing: Admiral Group Plc, Pennon Group Plc, Severn Trent Plc, and Direct Line Insurance Group Plc.
Kwasi Kwarteng MP, Minister of State of London (Department for Business, Energy, & Industrial Strategy). Getty Images.
Following the Hampton review, Kwarteng said: “The UK government’s voluntary, business-led approach to increasing women’s boardroom representation has been hugely successful and will”. – there looks like something has been inadvertently cut here
The government launched a fresh five-year review and reopened its online portal on Monday (Nov 1), asking firms to submit their data on gender diversity before November 30, this year. The new five-year review is expected to improve the number of female executives we see in positions of power in British-based companies – since the numbers of chief executives and chairs across the FTSE 100 remain relatively low.
In a similar vein, researchers from a university-based study have just published a
100 Women to Watch List
, believing many should be leading or taking up positions of authority in FTSE 350 companies. The list presents 100 women who are suited to taking up non-executive director (NED) positions on the boards of FTSE 350 companies in the future.
According to the author (Hilary Sears), Non-Executive Directors are a vital component on boards and the best can easily go onto becoming directors and chairs of companies. This study by Cranfield University’ School of Management was published on October 7.
Out of those 100 spotlighted in this report, the Asian Media Group (AMG), estimate a total of 31 on the list are from ethnically diverse backgrounds, either being South Asian, Asian, or women of black heritage. The report does not categorically state the entries’ ethnicity and there is no register in the list of Black Indigenous People of Colour (BIPOC) which denotes people of varied and diverse heritages on the list.
Arunma Oteh, Saïd Business School, ex-Treasurer, World Bank. Getty Images
Three of those on the list are Cindy Rampersaud, Arunma Oteh, and Negin Yeganegy.
Cindy Rampersaud, senior vice president, BTEC Apprenticeships, Pearson Plc, has built a successful finance career with Ladbrokes, Virgin, Warner Brothers and finally as Vice President Finance at EMI Music. She became the Deputy Principal at City and Islington College and then Deputy Further Education Commissioner with the Department of Education. She Co-Chairs Pearson’s Diversity and Inclusion taskforce. She is a board member of the UK- ASEAN Business Council and a London Film School governor.
Arunma Oteh, Saïd Business School, ex-Treasurer, World Bank, is an Academic Scholar at St Antony’s College and an Executive-in-Residence at Saïd Business School, Oxford. She was previously VP and Treasurer of the World Bank (2015-8). Other roles in Nigeria included Director General, Securities and Exchange Commission, and Group VP and Group Treasurer, African Development Bank Group. She is a member of the London Stock Exchange Africa Advisory Group.
Negin Yeganegy, group managing director, Perfect Moment, joined Perfect Moment (Ski/sportswear) in 2020 to lead on digital expansion and sustainable forward strategy. Previously Global Group E-Commerce Director at Yoox Net-a-Porter Group, In seven years on assignments in Europe, Australia, India, and Germany with Thought works (a global software/strategy consultancy with 9,000 plus employees), she worked with scale-ups and traditional enterprises, particularly in the Financial Services and Retail sectors.
FTSE refers to the rank of companies listed on the London Stock Exchange by market capitalisation.
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