Women’s representation on UK boards remains steady at 43% of FTSE 350 roles, unchanged from last year, while top executive positions continue to be dominated by men, according to the latest FTSE Women Leaders Review.
Despite overall progress, the imbalance is most evident at executive level, where women remain underrepresented in CEO and chair roles, highlighting the gap between boardroom representation and real operational power.
The government-backed, business-led initiative, sponsored by KPMG UK and Lloyds Banking Group, reports sustained momentum as it concludes the final year of its five-year term. The figures mark a dramatic shift from 2011, when women held just 9.5% of FTSE 350 board positions.
Nine out of ten FTSE 100 companies (92%) and 88% of the FTSE 350 have reached or are near the target of 40% women on boards. Of those, 69% have already achieved the 40% threshold. The progress reflects particularly strong gains among non-executive directors (NEDs), where women now hold 49% of FTSE 350 roles, effectively achieving gender balance.
EXECUTIVE LEADERSHIP REMAINS MALE-DOMINATED
The transformation, described by the Review as “truly inspirational”, has unfolded over 15 years and has accelerated during the most recent five-year cycle. That said, although boardrooms have shifted decisively, executive leadership remains more stubbornly male-dominated. Women continue to be underrepresented in key executive roles, particularly chair and chief executive positions.
A central focus of this phase of the Review has been to extend progress beyond boards into senior leadership and into the UK’s 50 largest private companies. Here, too, there have been steady year-on-year gains. Some 64% of FTSE 350 companies have achieved or are near the 40% target for women in leadership roles, rising to 78% among the UK’s largest private firms.
Internationally, the UK now ranks second in the G7 – behind France, where a mandatory quota system is in place – in relation to available index data. Unlike some counterparts, the UK’s progress has been secured entirely through voluntary action by business rather than legislation. With 350 listed companies and 50 major private firms in scope, the Review’s scale exceeds that of its international peers.
GENDER EQUALITY IN THE BOARDROOM
Rachel Reeves, the Chancellor, said the findings highlighted both the distance travelled and the work still ahead. “This report shows how far we’ve come, with women now holding 43% of FTSE 350 board roles, up from just under 10% in 2011. But there is still a long way to go as women remain underrepresented in key executive roles,” she said. “As Chancellor, I’m clear there should be no ceiling on a woman’s ambition. When they can participate fully at every level, organisations make better decisions, innovate more and perform more strongly, boosting our whole economy.”
Peter Kyle, the Business and Trade Secretary, echoed the sentiment. “It’s essential that our top talent can reach the highest levels of leadership, which is why I’m so pleased the UK continues to lead the charge for gender equality in boardrooms,” he said. “However, be in no doubt that despite this progress, there is still much more work to do. We continue to work with business leaders and investors to unlock opportunities for women and ensure the UK economy is firing on all cylinders while being competitive as it can be.”
ACCELERATING PROGRESS FOR WOMEN LEADERS
Seema Malhotra, the Equalities Minister, pointed to broader reforms aimed at sustaining momentum. “In fifteen years, women have moved from the periphery to the heart of the boardroom, showcasing the power of voluntary business-led efforts,” she said. “Aligning with the Review’s ambitions, this government is accelerating progress for women in leadership through the Employment Rights Act, a landmark shift providing stronger protections for mothers, tougher sexual harassment laws, and enhanced gender pay gap transparency. We’re also supporting women at work with expanded childcare hours and wraparound provision like free breakfast clubs.”
Economic growth “is our primary mission and creating a diverse workforce enables creative and innovative decision making, as well as ensuring companies remain relevant, competitive and sustainable, securing our position as a leading global economy,” added Malhotra. “The bottom line is that gender equality in the workplace is not a ‘nice to have’, it’s a business need.”
CHAMPIONING WOMEN’S REPRESENTATION ON BOARDS
Vivienne Artz, Chief Executive of the FTSE Women Leaders Review, said the sustained commitment of companies had been decisive. “The progress that has been made in transforming gender balance at the top of the UK’s biggest businesses has been truly inspirational and is testament to their sustained focus and determination over many years,” she said. “Despite competing priorities, companies have remained steadfast in their commitment, reinforcing the UK’s reputation for championing women’s representation on boards and leadership teams.
With the majority of businesses “achieving or near the 40% target, companies are reaping the rewards of diversity in leadership and are building a strong pipeline of female talent driving future growth and success,” added Artz.
The Review’s next iteration will be known as “The Women Business Leaders Review: Spotlighting the UK’s Progress Towards Gender Balance”. It will refine its recommendations, engage new sponsors and continue its business-led approach to promote transparency and hold organisations accountable for achieving gender balance at the top of UK business.
BUILDING A STRONG PIPELINE OF WOMEN
Sir Robin Budenberg, Chair of Lloyds Banking Group, said the initiative had galvanised action across the corporate sector. “The FTSE Women Leaders Review has rallied organisations to act with purpose, transparency and commitment, in support of female leadership and the progression of talent in the workplace,” he said. “Lloyds Banking Group is proud to have backed this business-led effort and will continue to uphold its recommendations, with over 40% of our leadership positions currently held by women. As this phase of the Review concludes, we remain focused on creating teams which will support better business and stronger communities for the future.”
HOW TO CONTINUE TO IMPROVE GENDER EQUALITY
While significant progress has been made in increasing women’s representation in UK business leadership, sustained effort is needed to achieve lasting gender balance. Organisations making the most progress tend to focus on the following practical actions:
1. Create an inclusive culture
Leadership must take visible ownership of diversity goals, embedding inclusion into strategy, culture and day-to-day practices. Inclusive values should be clearly communicated and embraced across the organisation.
Why it matters: An inclusive culture enables people to perform at their best, strengthens innovation, broadens perspectives and supports long-term commercial growth.
2. Set public targets and track progress
Companies should set ambitious, time-bound public targets for women in senior leadership and monitor progress through robust internal data.
Why it matters: Public commitments drive accountability, signal serious intent and support meaningful policy and behavioural change.
3. Develop the women’s talent pipeline
Focus on retaining, developing and promoting talented women. This includes leadership development opportunities, reviewing attrition rates, creating shadow boards or board apprenticeship schemes, and encouraging early non-executive experience.
Why it matters: A strong internal pipeline ensures there are qualified women ready to step into senior roles, reduces attrition and enhances organisational reputation.
4. Prioritise retention before recruitment
Organisations should first focus on retaining and progressing talented women internally. Recruitment processes should be inclusive, with diverse shortlists, bias training for hiring managers, and scrutiny of executive search firms’ diversity credentials.
Why it matters: Retention reduces costs and disruption, while inclusive recruitment strengthens diversity across senior leadership and improves business outcomes.
5. Establish mentoring and sponsorship programmes
Targeted mentoring and sponsorship programmes for women, including reverse mentoring, can provide critical career advocacy and development support.
Why it matters: Women are less likely to have sponsors; formal programmes significantly increase promotion rates and help unlock leadership potential.
6. Review parental leave policies
Policies should be fair, flexible and transparent, with structured support before, during and after leave, including returner programmes.
Why it matters: Equitable parental leave supports shared caregiving, reduces career breaks for women and helps retain experienced talent.
7. Modernise ways of working
Flexible and hybrid working options should be embedded into policy, with a genuine right to request flexibility and experimentation with new working models.
Why it matters: Flexible working helps address the disproportionate caring burden on women and enables talented employees to balance work and home responsibilities productively.
8. Build diversity networks
Women’s networks and structured forums provide connection, peer support and professional development opportunities.
Why it matters: Networks foster community, knowledge-sharing and collective problem-solving, strengthening engagement and career progression.
FAIRNESS MATTERS
Progress is strongest where organisations combine leadership accountability, measurable targets, inclusive culture, strong talent pipelines and practical policy reform. Gender equality is not only a fairness issue, it is a strategic business imperative that drives innovation, competitiveness and sustainable growth.
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