On 29 October 2015, Lord Davies published his final report entitled ‘Improving the Gender Balance on British Boards’ which is a five year summary of progress in this area.
The Report highlights that the target of 25% of women on FTSE 100 boards has now been achieved and it sets five recommendations to continue this success:
- The voluntary approach which is business-led, should continue for a further five year period
- That the voluntary target for women's representation on FTSE 350 Boards be increased to 33% within five years and that all stakeholders work towards ensuring that increasing numbers of women are appointed to the roles of Chair, Senior Independent Director and to Executive Director positions
- That FTSE 350 companies extend the best practice seen at Board level on gender balance to their executive committees and in the most senior leadership positions
- That an independent steering group be established made up of business and subject matter experts with a new chair and members
- That the new steering group should review the recommendations 1 - 4 outlined above and, after consultation with key stakeholder, publish more detailed comments at the start of 2016.
The report includes details on the current percentage of women on boards across Europe, which shows the Irish figure as 12.7% (based on data recorded in October 2015).