The Female FTSE Board Report 2012 - Milestone or Millstone?

Milestone or Millstone?The Female FTSE Board Report 2012

Cran�ield International Centre for Women LeadersDr Ruth Sealy and Professor Susan Vinnicombe OBE

The Female FTSE board report Supporting Sponsors:

2012

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FOREWORD

FemaleFTSEReport

Gettingmore women onto the boards of our top companies is good for our economy and good forwomen.Thereisgrowingevidencethatcompanieswithmorediverseboardsperformbetter:achievinghigher sales,higher returnson investedcapital andhigher returnsonequity.This report shows thatmore and more of our top companies are recognising the fresh perspectives, innovative ideas andexperience that top women can bring. They know that a company board that better re lects itscustomersisbetterabletounderstandtheirneeds.And,asthisreportshows,ourbestbusinessesaretakingaction.Overthepastyearwehaveseenanunprecedentedincreaseinthenumberofwomenonboards.Ifwecontinuetomakesuchstrongprogress,by2015wecouldmorethandoublethepercentageofwomenonboardsfromwhenwestartedworkinthisarea.Thatishugelyencouragingnews.IamalsopleasedtoseethatthenumberofallmaleboardsintheFTSE100hasnearlyhalved.Inthemodernworld,therecanbenoexcusesforhavingamale‐onlyboard.Thatiswhyitisalsoencouragingtosee that themajorityofFTSE250companieshaveat leastonewomanontheirboard for theveryirst time. That the increase of women on FTSE 250 boards has come equally from companiesappointingthe irstwomantotheirboardascompaniesappointingtheirsecondwomanalsoprovidesuswithreassurancethatthisisnotmeretokenism.ThereisnodoubtthatLordDavies’tremendousworkonthisissuehasbeenthekeydrivingforce.ButIalsowanttothankthecompaniesandorganisationsthathavehelpedbringabouttheprogresswehaveseen.TheFinancialReportingCouncil’samendmentstotheCorporateGovernanceCodewillstrengthenthe principle of boardroom diversity. The new code on diversity developed by the head‐huntingindustrywillhelpbringforwardawiderrangeofcandidates.Andtheinvolvementofinvestorswhoareincreasingly asking companies to demonstrate their commitment to this agenda is anotherwelcomesign.Ialsowanttopraisethecompaniesinvolvedandespeciallythosewhohavesetaspirationaltargetsforthenumberofwomenontheirboards.Theyarepubliclydemonstratingthattheyarethemostforwardthinkingcompaniesinthiscountry.Everybigbusinessshouldfollowtheirlead.IamproudoftheprogressmadebyBritishbusiness,butthereisstillalongwaytogo.Sowewillnowbe working with business, with Lord Davies and with other key organisations to maintain andaccelerate momentum. In particular, I want us to look at how we improve the number of womenholdingseniorexecutivepositionsaswellasthoseholdingnon‐executivedirectorships.Thisreportshowsthatabusiness‐ledapproachcanbringrapid,realandimpressiveresults.Itisnowupto business to go further and faster. We will be supporting and encouraging business to continueachievingthepositivechangethatisgoodforwomen,goodforbusinessandgoodforBritain’seconomy.RtHonTheresaMayMPHomeSecretaryandMinisterforWomenandEqualities

TheFemaleFTSEBoardReport

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FromTheChairman

WhenItalktomyfellowchairmen,Iamheartenedthattheyareprioritisinggenderbalanceintheirorganisations,notonlybecauseitistherightthingtodo,butmoreimportantlybecausetheyrecognisethebene itsfortheirbusinessesandforsocietyofdrawingfromthewidesttalentpoolavailableandofbuildingthestrongestleadershipteamswecan.AyearonfromthespuroftheLordDaviesreport,wearealreadyseeingpositivemeasurableimpact.IndeedthelastyearhasseenthefastestpaceofchangesincetheinceptionoftheFemaleFTSEBoardReport,andthe2011reportalsoindicatesthatthemomentumcontinuestogrow.Thereisstillmuchtobeachieved,however,andthoseofuswhositonFTSEboardsmustcontinuetodrivethistransformationpurposefullywithinourorganisations.AtBarclays,Citizenshipisoneofourfourexecutionpriorities,andcreatinganenvironmentconducivetogenderbalanceisattheheartofourdiversityandinclusionagenda.Citizenshipspansallelementsofourbusinessandincorporatescolleagues,customersandclients,andthecommunitiesinwhichweoperate.Weworkactivelytorecruit,retain,developandpromotethebestpeople,andarekeentoincreasethenumberandproportionofwomeninleadershiproles.Indeed,ourcommitmenttoensuringthatourboardismadeupofindividualswithanappropriaterangeofskillsandexperiencesrecognisesthebene itofdiversity,inallsensesoftheword.IamextremelyproudoftheworkBarclaysdoeswithinourorganisationtomeetourcommitmentsinthisarea.OursupportoftheFemaleFTSEBoardReportcontinues,becauseCran ield’sresearchhelpstomovethedebatenationallyandinternationally.Weareproudtoplayourpart.MarcusAgiusBarclaysChairman

FROMTHECHAIRMAN


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Female FTSE Index and Report 2012 RuthSealy&SusanVinnicombe

Contents

Page ExecutiveSummary……………………………………………………………………..06

1. Introduction……………………………………………………………………………12

2.Methodology…………………………………………………………………………...14

3. FTSE100Companies2012………………………………………………………15

3.1 FTSE100CompanieswithFemaleDirectors2012………………………..15

3.2 FTSE100FemaleDirectors………………………………………………………….19

3.3 TheNewFTSE100DirectorAppointments2012………………………….21

3.4 ReportingandRegulation…………………………………………………………….28

4. FTSE250Companies……………………………………………………………….37

4.1 FTSE250CompanieswithFemaleDirectors………………………………...37

4.2 FTSE250WomeninTopRoles…………………………………………………….41

4.3 TargetsandPipeline……………………………………………………………………44

5. ConcludingRemarks………………………………………………………………..48

APPENDIX:Cran ield’sInternationalCentreforWomenLeaders…...49

CONTENTS


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ExecutiveSummaryFemaleFTSEBoardReport2012MilestoneorMillstone?2012hasseenastepchangeinthenumberofwomenappointedontoFTSE100companiesfollowingthepublicationoftheDaviesReportinFebruary2011.Thenumberofwomenholding163FTSE100boardseatsis141,anincreaseof25onthe2010 igures.Therearenow20femaleexecutivedirectorshipsand143femalenon‐executivedirectorships.Overallthepercentageofboarddirectorswhoarefemaleis15%,anupliftof2½%onwhatwasathreeyearplateau.Thenumberofcompanieswithnowomenontheboardhasdroppedto11andthenumberofcompanieswithmorethanonewomanontheboardhasincreasedto50.Table13:FTSE100andFTSE250Comparison

TopRankingofFemaleFTSE100Intopplaceofthisyear’srankingisDiageowithfourwomen,comprising44.4%oftheirboard.OneofthefourisChiefFinancialOf icerandtherearethreenon‐executives(NEDs).InsecondplaceisBurberry,withthreewomenoutofeightdirectors,whichisoneofonlythreeFTSE100companiesthathavetwofemaleexecutivedirectors(EDs).BurberryhasbothChiefExecutiveandChiefFinancialOf icerrolesheldbywomen.InthirdplaceisPearson,whohavealsohadtwofemaleEDsforanumberofyearsandhaverecentlyaddedasecondfemaleNED,takingtheirtotalnumberofwomentofour(33.3%).MorrisonSupermarkets,WhitbreadandAstraZenecaallcontinuetodowellwithpercentagesof28%,27%and27%respectively.IntercontinentalHotelshaveaddedafemaleEDandheadafurthergroupofninecompanieswhohavealreadyachievedthetargetof25%setbyLordDavies.Injoint16thplaceareRoyalBankofScotlandandMarks&Spencer,eachwiththreewomenoutof13boardmembers(23%).Marks&SpenceristhethirdcompanywithtwofemaleEDsandsincetakingthedataforthisreportinJanuary,theyhaveaddedafourthfemaledirector.Thiswouldhaveputtheminjoint4thposition,with29%.

AtJanuary2012 FTSE100 FTSE250

Female‐helddirectorships 163(15%) 189(9.4%)

Femaleexecutivedirectorships 20(6.6%) 28(4.6%)

Femalenon‐executivedirectorships 143(22.4%) 168(11.4%)

Companieswithfemaleexecutivedirectors 17(17%) 25(10.0%)

Companieswithatleastonefemaledirector 89(89%) 135(54%)

Companieswithmultiplefemaledirectors 50(50%) 47(18.8%)

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FTSE250OftheFTSE250companies,135(54%)nowhavewomenintheirboardrooms, inallymakingthoseall‐maleboardsaminority.This igureof135hasincreasedfrom119,butinterestinglythenumberofcompanieswithtwofemaledirectorshasalsoincreasedsubstantiallyfrom25to40.ThisindicatesthattheoverallpercentageincreaseofwomenonFTSE250boardshascomeequallyfromcompaniesplacingtheir irstandalsotheirsecondwomanontheboard.Therearenow10femaleCEOsandseveninancedirectorsontheFTSE250boards.TheNewFTSE100DirectorAppointments2012TheDaviesReport2011requestedthatFTSE350companiessetthemselvestargetsforthepercentageofwomenonboardstheyaimedtoachieveby2015.Itrecommendedaminimumtargetof25%forFTSE100companies.Basedontheturnover iguresfrompreviousFemaleFTSEReports(anaverageof14%oversixyears),theDaviesReportcalculatedthatifonethirdofallnewFTSE100boardappointmentsweregiventowomenbetween2011and2015,thenfromastartingpointof12.5%femaledirectors,a igureof23.5%couldbeachievedacrosstheFTSE100companiesby2015.Inthe12monthsprecedingJanuary2012,thepercentageofnewappointmentsgoingtowomenwasalmost25%.Whilstthis iguredoesfallshortoftheDaviestargetof33%,therehasbeenanincreaseintheturnoverofboardseats,whichnowstandsat17.5%,whichwill,ofcourse,alsoaffectthepaceofchange.IntheyeartoJanuary2012,47newappointmentsweretakenbywomen,sothisisalmostonthetargetof50setbyDaviesandshowsasubstantialturnaroundofbehaviourfromthoseinvolvedintheappointmentprocess.AsaresultwehavemadesomechangestotheunderlyingassumptionsinourmodelpredictingthepercentageofwomenonFTSE100boardsinthefuture.Thisnowindicatesthat26.7%ofdirectorswillbewomenby2015and36.9%by2020.These iguresexceedthetargetssetintheDaviesreport,butwillonlybeachievedifthemomentumforchangingthegenderbalanceofboardscontinues.TheFemalePipelineThirty‐fouroftheFTSE100companiesprovidedthepercentagesofwomenintheworkforceandatjunior,middle,seniorandexecutivelevel.FortycompaniesprovidedpipelinedatafromFTSE250companies.Thepictureacrossthesecompaniesingeneralisveryvaried.Clearlysomecompaniesareinvestingintheirfemaletalentpoolsandthisisre lectedinthenumbersofwomenatseniorandexecutivelevel,butthereisstillahugeamounttobedoneifmanagementwanttohavemorefemaleexecutivedirectors.

EXECUTIVESUMMARY


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FTSE100Ranking

Rank%ageofWomen

No.onBoard

No.ofWomen

Company FemaleDirectors Chairman

1st 44.44 9 4 DIAGEOPLCDeirdreMahlan,PeggyBruzelius,LaurenceDanon,BetsyDeHaasHolden

DrFranzHumer

2nd 37.50 8 3 BURBERRYGROUPPLCAngelaAhrendts,StaceyCartwright,StephanieGeorge

JohnPeace

3rd 33.33 12 4 PEARSONPLCDameMarjorieScardino,RonaFairhead,VivienneCox,Professor,DrSusanFuhrman

GlenMoreno

4th 28.57 7 2 MORRISON(WM.)SUPERMARKETSPLC PennyHughes,Johanna SirIanGibson

5th 27.27 11 3 WHITBREADPLCWendyBecker,SusanHooper,SusanMartin

TonyHabgood

5th 27.27 11 3 ASTRAZENECAPLCMicheleHooper,DameNancyRothwell,BaronessShritiVadera

DrLouisSchweitzer

7th 25.00 12 3 INTERCONTINENTALHOTELSGROUPPLC

TracyRobbins,JenniferLaing,YingYeh

DavidWebster

7th 25.00 8 2 SAGEGROUPPLC TamaraIngram,RuthMarkland TonyHobson

7th 25.00 12 3 NATIONALGRIDPLCLindaAdamany,TheRt.Hon.RuthKelly,MariaRichter

SirPeterGershon

7th 25.00 12 3 CENTRICAPLCMargheritaDellaValle,MaryFrancis,LesleyKnox

SirRogerCarr

7th 25.00 12 3 BTGROUPPLCTheRt.Hon.PatriciaHewitt,KarenRichardson,JasmineWhitbread

SirMikeRake

7th 25.00 12 3BRITISHAMERICANTOBACCOPLC

DrKarendeSegundo,AnnGodbehere,ChristineMorin‐ RichardBurrows

7th 25.00 12 3 STANDARDLIFEPLCJackieHunt,BaronessMargaretMcDonagh,SheelaghWhittaker

GerryGrimstone

7th 25.00 12 3 UNILEVERPLCProfessorLouiseFresco,AnnFudge,HixoniaNyasulu

MichaelTreshchow

7th 25.00 12 3 BAESYSTEMSPLCLindaHudson,DoctorHarrietGreen,PaulaReynolds

DickOlver

16th 23.08 13 3 ROYALBANKOFSCOTLANDGROUPPLC

AlisonDavis,PennyHughes,BaronessSheilaNoakes

SirPhilipHampton

16th 23.08 13 3 MARKS&SPENCERKateBostock,LauraWade‐Gery,MarthaLaneFox

RobertSwannell

18th 22.22 9 2 WOLSELEYPLC TessaBamford,KarenWitts GarethDavis

18th 22.22 18 4 HSBCHLDGSPLCSafraCatz,TheHon.LauraCha,RonaFairhead,RachelLomax

DouglasFlint

18th 22.22 9 2 KINGFISHERPLC ClareChapman,DrJanisKong DanielBernard18th 22.22 9 2 CAIRNENERGYPLC JannBrown,JackieSheppard SirBillGammell

22nd 21.43 14 3 AVIVAMaryFrancis,EuleenGoh,GayHueyEvans

LordSharmanofRedlynch

22nd 21.43 14 3 TESCOPLCLucyNeville‐Rolfe,KarenCook,JacquelineTammenomsBakker

SirRichardBroadbent

24th 20.00 10 2 EXPERIANPLCFabiolaArredondodeVara,JudithSprieser JohnPeace

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FTSE100Ranking(cont’d)

Rank%ageofWomen

No.onBoard

No.ofWomen


24th 20.00 10 2 G4SPLCWinnieFokKin,DrClareSpottiswoode

AlfDuch‐Pedersen

24th 20.00 10 2 CAPITAPLC MaggiBell,MartinaKing MartinBolland24th 20.00 10 2 SHIREPLC SusanKilsby,AnneMinto MattEmmens24th 20.00 10 2 SAINSBURY(J)PLC AnnaFord,MaryHarris DavidTyler

24th 20.00 10 2 IMPERIALTOBACCOGROUPPLC AlisonCooper,SusanMurray IainNapier

24th 20.00 10 2 SSEPLC KatieBickerstaffe,SusanRice LordSmithofKelvin

24th 20.00 15 3 GLAXOSMITHKLINEPLCDrStephanieBurns,StaceyCartwright,JudyLewent

SirChrisGent

24th 20.00 10 2 RECKITTBENCKISERGROUPPLC LizDoherty,JudithSprieser AdrianBellamy

24th 20.00 10 2 MANGROUPPLC AlisonCarnwath,NinaShapiro JohnAisbitt

34th 18.75 16 3 WPPPLCEstherDyson,OritGadiesh,LubnaOlayan

AmbassadorPhilipLader

35th 18.18 11 2 ANGLOAMERICANPLCCynthiaCarroll,DrMamphelaRamphele

SirJohnParker

35th 18.18 11 2 ADMIRALGROUPPLC MargaretJohnson,Lucy AlastairLyons

35th 18.18 11 2 LANDSECURITIESGROUPPLC StaceyRauch AlisonCarnwath

35th 18.18 11 2 RSAINSURANCEGROUPPLC NoelHarwerth,Johanna JohnNapier

35th 18.18 11 2 SMITH&NEPHEWPLCProfessor,DrGenevieveBerger,DrPamKirby

DrJohnBuchanan

40th 17.65 17 3 SABMILLERPLCLesleyKnox,DambisaMoyo,HelenWeir

DrJacobKahn

41st 16.67 12 2 LEGAL&GENERALGROUPPLC DameClaraFurse,JuliaWilson JohnStewart

41st 16.67 12 2 BHPBILLITONPLCCarolynHewson,BaronessShritiVadera

JacNasser

41st 16.67 12 2 BARCLAYSPLC AlisonCarnwath,DambisaMoyo MarcusAgius41st 16.67 6 1 ASHMOREGROUPPLC MeldaDonnelly TheHon.MichaelBenson

45th 15.38 13 2 BRITISHLANDCOPLCLucindaBell,TheHon.DidoHarding

DrChrisGibson‐Smith

45th 15.38 13 2 ROYALDUTCHSHELLPLC ChristineMorin‐Postel,Linda JormaOllila

45th 15.38 13 2 ARMHLDGSPLCKathleenO'Donovan,JaniceRoberts

DougDunn

48th 14.29 14 2 RIOTINTOPLC VivienneCox,AnnGodbehere JanDuPlessis48th 14.29 14 2 VODAFONEGROUPPLC ReneeJames,AnneLauvergeon DrGerardKleisterlee48th 14.29 7 1 SERCOGROUPPLC AngieRisley AlastairLyons

48th 14.29 7 1 UNITEDUTILITIESGROUPPLC DrCatherineBell DrJohnMcAdam

48th 14.29 7 1 ITVPLC LucyNeville‐Rolfe ArchieNorman53rd 12.50 8 1 HAMMERSONPLC JudyGibbons JohnNelson53rd 12.50 8 1 SMITHSGROUPPLC AnneQuinn DonaldBrydon53rd 12.50 8 1 BUNZLPLC EugeniaUlasewiczLabbancz PhilipRogerson53rd 12.50 8 1 TATE&LYLEPLC LizAirey SirPeterGershon

EXECUTIVESUMMARY


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Rank%ageofWomen

No.onBoard

No.ofWomen


53rd 12.50 8 1 ASSOCIATEDBRITISHFOODSPLC EmmaAdamo CharlesSinclair

53rd 12.50 8 1 ICAPPLC DianeSchueneman CharlesGregson53rd 12.50 8 1 MEGGITTPLC BrendaReichelderfer SirColinTerry53rd 12.50 8 1 REXAMPLC NoreenDoyle PeterEllwood

61st 11.76 17 2 STANDARDCHARTEREDPLC ValGooding,RuthMarkland JohnPeace

61st 11.76 17 2 PRUDENTIALPLC AnnGodbehere,Kathleen HarveyMcGrath

63rd 11.11 9 1 REEDELSEVIERPLC LisaHook TonyHabgood

63rd 11.11 9 1 HARGREAVESLANSDOWNPLC TraceyTaylor MikeEvans

63rd 11.11 9 1 EVRAZPLC OlgaPokrovskaya AlexanderAbramov63rd 11.11 9 1 NEXTPLC ChristineCross JohnBarton63rd 11.11 9 1 JOHNSONMATTHEYPLC DorothyThompson TimStevenson63rd 11.11 9 1 COMPASSGROUPPLC SusanMurray SirRoyGardner63rd 11.11 9 1 PETROFACLTD DrRoxanneDecyk NormanMurray

63rd 11.11 9 1 POLYMETALINTERNATIONALPLC MarinaGronberg BobbyGodsell

71st 10.00 10 1 GKNPLC ShonaidJemmett‐Page RoyBrown71st 10.00 10 1 RESOLUTIONLTD DeniseMileham MikeBiggs71st 10.00 10 1 IMIPLC AnitaFrew RobertoQuarta74th 9.09 11 1 SEVERNTRENTPLC BaronessSheilaNoakes AndyDuff74th 9.09 11 1 WEIRGROUP MelanieGee LordSmithofKelvin

74th 9.09 11 1 EURASIANNATURALRESOURCESCORPPLC DrZaureZaurbekova DrJohannesSittard

74th 9.09 11 1 OLDMUTUALPLC MarıaSanz PatrickO'Sullivan74th 9.09 11 1 TULLOWOILPLC AnnGrant SimonThompson79th 8.33 12 1 CRHPLC MaeveCarton KieranMcGowan

79th 8.33 12 1 LLOYDSBANKINGGROUPPLC AnitaFrew SirWinBischoff

81st 7.69 13 1 INTERNATIONALPOWERPLC IsabelleKocher DirkBeeuwsaert

81st 7.69 13 1 SCHRODERSPLC MerlynLowther HenryMiles83rd 7.14 14 1 BGGROUPPLC BaronessSarahHogg SirRobertWilson

83rd 7.14 14 1BRITISHSKYBROADCASTINGGROUPPLC(BSKYB)

DameGailRebuck JamesMurdoch

83rd 7.14 14 1 CAPITALSHOPPINGCENTRESGROUPPLC LadyLouisePatten DavidBurgess

83rd 7.14 14 1 CARNIVALPLC LauraWeil MickyArison(Executive)

83rd 7.14 14 1INTERNATIONALCONSOLIDATEDAIRLINESGROUPSA(IAG)

BaronessDeniseKingsmill AntonioVazquezRomero

88th 6.67 15 1 BPPLC CynthiaCarroll Carl‐HenricSvanberg

88th 6.67 15 1ROLLS‐ROYCEHOLDINGSPLC DameHelenAlexander SirSimonRobertson

90th 0.00 6 0 VEDANTARESOURCESPLC AnilAgarwal(Executive)

91st 0.00 7 0 INTERTEKGROUPPLC DavidReid

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Rank%ageofWomen

No.onBoard

No.ofWomen


92nd 0.00 8 0 AMECPLC JohnConnolly92nd 0.00 8 0 ESSARENERGYPLC PrashantRuia

92nd 0.00 8 0 GLENCOREINTERNATIONALPLC SimonMurray

95th 0.00 9 0 ANTOFAGASTAPLC Jean‐PaulFontbana(Executive)

95th 0.00 9 0 KAZAKHMYSPLC DrVladimirKim(Executive)

95th 0.00 9 0 RANDGOLDRESOURCESLTD PhilippeLietard

98th 0.00 10 0 AGGREKOPLC PhilipRogerson

98th 0.00 10 0 FRESNILLOPLC DrAlbertoBailleresGonzalez

100th 0.00 13 0 XSTRATAPLC SirJohnBond

EXECUTIVESUMMARY


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1. IntroductionWillFTSEcompaniesvoluntarilyincreasethenumbersofwomenontheirboardstosetupamilestoneontheroadtogenderequalityinlinewiththerecommendationsoftheLordDaviesreport,orwilltheGovernmentbecompelledtoenactenablinglegislationtoachievegenderequalityatboardlevel,creatingwhatmanywillseeasaburdensomeresponsibility,amillstone?Thequestionsareurgent.ThisisthethirteenthyearofourFemaleFTSEReport1.Whenwebegantheannualreportin1999,weanalysedonlythewomendirectorsontheFTSE100boardsandeventhatwasachallengingtaskastherewerenoestablisheddatabasesfortheinformationwerequired.TheadventofBoardExhasmadethenamesandthenumbersofwomenboardmemberseasytoaccess.WeatCran ieldUniversity’sSchoolofManagement,however,prideourselvesthatwegobeyondthe igurestoanalysethetrendsanddrilldowntobringrichinterpretationsofthedatatothesurface,usingthelatestinternationalacademicresearch.WehopetoprovidewhatoneglobalTVnetworkcalls“thebackstory”toourcensus.Thishasbeenatremendouslychallengingyear.LordDaviespublishedhisreportonwomenonboardsinMarch2011.Wewerecommissionedtoproduceasix‐monthmonitoringreportforhimbyOctober2011inwhichwegaugedtheinitialresponsesoftheFTSE350companiestotheDaviesreportrecommendations,presentingour indingstothePrimeMinsteratNo.10DowningStreet.NowourFemaleFTSEBoardreport2012servesasanothermarker—oneyearafterthepublicationofLordDavies’“WomenonBoards.”Inthisreportwefocusonthejumpinthenumberofwomenbeingappointedtothetopcorporateboardsandexplainwhyweareoptimisticaboutthisdevelopment.Wealsoexaminethefemaletalentpipelinetoboardroompositions‐anotherreasonforoptimism.Whenweinitiatedourresearchwefocusedinstinctivelyonwomeninexecutivedirectorshipsastheyrepresentthefemaletalentthathasbeennurturedanddevelopedintheirownorganisations—thedirectpipelinetotheboard.Sadly,overthepast13years,thisnumberofwomenexecutivedirectorsintheFTSE100companieshasincreasedfromonly13in1999to20thisyear.Thiscompareswithaigureof285maleexecutivedirectors.ThereasonforthisispartlydowntotheHiggsReportin2003thatchangedthefaceofUKpublicboardsbyrecommendinganincreaseinthenumberofnon‐executivedirectors(NEDs)whilediminishingthenumberofexecutivedirectors(EDs).ButthisalonedoesnotexcusethelackofprogressmadebyCEOsinpromotingwomentothesetoppositions.Whenwespeakaboutatargetof25%,asintheDaviesreportrecommendations,orthe40%quotainNorway,wemasktheincreasinglywidechasmbetweenthenumbersofwomenNEDs(143women‐22.4%)comparedwiththenumbersofwomenEDs(20women—6.6%).AsAndrewHillwroterecentlyinTheFinancialTimes,“endlesslybattingtheboardroomquotaquestionbackandforthdistractscompaniesfromthescarcityofwomenintheirexecutiveranks.”

1TheFemaleFTSEReportisindependentlycalculatedbytheCran ieldSchoolofManagement(“Cran ield”).TheFemaleFTSEReportisnotinanywaysponsored,endorsed,soldorpromotedbyFTSEInternationalLimited(“FTSE”),theLondonStockExchangePlc(the“Exchange”),TheFinancialTimesLimited(“FT”)(togetherthe“LicensorParties”)andnoneoftheLicensorPartiesmakesanyclaim,prediction,warrantyorrepresentationwhatsoever,expresslyorimpliedlyinrelationtotheFemaleFTSEReportorrelatedmaterial.FTSE®(the“TradeMark”)isaTradeMarkoftheExchangeandtheFTandisusedbyFTSEunderlicence.Cran ieldhasbeenlicensedasaTradeMarkbyFTSEforuseintheFemaleFTSEReportandrelatedmaterial.

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Inthisreport,ourfeatureonthefemalepipelinepresentsamixedpicture.Manycompaniesseemtostruggletoidentifythewomentheyemployatjunior,middleandseniorlevels!Othersvarydramaticallyinthenumbersofwomenatseniorexecutivelevel.Itisclearnowthatmanymajorcorporationsaresuccessfulatattractingwomenatentrylevel,atdevelopingthemandretainingthemaftermaternityleaves,butarestillspectacularlyunsuccessfulatpromotingthemtoexecutivelevel.Likemanyotherresearchers,wehavewrittenabouttheimportanceofsocialcapitalandthelinkbetween“oldboys”networks,powerandpromotiontothetop.Itissurelytimethatmanagementtakesthisresearchmoreseriously.Onapositivenote,wearehappytoannounceourtrajectoryfortheincreaseinthenumberofwomenonFTSE100boards,whichis26.7%by2015.Wehaveneverdoubtedtheexistenceofaconsiderablefemalepipelineoftalentavailablefor(particularly)NEDpositions.Thereisnoglassceilinghere.Ratheritisabottleneckoftalentfromnotonlythecorporatesector,butalsothepublicsector,thevoluntarysector,unquotedcompanies,privateequitycompanies,andsigni icantentrepreneurs.Our“100womentowatch”sectionthisyearincludesanumberofwomenholdingCEOrolesinthevoluntarysector.WehopethatJasmineWhitbread’srecentappointmenttotheBTboardpavesthewayformanyotherwomen.

INTRODUCTION


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2. MethodologyWeaccesseddataoneachcompanyfrommanysources,includingtheBoardexdatabase,annualreportsandcorporatewebsites.TheFTSE100andFTSE250listingsweretakenasatJanuary10th2012andmostofthedataforthemainstudyweretakenfromthepublicdomain.Wherewehavelookedattimeperioddata(e.g.percentageofnewappointments)wehaveusedthe12monthsfromJanuary2011,notthe15monthperiodtoourlastreportin2010.WecontactedFTSE350CompanySecretariestorequestinformationonstatedboardtargets,pipelinegendermetricsandsomeofthefeaturedCaseStudies.WewouldparticularlyliketothankJulieBamfordandSheilaDoyleoftheInstituteofCharteredSecretariesandAdministratorsfortheirassistanceinthismatter.WeusedSPSSsoftwareforcorrelationanalysestoexaminerelationshipsbetweenvariables,usingt‐teststoseeifmeansweresigni icantlydifferent.Followingtwoyears’successofour“100WomentoWatch”supplement,wehaveupdatedthelistforthisyear’sreport.Thedatawerepredominantlytakenfromthepublicdomain.Tenwomenfromlastyear’slisthavegoneontoobtainFTSE350boarddirectorships.WewouldliketothankHelenBruce,DoctoralResearcher,whohelpedwiththedatagathering.

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3. FTSE100Companies20123.1 FTSE100CompanieswithFemaleDirectors2012Inthe12monthsprecedingJanuary2012,therewasasigni icantamountofactivityaroundincreasingthepercentageofwomenonboardsintheUKaswellastherestoftheworld.Afteradecadeofincrementalincreases,wearepleasedtobereportingimprovementsthatarealittlemoresubstantive.AsatJanuary2012,wenowhave163femalehelddirectorshipsin89oftheFTSE100boardrooms.ThismeansthepercentageofwomenonFTSE100boardsinJanuary2012hasincreasedto15.0%andthepercentageoffemaleExecutiveDirectorshasrisento6.6%.Tenmorecompanieshavewomenontheirboardsthanin2010and50%ofcompaniesnowhavemorethanonewomanontheboard,demonstratingthatwearemovingawayfromtokenism.Atthetimeofgoingtopress(March1st2012)theheadline igurehadrisenagainto15.6%.Table1:FemaleFTSEIndex2009‐2012

Intopplaceofthisyear’srankingisDiageowithfourwomen,comprising44.4%oftheirboard(seeExecutiveSummaryTable).OneofthefourisChiefFinancialOf icerandtherearethreenon‐executives(NEDs).InsecondplaceisBurberry,withthreewomenoutofeightdirectors;oneofonlythreeFTSE100companiesthathavetwofemaleexecutivedirectors(EDs).BurberryhasbothChiefExecutiveandChiefFinancialOf icerrolesheldbywomen.InthirdplaceisPearson,whohavealsohadtwofemaleEDsforanumberofyearsandhaverecentlyaddedasecondfemaleNED,takingtheirtotalnumberofwomentofour(33.3%).MorrisonSupermarkets,WhitbreadandAstraZenecaallcontinuetodowellwith29%,27%and27%respectively.IntercontinentalHotelshaveaddedafemaleEDandheadafurthergroupofninecompanieswhohavealreadyachievedthetargetof25%setbyLordDavies.Injoint16thplaceareRoyalBankofScotlandandMarks&Spencer,eachwiththreewomenoutof13boardmembers(23%).Marks&SpenceristhethirdcompanywithtwofemaleEDsandsincetakingthedataforthisreportinJanuary,theyhaveaddedafourthfemaledirector.Thiswouldhaveputtheminjoint4thposition,with29%.AlsoduringFebruary2012,andsonotincludedintheExecutiveSummarytable,LloydsBankingGroup,BP,Admiral,BGGroup,TescoandUnitedUtilitieshavealladdedanotherfemaleNED.ForTescoandUnitedUtilities,thisadditionmeanstheyhavereachedthe25% target.

FemaleFTSE100 2012(15mths) 2010 2009

Femalehelddirectorships 163(15.0%) 135(12.5%) 131(12.2%)

Femaleexecutivedirectorships 20(6.6%) 18(5.5%) 17(5.2%)

FemaleNEDs 143(22.4%) 117(15.6%) 114(15.2%)

WomenholdingFTSEdirectorships 141 116 113

Companieswithfemaleexecutivedirectors

17 16 15

Companieswithatleastonefemaledirector

89 79 75

Companieswithmultiplefemaledirectors

50 39 37

Companieswithnofemaledirectors 11 21 25

FTSE100COMPANIES


16

Afurther15companieshaveatleast20%femaledirectors–Wolseley,HSBC,King isher,CairnEnergy,Aviva,Experian,G4S,Capita,Shire,Sainsbury,ImperialTobacco,SSE,Glaxosmithkline,ReckittBenckiserandManGroup.ParticularcongratulationsgotoWolseleywhohavemovedfrom90thpositionin2010,withnowomenontheboardtojoint18thwithtwowomenamongtheirnineboardmembers.The11FTSE100companieswhoremainentirely‐maleboardsare:

∎ VedantaResources*∎ IntertekGroup∎ AMEC∎ EssarEnergy∎ GlencoreInternational∎ Antofagasta*∎ Kazakhmys*∎ RandgoldResources∎ Aggreko∎ Fresnillo∎ Xstrata

*ItisinterestingtonotethatthreeoutofonlyfourFTSE100companieswithExecutiveChairmenrolesareamongtheseeleven.ThisdemonstratesdisregardforanotherelementoftheUKGovernanceCode.3.1.1 FTSE100CompanieswithWomeninTopRolesThereare17FTSE100companieswhohavewomenintopexecutiverolesonthecorporateboard.Burberry,PearsonandMarks&Spencerallhavetwosuchwomen.ItisencouragingthatFTSE100companieswithfemaleexecutivedirectorsrepresentaspreadofsectors,someofwhichwouldnothistoricallybeconsidered‘female‐friendly’(suchasoil&gas,mining,construction&building,aerospace&defence)andyettheyleadthewaywithwomenintheirmostseniorexecutiveposts.TherearefourfemaleCEOsofFTSE100companies:AngelaAhrendts(Burberry),DameMarjorieScardino(Pearson),AlisonCooper(ImperialTobacco),CynthiaCarroll(AngloAmerican).TherearefournewfemaleChiefFinancialOf icersintheFTSE100indexthisyear.TheyareLizDoherty(ReckittBenckiser)andLucindaBell(BritishLand),bothnewappointments,andMaeveCarton(CRH)andTraceyTaylor(HargreavesLansdown),whosecompaniesarenewtotheFTSE100.TheyjoinDeirdreMahlan(Diageo),StaceyCartwright(Burberry),JackieHunt(StandardLife),JannBrown(CairnEnergy),DrZaureZaurbekova(EurasianNaturalResources),tomakeatotalofninefemaleCFOs.Itis,however,adisappointmentthatthereisonlyoneFTSE100companywithawomanholdingthepositionofChairman.ThisisAlisonCarnwathatLandSecurities.

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Table2:Pro ileof17companieswithfemaleexecutivedirectors

3.1.2 TrendsinBoardCompositionFollowingthe2003HiggsReviewrecommendingbetterbalancebetweenNEDsandEDsonFTSEboards,therehasbeenayear‐on‐yeardecreaseinthenumbersofexecutivedirectorships.OnceagainthenumberofEDsisatitslowestsince1999,andnow72%ofcompanieshaveonlyone,twoorthreeEDsontheirboard.Contradictingthistrend,thenumberofNEDsincreasedby30thisyear,takingittoanewhighof781andtakingthetotalnumberofFTSE100directorshipsto1086.

RankFemaleFTSE

Company%FemaleBoard

No.ofFemaleDirectors

No.FemaleExecutiveDirectors

ExecutiveRoles SectorWomeninExecutiveRoles

1st DIAGEO 44.4% 4 1 ChiefFinancialOf icer Beverages DeirdreMahalan

2nd BURBERRYGROUP 37.5% 3 2 ChiefExecutiveOf icer,ChiefFinancialOf icer

Food,Drug&GeneralRetailers

AngelaAhrendts,StaceyCartwright

3rd PEARSON 33.3% 4 2 ChiefExecutiveOf icer,DivisionalCEO Media

DameMarjorieScardino,RonaFairhead

7th INTERCONTINENTALHOTELSGROUPPLC 25.0% 3 1 GlobalHR&Operations Leisure&Hotels TracyRobbins

7th STANDARDLIFEPLC 25.0% 3 1 ChiefFinancialOf icer LifeAssurance JackieHunt

7th BAESYSTEMSPLC 25.0% 3 1 ChiefOperationsOf icer Aerospace&Defence LindaHudson

16th MARKS&SPENCER 23.1% 3 2 EDGeneralMerchandise,EDE‐Commerce

Food,Drug&GeneralRetailers

KateBostock,LauraWade‐Gery

18th CAIRNENERGYPLC 22.2% 2 1 ManagingDirector&FinanceDirector

Utilities,Oil,Gas&Electricity JannBrown

22nd TESCOPLC 21.4% 3 1 Corporate/LegalAffairs Retail LucyNeville‐Rolfe

24th CAPITAPLC 20.0% 2 1 BusinessDevelopment SupportServices MaggiBell

24th IMPERIALTOBACCOGROUP 20.0% 2 1 ChiefExecutiveOf icer Tobacco AlisonCooper

24th RECKITTBENCKISERGROUPPLC 20.0% 2 1 ChiefFinancialOf icer Clothing,Leisure&

PersonalProducts LizDoherty

35th ANGLOAMERICAN 18.2% 2 1 ChiefExecutiveOf icer Mining CynthiaCarroll

45th BRITISHLANDCOPLC 15.4% 2 1 FinanceDirector RealEstate LucindaBell

63rd HARGREAVESLANSDOWNPLC 11.1% 1 1 GroupFinanceDirector Speciality&Other

Finance TraceyTaylor

74th EURASIANNATURALRESOURCESCORPPLC 9.1% 1 1 ChiefFinancialOf icer Mining DrZaure

Zaurbekova

79th CRHPLC 8.3% 1 1 GroupFinanceDirector Construction&BuildingMaterials MaeveCarton

FTSE100COMPANIES


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Table3:CompositionofBoards2012

Since1999wehaveseenayear‐on‐yeardecreaseinthetotalnumberofdirectorsontheFTSE100boards…untilthisyear.Theincreaseoftenextradirectorshipsonthe100boardsmaynotseemasigni icantincrease,butitisthe irstinadecade.Inthe2010reportwedidnotethatthenumbersappearedtohavestabilisedandsuggestedthatsevenyearsaftertheHiggsReviewonboards2recommendedarebalancingoftheED/NEDratio,boardshadfoundtheiroptimalcomposition.However,inordertopre‐emptanyquestionsaboutwhetherhavingmorewomenonboardsisthecauseofthisincrease(althoughthereisnoevidencethatthatinitselfisanegativeoutcome),wehaveinvestigatedthechangingnumberssincethe2010report.CompaniesmoveinandoutoftheFTSE100andFTSE250listingsaccordingtotheirrankingsinsize,basedonmarketcapitalisation.Therehasbeenanincreaseinbetween‐listingsmovementoverthepastfewyears,probablyduetoeconomicturbulence.Inaddition,therehasbeenquiteasharpreductioninthetotalnumberofexecutiveboarddirectorships,withanincreaseinNEDs.Thismayalsobearesponsetotougheconomicclimesorarede initionofan‘effective’board.Ofthe100companiesinthe2012FTSE100listing,89hadbeenonthelistfromthe2010FemaleFTSEReport.Ofthese89companies,30havenotchangedtheirboardsize.Ofthe59companiesthathavechangedtheirboardsize,39increasedtheirboardsize(adding56newdirectorships),butsimultaneously20reducedtheirboardsize(eliminating31directorships).Severaloftheboardsaddingwomenalsoaddedmen.Thesegaveatotalnetincreaseof25directorshipsamongstthose89companieswhohaveremainedintheFTSE100.The11companieswholefttheFTSE100duringthatperiodtookatotalof115directorshipswiththem,whereasthe11newcompaniesbroughtatotalof100directorshipsintotheFTSE100.Therefore,theoverallincreaseintotaldirectorshipsfrom1,076to1,086isduetoacombinationofanadditional25directorshipsandanetreductionof15directorshipslostthrough irmsleavingtheindex.3.1.3 CharacteristicsofFTSE100CompanieswithFemaleDirectorsAsinpreviousyears,wereportonanysigni icantdifferencesbetweencompanieswithandthosewithoutfemaledirectors.Forthe irsttime,marketcapitalisationisnotsigni icantlyhigherincompanieswithwomenontheboard,nordo irmswithfemaledirectorshavesigni icantlylargerworkforces.Thisdemonstratesthatsizeofcompaniescannotbeusedasanexcuseforalackofgenderdiversity.Boardsizeishigher(p=0.001),averaging11.1directorsforcompanieswithfemaledirectorscomparedto8.8directorsforall‐maleboards.However,justusingaverageshidesawidevariance,forexample,boardsizesrangefrom6to18acrosstheFTSE100.

FemaleFTSE100 2012 2010 2009 2008 2004 1999

TotalFTSE100NEDs 781 751 748 763 712 610

TotalFTSE100ExecutiveDirectors 305 325 330 353 418 645

TotalFTSE100Directorships 1086 1076 1078 1116 1130 1255

2Higgs Review, 2003

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3.2 FTSE100FemaleDirectors3.2.1 WomenholdingMultipleDirectorshipsOnFTSE100boards,141womenhold163directorships.SincetheNorwegianquotaonwomenonboards,muchhasbeenmadeof“TheGoldenSkirts”–thosewomenwhoapparentlyholdalargenumberofNEDpositions.However,researchbyTiegen&Heidenreich(2010),fromtheInstituteforSocialResearchinOslo,dispelsthismythbyclearlydemonstratingthatthepercentageofwomenwithmultipledirectorshipsislowerthanthatofmen.WecanreportthatintheUKthereisnosigni icantdifferencebetweenthenumberofdirectorshipsheldbywomenandmen,norhasthissituationchangedwiththerecentincreasesoffemalerepresentation.Table4:MultipleDirectorships

3.2.2 FemaleFTSE100Directors’AgeandTenureOverall,thefemaledirectorsin2012are3yearsyounger(p=0.001)thantheirmalepeers,withanaverageageof55.1,comparedto58.1formaledirectors(basedon1,055directorsforwhomwehadages).Thedifferencebetweentheagesofmaleandfemaleexecutivedirectorswasnotsigni icant.Thewomenhavesigni icantlyshortertenure(p=0.001).Seetable5.Table5:AgeandTenure

FTSE100COMPANIES

FTSE100BoardsTotal

Directors 1seat 2seats 3seats 4seats

MaleDirectors 820 88.7%(727) 10.1%(83) 1.2%(10) 0

FemaleDirectors 141 85.8%(121) 12.8%(18) 1.4%(2) 0

2012 AGE TENURE

All Execs NEDs All Execs NEDs

Men 58.1 52.4 60.7 5.2 6.2 4.7

Women 55.1 51.7 55.5 3.5 4.1 3.4


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3.2.3 FTSE100Directors’NationalityandEthnicityWith62directorshipsheldbyindividualscomingfromnon‐Europeanethnicbackgrounds(upfrom53lastyear),theoverallproportionofethnicminoritymaleandfemaledirectorsintheFTSE100hasincreasedslightlyto5.7%.Therehasbeenlittlechangeinthenumberoffemaledirectorsfromminorityethnicgroups.Thereare14women(9.9%offemaledirectors),andallbutonearenon‐executives.ZaureZaurbekova,aKazakhnationalatEurasianNaturalResources,istheonlyexecutivedirector.AtWPP,LubnaSulimanOlayanisaSaudinational,andOritGadieshisAmerican.MicheleHooperofAstraZenecaisAfrican‐American,asisAnnFudgeatUnilever.HixoniaNyasuluatUnileverandDr.MamphelaRampheleatAngloAmericanarebothSouthAfricannationals.YingYehatIntercontinentalHotels,SafraCatzandtheHon.LauraChaatHSBC,WinnieKinWahFokofG4SandEuleenGohatAvivaareofChinesedescentandDambisaMoyoatSabmillerandBarclaysisZambian.BaronessShritiVadera,NEDatBHPBillitonandAstraZenecaistheonlyBritishnationalamongthisgroupoffemaledirectors.Thelargestminoritygroupsofnon‐EuropeandescentamongstthemenarefromtheIndiansub‐continent(21men),andfromAfrica(10men).TherearefourmaledirectorsofMiddle‐Easternorigin,eightofChinese/Japanese/Koreanoriginand ivemaledirectorsfromCentralAsia.Sevenofthe48menareknowntohaveBritishnationality.

“Diageosupportsdiversitywithinitsboardofdirectors,includinggenderdiversity.Currentlytherearefourfemaledirectors,outofatotalofnineboardmembers.Webelievethatallfourbringawealthofinternationalbusinessexperienceandareanassettothecompanyandtheboard.Withoutseekingtosetaspeci icgoalforfemalerepresentationontheboard,itremainsouraspirationtomaintainahighlevelofdiversity,includinggenderdiversity,withintheboardroom,appropriatetoandre lectingtheglobalnatureofthecompanyandthestrategicimperativestheboardhasagreedupon.Diageohassetitselfagoaltoincreasethenumberofwomeninleadershippositionsinthecompanyandismakinggoodprogresstowardsthisobjective.Globally,womencomprise35%ofourtotalworkforcewith27%currently illingthemostseniorleadershippositions.Inaddition,womenrepresent35%ofmid‐levelmanagement.Moreover,womencompriseapproximately50%ofallgraduatesandasigni icantpercentageofDiageo’snewhiresandmanagers.Werecognizethatwomenandmenoftenfacedifferentchallenges,andthisisespeciallytrueforwomenwhoarebuildingacareerwhileraisingafamily.Weencourage lexibilityofcareerpaths,withtheabilitytosteponandoffthefasttrack,andmultipleopportunitiestoconnectwithdiverserolemodels.Wearecommittedtoretaininganddevelopingourwomenforleadershiprolesandsustaininganinclusiveculture,andthatincludescreatingaworkenvironmentthatsupportsourpeoplethroughouttheircareers.AtDiageo,workplace lexibilityisaboutworkinginnovativelytomanageourlivesatworkandathome.Itcouldbeasinformalasshiftingafewhourstoaccommodateadoctor’sappointment,orasformalasareducedschedule.Wealsohaveaninternalnetworkingandaf initygroup,SpiritedWomenthatconnectswomenacrosstheglobe.Throughaseriesofformalandinformalsessions,weencouragewomentoexpandtheirambitionsandaimevenhigherintheircareers.”

CaseStudy‐DIAGEO WomenasLeaders

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Examiningthenationalityofdirectors(74%reported),we indthat65%ofallmaledirectorscomparedto55%ofallfemaledirectorsholdBritishnationality.Interestingly,afurther12%ofmalesbutonly9%offemalesholdEUcitizenship.NorthAmericans(USAandCanada)hold11%ofthemaledirectorships,but29%ofthefemaledirectorships.

3.3 TheNewFTSE100DirectorAppointments2012FortwoyearsintheFemaleFTSEReportwehaveresearchedtheappointmentprocesstoFTSE100boarddirectorships.Inthe2010Report,werecounted“ConversationswiththeChairmen”regardingtherolethattheyplayedintheprocess.IntheDaviesReportof2011,theroleofExecutiveSearchFirms(ESFs)washighlightedinencouragingbestpracticeinboardrecruitmentandlaterthisyearwewillpublishsomeresearch,commissionedbytheEquality&HumanRightsCommission(EHRC),intotheimpactofthenewVoluntaryCodeforESFs.Withoutlegislativeintervention,thenaturalturnoverofdirectorsisthemechanismthroughwhichanychangeinthedemographiccompositionofboardswilloccurandtherefore,inadditiontothestatusquo,wealsomonitorthepaceofchange.

FTSE100COMPANIES

“Rolls‐Roycehasdisclosedtheproportionofwomenontheboard,inseniorexecutivepositionsandfemaleemployeesinthewholeorganisationinthe2011annualreport(dueoutMarch2012).Overallfemalerepresentationacrosstheglobalworkforceis15%,7%attheseniorexecutivelevel,6%inourGroupLeadershipTeamand7%inourBoardofDirectors.ApproximatelytwothirdsoftheworkforceisinEngineeringorManufacturingroleswherefemalerepresentationhasbeenhistoricallylow.Rolls‐Roycecountersthisthroughactiveinvolvementineducationoutreachandhasfoundfemalegraduaterecruitmenthassteadilyincreasedoverrecentyears.25%ofparticipantsontheirgraduatedevelopmentprogrammesarefemaleandthisincreasessigni icantlyinfunctionsoutsideofEngineeringandManufacturing.Rolls‐Royce’sglobalgovernanceframeworkfordiversityincludesaseniorexecutiveGlobalDiversitySteeringGroupthatprovidesleadershipandshapesstrategicdirection.InsupportofexecutivesuccessionplanningprocessRolls‐RoyceparticipatesintheFTSE100CrossCompanyMentoringProgramme,theobjectiveofwhichistoincreasethepoolofeligibleseniorfemalecandidatesforUKBoardpositions.ItsChairmanisamentorandthreeofitsfemaleexecutiveshaveparticipatedtodate.During2011,Rolls‐Royce’smostseniorexecutiveshavebeenreversementoredbyacolleaguewhoisjuniortothemintheorganisation.Thereversementorsareadiversegroupintermsofgender,nationality,business,functionandtheirworkinglocation.Theaimistogiveseniorexecutivesadifferentperspectivefromacolleaguewhocansharediverseexperiencesandideaswhilstincreasingthevisibilityofdiversetalent;12ofthe17reversementorsarefemale.”

CaseStudy‐ROLLS‐ROYCEHOLDINGS ReverseMentoring


22

TheDaviesReport2011requestedthatFTSE350companiessetthemselvestargetsforthepercentageofwomenonboardstheyaimedtoachieveby2015.Itrecommendedaminimumtargetof25%forFTSE100companies(seesection3.4belowforresults).Basedontheturnover iguresfrompreviousFemaleFTSEReports(anaverageof14%oversixyears),theDaviesReportcalculatedthatifonethirdofallnewFTSE100boardappointmentsweregiventowomenbetween2011and2015,thenfromastartingpointof12.5%femaledirectors,a igureof23.5%couldbeachievedacrosstheFTSE100companiesby2015.However,ensuringthatonlytwothirdsofallnewappointmentsgotomenwouldsignifyquiteachangeinbehaviour,astheannualpercentageofnewappointmentsgoingtowomenoverthedecade2001‐2010wasonaverage14.2%—hencetheveryincrementalchangesmadeoverthatperiod.Weare,therefore,verypleasedtoreportthatinthe12monthsprecedingJanuary2012,thepercentageofnewappointmentsgoingtowomenwasalmost25%.Table6:NewAppointments

Whilstthis iguredoesfallshortoftheDaviestargetof33%,itisimportanttorealisethatthisisthelargestincreaseinnumbersandthefastestpaceofchangesincewebeganmeasuringthesedatain1999.Interestingly,overandabovetheincreaseinthepercentageofnewappointmentsgoingtowomen,intheyeartoJanuary2012therehasbeenanincreaseintheturnoverofboardseats,whichnowstandsat17.5%,whichwill,ofcourse,alsoaffectthepaceofchange.IntheoriginalmodelshownintheDaviesReport,withapredictedturnoverof14%,amale/femalesplitinnewappointmentsoftwothirds/onethirdwasgoingtoproduce50newwomendirectorshipsinthefollowingyear.IntheyeartoJanuary2012,47newappointmentsweretakenbywomen,sothisisalmostonthetargetof50andasubstantialturnaroundofbehaviourfromthoseinvolvedintheappointmentprocess.

Muchhasbeenmadeofthepredictedtrajectoriesinthepressrecentlyandsoitisimportanttobeasaccurateaspossible.TheforecastsfromtheDaviesReportwerebasedontwoassumptions:Firstly,thatthenumberofdirectorshipsavailableontheFTSE100boardsstaysconstant–however,thisisneverthecaseandasreportedaboveafteranumberofyearsofdecliningnumbers,thisreportrecordsanincreaseof10additionaldirectorships.Secondly,themodelassumedthatthemale/femalesplitofthedirectorscomingoffboardsmirroredthecurrentpercentagesontheboards.However,whendirectorstakeuptheirrolesonboardsthereisanexpectationthattheywillservetwothree‐yearterms.Therefore,wecanreasonablyexpectthatitwillbesixyearsbeforetheincreased igureofwomengoingontotheboardswouldbecomingoff.Sixyearsago(2006)thepercentageofwomenonboardswasjustover10%,risingonlyto12.5%by2010.Ifweconservativelysuggestthatfromnowuntil2016thepercentageofwomencomingoffboardseachyearis12.5%andfromthenitre lectstheincreasedpercentageofwomenonboards,thisshouldgiveamoreaccuratepicture.Wehavekeptthepercentageofnewappointmentsgoingtowomenattoday’slevelof25%.Thispredictsatotalpercentageofwomenonboardsof22.0%by2015and27.5%by2020.

FemaleFTSE100 2012 2010 2009 2008

Newfemaleappointments 47 18 23 16

Newmaleappointments 143 117 133 133

Totalnewappointments 190 135 156 149

Female%ofnewappointments 24.70% 13.3% 14.7% 11%

"Giventhesigni icantleadtimestoplacingboarddirectors,Iampleasantlysurprisedathowmuchprogresshasbeenmadeinincreasingthenumbersofwomenonboardsinthepast12months.Weareontherightcourse,weshouldholdfastandpushformoresuccessthiscomingyear."SirJohnParker‐ChairmanAngloAmerican

23

However,wehavepreviouslysuggestedthatincreasesinthenumberofwomenonboardsareunlikelytobelinear,butwillgathermomentum.Thisiswhatwehavestartedtoseeinthepastyear.In2010,thepercentageofnewappointmentsgoingtowomenwas13.3%.IntheInterimDaviesReportofOctober20113werecordedwomentaking22.5%ofnewappointmentsandbyJanuary2012thishadrisento25%.Atthetimeofgoingtopress(March1st2012)thishadrisenagainto26.7%. Therefore,inthesecondtrajectorybelow(darkblue),thisgatheringofmomentumisdemonstratedwiththepercentageofappointmentsgoingtowomenincreasingatarateof2.5%everysixmonthsuntilitreaches35%attheendof2014andisthenheldconstantuntil2020.Hereweseea‘wave’effectwhichiscurrentlybeingsupportedbyleadingExecutiveSearchFirmsandotherstakeholdersinthearea.Inbothtrajectoriestheannualturnovergoingforwardhasbeenheldconstantatthecurrent17.5%.Thispredictsatotalpercentageofwomenonboardsof26.7%in2015and36.9%by2020.Figure1–TrajectoryofIncrease2011‐2020

FTSE100COMPANIES

3Sealy,Doldor,Singh&Vinnicombe,2011“WomenonBoards:6monthmonitoringreport”,Cran ield,UK.

Assumptionsforbothtrajectories:∎ turnoverheldconstantat17.5%∎ 6yeartime‐lagfrompercentagewomenontowomenoffboards


24

3.3.1 TheNewFemaleDirectors

Inthe12monthstoJanuary2012,47womentookupnewrolesonFTSE100boards.Ofthese47,wecanreportthat29women(62%)havehadnopriorFTSE350boardexperience.Thisrepresentsagoodadditiontothetalentpool,suggestingthattheappointmentprocessisbeginningtoopenuptonewwomenandChairmenandESFsarebeingalittlemorecreativewiththeirselectionofcandidates.However,mostofthesenewwomendohaveexperienceonarangeofotherboards,includingsomeoncharitablesectorboards.

CaseStudy‐ROYALBANKOFSCOTLAND The‘futuretalent’pipelinefromGraduateRecruitment

“Whenin2009RBSGlobalBanking&Marketsassessedkeystepstosupportgenderadvancement,onecriticalelementtheyfocusedonwasgraduaterecruitment.AfullreviewoftheglobalgraduatepropositionwasundertakeninconjunctionwithDiversityandInclusionconsultantsBrookGrahamLtdtoensurethatdiversetalentwasnotunintentionallybeing‘ iltered’outduetostructural,culturalorattitudinalfactors.Thedeep‐diveanalysishighlightedthatwhilemaleandfemalecandidateswereequallysuccessfulatapplicationstages,theassessmentprocessresultedinadisproportionatenumberofmalerecruits.Consideringgenderculture,theyconcludeditwaspossiblethatterminologyandtestingmethodsweresupportinganunconsciousbiastowardsmoretypicallymalepatternsofbehaviour.Furthermore,assessmentpanelstypicallydidnothavestrongfemalerepresentation,norhadassessorspotentiallyreceivedsuf icienttrainingintounconsciousbiasorgenderbehaviourstoequipthemtojudgecandidatesobjectively.Additionally,alackofKPI’smeantnocheckswereinplacetoensuregraduaterecruitmentwasmatchingorganisationalinclusionanddiversetalentaspirations.Allofthishadanimpactonthegenderbalanceofrecruitmentoffers.AcomprehensiveengagementprogrammewasinstigatedtoensurefemalecandidatessawRBSGlobalBanking&Marketsasacompellingcareerchoice.Withmorethan800applications,a2010‘WomeninBanking’eventwas ive‐timesover‐subscribed.The2011innovativedinnerseries‘MoveableFeast’heldatkeyuniversitiesprovidedaninformalsettingforstudentstolearnmoreaboutbankingfromindustryfemalerole‐modelsandencouraged600femaleapplications.Since2009,graduateapplicationsfromwomenintheUSandEuropehaveincreasedby28%.Femaleinternhiringhasimprovedtoover45%,andfemalegraduatehiresincreasedby5%inEMEAand32%intheUS.Industryawardshaverecognisedthispositiveimpact.Toensureprogresscontinues,aspirationalgenderbalancetargetswithinsuccessionplanningwillhelptoleveragetheincreasedfemalepipeline;genderdemographicsatvice‐presidentlevelarealreadybeingpositivelyin luencedbythefocusongraduaterecruitmentin2009.”

“Womenonboardshasmovedupthebusinessagendabutstillhassomewaytogo.Onlybychairmen,recruitment irmsandshareholderscollectivelyfocussingonthebene itsofgenderbalance,willweseethepaceacceleratedandtheriskofquotasavoided.Itshouldbeviewedasapriority—notanoptionalextra”.SirRogerCarr,ChairmanCentrica,PresidentConfederationofBritishIndustry

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Figure2:FTSE100NewAppointmentsin12monthstoJanuary2012

OneparticularlyinterestingappointmentthisyearisthatofJasmineWhitbread,theCEOofSavetheChildren.ShehastakenupanNEDpositionatBTGroup.Since1999,MsWhitbreadhasworkedsolelyinthecharitablesector– irstasadirectorforOxfamandthentakingupherpositionatSavetheChildrenin2010.Asleaderofasigni icantorganizationandhandlingamajorbudget,sheclearlyhasalottoaddtoanyboard,regardlessofthesector.AforthcomingreportbyformerDirectorofOpportunityNow,NormaJarboe(WomenCount:CharityLeaders2012)indicatesthatfemalechairs,chiefexecutivesandtrusteeswithinthecharitiessectorofferarichtalentpoolforFTSE350companiesseekingtodiversifytheirboards.Accordingtoherreport:“Manyoftheorganisationstheyleadhavesubstantialnationalandinternationaloperationsandaresizeableemployers.Thewomenleadersoftenhavesubstantialexperienceinthepublic,government,academicand/orprivatesectorsandcanbringnewexpertiseandperspectivestoFTSEcompanies.Womenleadersinthecharitysectorhaveamuchhigherrateofparticipationthantheirprivatesectorcounterparts.IntheUnitedStatesleadingcompanieshavesourcedbothmaleandfemaleboardmembersfromgovernmentandthecharitysectorforseveraldecades.”Table7:FromWomenCount:CharityLeaders2012, iguresfortheprivatesectorfromFemaleFTSEReport.

Asmallnumberofwomenwithsubstantialexperienceinthecharitiessectorhavealsobeenincludedinthisyear’s100WomentoWatchlist.

FTSE100COMPANIES

Sector%WomenDirectors %WomenChairs

%WomenChiefExecutives

FTSE100 15.00% 1% 4%

FTSE250 9.40% 2.40% 4%

Charity100(byfunds) 28% 10% 17%

Charity100(byincome) 32% 17% 25%


26

Ofthe47newappointments,fourwereExecutiveDirectorpositions,therestbeingNEDs.Thefourwere:

∎ LizDoherty,ChiefFinancialOf iceratReckittBenckiser∎ LauraWade‐Gery,EDinE‐CommerceatMarks&Spencer∎ LucindaBell,FinancialDirectoratBritishLand∎ TracyRobbins,EDinHumanResourcesatIntercontinentalHotelsGroup

ForLucindaBellandTracyRobbins,thisistheir irstFTSE100boardpositionandtheywereinternalpromotions.LizDohertyandLauraWade‐GerywerebothexternalhiresandhadhadpreviousFTSE350boardexperience.

CaseStudy‐ChristineTaconCBE Onewoman’sstrategytowardsaportfoliocareerofdirectorships

Christineisahighpro ileboardexecutiveintheAgriculturalandFoodsector,knownforherstrategicleadershipoftheCo‐operativeGroup’s50,000acrefarmingbusiness(thelargestintheUK)andhercontributiontothefarmingindustryoncommittees,taskforcesandtheAgriculturalandFoodsector.HeropinionisregularlysoughtbythemediaandshechairstheBBCRuralAffairsAdvisoryCommittee.ChristineisaCambridgeengineeringgraduate,hasanMBAfromCran ieldandwasawardedaCBEforservicestoagriculturein2004.Herstrategyforbuildingaportfoliocareerisasfollows:

∎ farmingNEDstokeepherhandinonthefarmingside.Shehasalreadyacceptedonesuchposition.

∎ governmentcommittees.SheiscurrentlyonaDefracommitteeandhasbeenshortlistedfortheFoodStandardsAgencyandtheSea ishBoard‐thelatterofthetwowasaback‐upplan.

∎ charitableconcerns.ShehasapositionasGovernorofHarperAdamsUniversityCollegeandisontheBusinessAdvisoryBoardofLivingwithEnvironmentalChange,overseeingtheworkofthegovernmentResearchCouncils.Thisisanunpaidrole.

∎ FTSE,orsimilar,NEDs.Thisishercurrentfocus.ShehaswrittentothechairmenordirectorsoffourFTSE100businessesinfoodandengineeringandhashadaninterviewwithonechairmansofar.Shepurposefullystartedbytargetingcompanieswhocurrentlyhavenowomenontheboard.

InterestinglyChristinefallsintothecategoryofnothavingeithercityorpreviousFTSENEDexperience.However,shebelievesshehasalottoofferintermsofherunderstandingofsustainability,communication,leadershipandgovernmentrelations.Christinecommentedthatshehasbeenstruckathowhelpfulotherseniorwomenshehascontactedhavebeen.Shehasdevotedconsiderabletimeandenergytomeetingwithseniorwomen,withanumberoftheexecutivesearch irmsandwithformermaledirectorcontacts.Onehead‐huntershehasspokenwithsaidtheylikedengineersforthewaytheytreateverythingasaproject!

27

Wehavelookedatthebackgroundsofthe47recentlyappointedwomen,intermsoftheirroles(asopposedtoindustrysectors)andfoundthatthemajority(29)have inancialbackgrounds.Fifteenofthe29womenwithnopriorFTSE350experiencehave inancialbackgrounds.Thisisinterestingashistoricallytherehasbeenabeliefthat inancialbackgroundsareaprerequisiteforwomentoachievesigni icantdirectorships.Instead,theirbackgroundsarestrategy,marketing,operations,salesandHR.AsnotedintheDaviesinterimReport(October,2011)threefemaledirectorshaveHRbackgrounds.Previousresearch(FemaleFTSEReport2008)hasfoundthataspiringfemaledirectorsfeltthattheirHRorlegalbackgroundsorrolesjeopardisedtheirchancesofgettingacorporatedirectorship.Thisstereotypeis inallybeingbroken.Figure3:BackgroundsofFTSE100NewAppointeesOfthe27womenwith inancialbackgrounds, ivehadmixedexperienceinLaw&PoliticsandonealsohadStrategy&Marketingexperience.

3.3.2 TheContextofAppointmentThereismuchpublicdiscussionabouttheimpactofappointingmorewomenontocorporateboards.Aspartofaseparatepieceofresearch,wehavehadseveraldiscussionswithleadingExecutiveSearchFirmsrecently4.Oneoutcomesuggestedbysomeofthemwasthatboardswillsimplyincreaseinsizeasorganizationswillplaceadditionalwomenratherthanreplacesomeoftheirmaledirectors.Indeed,thiswasasuggestioninapreviousCran ieldReport5,inresponsetothelackofprogressinincreasingfemaledirectornumbers.However,wehavefoundthatofthe47newfemaleappointmentsmade,morethanhalfofthem(26)weresimplyreplacingcurrentboarddirectors(4replaceddepartingwomenand22replaceddepartingmen).ThemajorityofthelatterwereNEDswhowereleavingboardsasaresultofhavingcompletedtwotermsinof ice,asistherecommendedgoodgovernancebestpractice.Theyincludedtwofemaleinancedirectorsreplacingoutgoingmale inancedirectorsandanadditionalfemaleEDreplacinganoutgoingmaleED.

FTSE100COMPANIES

4“Genderdiversityonboards:Theappointmentprocessandtheroleofexecutivesearch irms”,ReportcommissionedbytheEquality&HumanRightsCommission,forthcoming,tobepublishedMarch2012.

5Cran ieldFemaleFTSEReport2008


28

Fifteen(32%)ofthenewfemaleappointmentsdidnotappeartobereplacingdepartingdirectors,ratherappearingasadditionalboardmembers.InsomeofthesecompaniestheChairmenwerealsoaddingmaledirectors(WeirGroup,ArmHoldings,CapitalShopping,Pearson)–sotheincreaseinboardsizewasnotjustduetowomen.3.4 ReportingandRegulationInOctober2010,thecoalitiongovernment,concernedaboutthelackofprogressontheissueofwomenonboardsintheUK,askedLordMervynDavies(ex‐TradeMinisterandex‐ChairmanofStandardCharteredBank)tosetupareview.Theremitwas“toidentifybarrierspreventingmorewomenreachingtheboardroomandtomakerecommendationsregardingwhatgovernmentandbusinesscoulddotoincreasetheproportionofwomenoncorporateboards”6.AtanEUlevel,EuropeanCommissioner,VivianeRedinghadgivencompaniesandgovernmentsacrossEuropeuntilMarch2012totakeactionstoimprovegenderbalanceinleadership.Shehadstatedthatifinsuf icientprogresshadbeenmadebythattime,shewaspreparedtopushforEuropean‐widelegislation.AnumberofcountriesacrossEuropehavealreadyintroducedeitherlegislationorrecommendationsregardingtheproportionofwomenonboards.Atthetimeofgoingtopressforthisreport,itwasnotclearwhetherMs.RedingwasgoingtoproposeadirectiveorarecommendationonMarch8th—InternationalWomen’sDay.

6DaviesReport–WomenonBoards,February2011,p.6

29

3.4.1 SettingTargetsTheDaviesReportsetouthowbusinessandotherstakeholderscouldacttoensureasuf icient,timelyandsustainableincreaseintheproportionofwomeninleadershippositions.Sincethen,theteamattheInternationalCentreforWomenLeadersatCran ieldhascollaboratedandcontributedtomonitoringandreportingagainsttheDaviesrecommendations.RecommendationNo.1oftheDaviesReport(February2011)waswordedasfollows:

AllChairmenofFTSE350companiesshouldsetoutthepercentageofwomentheyaimtohaveontheirboardsin2013and2015.FTSE100boardsshouldaimforaminimumof25%femalerepresentationby2015andweexpectthatmanywillachieveahigher igure.

FTSE100COMPANIES

CaseStudy‐SAGEAnnualGenderDiversityReviews

“Sage’sworkforceiscurrently44%female,withjust11%atExecutiveCommitteelevel,but25%womenontheboard.SagehasbegunbyundertakinganAnnualGenderDiversityReviewinJune2011.TheambitioninSageistoensurethatourpeopleleadingourbusinessrepresentboththeemployeeandcustomergenderpro ile.Thisisimportantsothattheirneedsareunderstoodandtocreateamoreinclusiveculture.Inordertoachievethis,Sageaimsto:

∎ AnnuallyreviewandmonitoratBoardlevel,ourgenderdiversitypro ileaspartofourtalentmanagementreview

∎ ReviewachievementsoffemaleExecutivessuchaspromotions,changeinjobrolesandappointmentstoNon‐ExecutiveDirectorroles(externally)

∎ Proactivelyencouragecoachingandmentoringoffemaleexecutivestoaspiretotopleadershiproles

∎ ProactivelyencouragesuccessfulfemaleExecutivestocoachyoungerfemaletalent∎ InsistonadiverseslateofcandidatesfromheadhuntersforallSeniorExecutive

appointments∎ PublishthepercentageofwomenintopleadershiprolesinourAnnualReport,number

offemaleExecutiveappointmentsmadeandpercentageoffemalepromotionsduringtheperiodofreview.(Thiswasalreadyachievedinthe2010and2011reports.)

Thereviewlookedatvariousaspectssuchas:currentgendercomposition,includingabreakdownintocommercialandfunctionalroles;keydatapointswithinSage’stop100talentpool,suchascoaching,promotions,andmovements;customerandemployeepro iles;viewpointsoffemaleSeniorExecutivesandtheirsuggestionstoincreasediversity;and inallyareviewofWomeninTechnologywhichfoundadropintheITprofessioninWesterncountriesandanincreaseinAsian.Somehighlightsfromthereviewinclude:

∎ Oneoftheoperatingcompanieshassetatargetofshiftingitsnumberoffemalesatseniorlevelsfrom25%to30%overthenext18monthsandestablishaninternalnetworkforaspiringfemaleleadersandprofessionals;

∎ ManyofthefemaleExecutivesappreciatethe lexibilitySageoffersinworkingpatterns,frequentlyreferencedinarecentsurveyconductedontheviewpointsofSeniorExecutives

∎ Finally,SagehasalsobeeninvolvedintheMentoringFoundationwhichwasbuiltfromtheexpandingFTSE100Cross‐CompanyMentoringProgrammeasawayofsupportingthedevelopmentofthefemaleleadershippipeline.”


30

TheDaviesReportrequiredthatChairmenshouldannouncetheiraspirationaltargetsbySeptember2011andintheInterimReport,October2011,weweredisappointedtonotethatonly33companieshadsetouttheirtargets.WeincludedinthatreportanumberofthestatementsmadebyChairmenregardingtargets.InJanuary2012wewrotetotheCompanySecretariesofallFTSE350companiesaskingforanupdateonanumberofissues,includingtheirtargets.SeventyFTSE100companiesresponded.ThenumberofFTSE100companieswithdeclaredaspirationaltargetshasrisento38.Ofthe70respondingcompanies,ninehavestatedcategoricallythattheywillnotbesettingtargets,theremaining23weresupportivebutnon‐committal.WecongratulatethecompanieslistedinTable8.BskyB,CapitalShoppingCentre,GKN,LloydsBankingGroup,OldMutual,Rolls‐RoyceandTullowOilboldlyaimtoincreasetheirrepresentationby15‐20percentagepoints.AngloAmerican,BP,EurasianNaturalResources,Petrofac,ReedElsevier,RexamandVodafoneGroupallaimtoincreasetheirfemaleboardrepresentationby10‐15percentagepoints.Wecommendtheaspirationofthesecompaniesandlookforwardtotheresultsoftheirlabour.Anumberofcompanieswhichhaveconsistentlyhadmorethan25%ofwomenontheirboards(e.g.Diageo,Pearson,Burberry)havechosennottorespondontheissueoftargets.Andwhilstwecommendtheircurrentpercentages,itisashametheydonotchoosetoshowleadershipinthisarea.Itshouldbenotedthat25%wasneverintendedbytheDaviesReporttobeanultimategoal,merelyanachievablesteppingstonetowardsamorerealisticbalance.

CaseStudy‐BAESystemsAspirationalTargetof25%ofExecutiveCommitteeSet

“Attheendof2011,thecompanymetitsaspirationaltargetofhavingatleast25%oftheBoardconsistingofwomen,whichisalevelweaimtomaintain.TherearethreewomenontheBAESystemsplcBoardatpresent(25%oftotalmembership)andtwowomenontheExecutiveCommittee(17%oftotalmembership).Globally20%oftheworkforcearewomen.ConsistentwithBAESystems’commitmenttoimprovethediversityofitsworkforce,theExecutiveCommitteehasagreedaprogrammetoimprovegenderdiversityinleadershippositions.Thefollowingactionswillbetakentogrowthefemaletalentpipelineatseniormanagementlevelsandtosupporttheachievementoftheaspirationaltargetof25%femalemembershipoftheExecutiveCommitteeby2015:Fosteringacultureofinclusion:

∎ byinvestingininclusiveleadershipeducation;and∎ establishinga lexibleworkculture.

Acceleratingthedevelopmentofhighpotentialwomen:∎ throughreciprocalmentoringbyExecutiveCommitteemembers;and∎ increasingparticipationinglobalhighpotentialprogrammes.

Hiringandselectingthetopperformingdiversetalent:∎ byensuringleadershipjobshavediversecandidatelists.

Measuringperformance:∎ througheachbusinessdevelopingaspirationaltargetstoincreasesigni icantlygender

diversityinleadershipranks.Inaddition,thecompanydevelopedaBoardDiversityCharterandrevisedTermsofReferencefortheNominationCommittee.BAESystemswillreportonprogressagainsttargetsandactiontakenintheAnnualReportandAccounts.”

31

Table8:FTSE100BoardTargets

FTSE100COMPANIES

CompanyCurrent%of

womenonboard2013Target

2015Target

ADMIRALGROUPPLC 18.2% 25%ANGLOAMERICANPLC 18.2% 30% AVIVA 21.4% 25% BAESYSTEMSPLC 23.1% 25%BARCLAYSPLC 16.7% 20% 25%BHPBILLITONPLC 25% 25% BPPLC 12.5% 25% BRITISHSKYBROADCASTINGGROUPPLC(BSKYB) 7.1% 25% 25%CAPITALSHOPPINGCENTRESGROUPPLC 7.1% 25%CENTRICA 25.0% 25%EURASIANNATURALRESOURCESCORPPLC 8.30% 20%G4SPLC 20% 25%GKNPLC 10% 25%GLAXOSMITHKLINEPLC 20% 25% HSBCHLDGSPLC 22.2% 25%INTERCONTINENTALHOTELSGROUPPLC 25% 25%KINGFISHERPLC 22.2% 25%LANDSECURITIESGROUPPLC 18.2% 25%LLOYDSBANKINGGROUPPLC 8.3% 25%MARKS&SPENCER 23.1% 30% 30%MORRISON(WM.)SUPERMARKETSPLC 28.6% 30%NATIONALGRIDPLC 25% 25%OLDMUTUALPLC 9.1% 18% 27%PETROFACLTD 11.1% 15% 25%REEDELSEVIERPLC 11.1% 22% REXAMPLC 11.1% 25%ROLLS‐ROYCEHOLDINGSPLC 6.7% 25%ROYALBANKOFSCOTLANDGROUPPLC 23.1% 25% ROYALDUTCHSHELLPLC 15.4% 25%SAGEGROUPPLC 25% 25% 25%SAINSBURY(J)PLC 20% 25%SMITH&NEPHEWPLC 18.2% 25%TESCOPLC 21.4% 25%TULLOWOILPLC 9.1% 25%UNILEVERPLC 25% 25%VODAFONEGROUPPLC 14.3% 25%WHITBREADPLC 27.3% 27.3% WOLSELEYPLC 22.2% 25%


32

3.4.2 ReportingonthePipelineWhilsttheoverallpercentageofwomenonboardshasbeguntoincreaseatanencouragingrate,itishardtoignorethefactthatmostoftheincreaseisoccurringamongstNEDdirectorships.WhilsttheincreaseinthenumbersoffemaleNEDpositionsisimportant,itisimperativetoensurethatasmuchfocusisplacedonimprovingthefemaleexecutivepipeline.Thisisrequisiteforbetterbalancedboardsandseniorleadershipgoingforward.Companieswhoareaddressingthisdemonstrateatruecommitmenttochangingorganizationalculturesandsustaininggenuinelymeritocraticenvironments.

CaseStudy‐TheMentoringFoundationBarclaysBankplc,FounderPatronsoftheFTSE100Cross‐CompanyMentoringProgramme

AftertheDaviesReport(WomenonBoards)waspublishedin2011,adistinguishedgroupofFTSE100ChairmenwithalongcommitmenttoparticipationintheFTSE100Cross‐CompanyMentoringProgrammedeterminedtoexpandit,toaddressthechallengessetoutbyLordDaviesandhisteam.TheProgrammewassubsequentlyestablishedonanindependentfootingundertheownershipofTheMentoringFoundationanditsdirector,PeninahThomson,wasappointedChiefExecutive.TheMentoringFoundationisanot‐for‐pro itcompanylimitedbyguarantee,withanysurplusesreinvestedinthecompanyforthebene itoftheFTSE100Programme.ThestrategicintentoftheFTSE100Cross‐CompanyMentoringProgrammeistohelpcompaniestoidentifyanddeveloparobustinternal“pipeline”oftalentedwomen,andtohelpdevelopthosewomentobecrediblecandidatesforBoard‐levelappointments–bothasexecutive,andnon‐executivedirectors.GroupChairmanofBarclaysBankplc,MarcusAgiuswasoneoftheChairmenwhowereinstrumentalintheexpansionoftheFTSE100Programme,andinFebruary2012BarclaysbecameaFounderPatron.TogetherwithelevenothericonicUKorganisations,BarclayshasextendeditscommitmenttotheProgrammebyagreeingtonominatetwoseniorfemaleexecutivesasMentees,in2012andineachofthetwofollowingyears.MarcusAgius,togetherwithNiallFitzGeraldKBE,ChairmanofHakluyt&Co.Ltd.,SirWinBischoff,Chairman,LloydsBankingGroupplcandSirPhilipHampton,ChairmanofTheRoyalBankofScotlandGroupplc,isamemberoftheAdvisoryCounciloftheFTSE100Cross‐CompanyMentoringProgramme.They,andalltheChairmanMentors,haveagreedtomentoraseniorwomanfromanotherorganisation,generouslycontinuingtooffertheircommitmentonaprobonobasis.Barclays’Chairman,workingwiththeGroupHRDirector,Ms.SallyBott,hasnominatedthreeofthebank’sseniorfemaleexecutivestobeMenteesontheFTSEProgramme.EachoftheMenteesisworkinginaMentoringPairwiththeleaderofanotherUKorganisationfromthenon‐bankingsector(inordertoavoidanypotentialcon lictofinterest).ChairmanMarcusAgiuscommented:“TheFTSE100Programmeisdeliveringadoublebene it.Notonlyisitpreparinganemergingcadreofwomentobecomenon‐executiveDirectorsontheBoardsofourlargercompanies,butitisalso—throughthementoringprocess—helpingthemtodevelopintheircurrentexecutiveroles.”

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InadditiontoChairmensettingtargetsforthepercentageofwomenontheircorporateboard,Recommendation1oftheDaviesReportstated:

AlsoweexpectallChiefExecutivestoreviewthepercentageofwomentheyaimtohaveontheirExecutiveCommitteesin2013and2015.

ThishasprovedtobeanevenmoreelusiveexerciseandveryfewChiefExecutiveshaverespondedtothischallenge.Anycriticismleviedatthefocusonthenumbersofwomenonboardshasoftenpointedtotherealcrisisinthenumbersoffemaleexecutivedirectors(just6.6%onFTSE100boards).QuestionsaboundaroundhowtoincreasethesenumbersandconversationswithChairmenandESFshighlightthisasanareaofnecessaryfocus.Since2006,intheFemaleFTSEReports,wehavebeenmonitoringthosewomenwhoaremembersoftheGroupExecutiveTeam(oftencalledExecutiveCommitteeorGroupManagementTeam)fromwherefutureExecutiveDirectorswouldnaturallycome.Wehavehighlightedanumberoftheminprevious“100WomentoWatch“listsandsomehavenowgoneontoEDroles.Inthe2010report,weobtainedinformationon99ofthethenFTSE100companies(theonecompanywhorefusedtorespondwasAntofagasta).However,inlinewithcurrentbestpractice,webelievesuchcompaniesshouldnowbeincludingthisinformationontheircorporatewebsitesandwithintheirannualreports.

TheInvestorCommunityhasbeenveryproactiveinitsresponsetotheDaviesReport.Recommendation6ofthatreportstatedthatinvestors“shouldpaycloseattention”tothebehavioursofcompaniesintermsoftheDaviesrecommendations,includingcompanytransparencyaroundtargets,reportingonproportionsofwomenatvariouslevels,theappointmentprocess,boardroomdiversitypoliciesandmeasurableobjectives.Therehasbeenaverypositiveresponsefromanumberofmajorinvestorsexpectingcompaniestocomply–forexample,AssociationofBritishInsurers,UKSustainableInvestment&FinanceAssociation,CooperativeAssetManagement,NationalAssociationofPensionFunds,AvivaInvestors,L&GInvestmentManagement,F&CInvestments,JupiterAssetManagement,Blackrock,AberdeenAssetManagement,HermesEquityOwnershipServices,theLocalAuthorityPensionFundForum,

NewtonInvestmentManagementandRPMIRailpen.Investorsneedcompaniestoreportsuchinformationandincreasinglythesenseisthatthosethatdonotareatbestignorant(andthereforeinactive)oratworstobstructive.WeareawarethatthemajorityofcompanyannualreportsarepublishedbetweenMarchandJuneandwouldencourageChairmenandCompanySecretariestodemonstratebestpracticeandleadershipinthisarea.

Recommendation2oftheDaviesReportstated:

Quotedcompaniesshouldberequiredtodiscloseeachyeartheproportionofwomenontheboard,womeninseniorexecutivepositionsandfemaleemployeesinthewholeorganization.

FTSE100COMPANIES

“Boarddiversityisanimportantaspectofthewidertopicofgoodcorporategovernanceaimedatimprovingbusinessdecisions,reducingrisk,sustainingpro itsgrowthandthereforehigherlong‐termreturnsforshareholders.Today'seventshowsthatinvestorsarereadytoholdcompaniestoaccountonthisissueandwillencouragebusiness‐ledchangetoreachour,andLordDavies'targetsforfemalerepresentationonUKboardsby2015."HelenaMorrisey,CBE,CEONewtonInvestmentManagementandfounderofthe30%Club


34

Therefore,inourlettertoCompanySecretariesinJanuary,werequestedinformationontheproportionofwomenwithintheircompany:

∎ Asapercentageofthewholeworkforce∎ Atjuniormanagementlevel∎ Atmiddlemanagementlevel∎ Atseniormanagementlevel,and∎ Attheleveljustbelowtheboard(e.g.ExecutiveCommittee/ManagementCommittee)

Wereceived73responsestoourletter.Itwasinterestingtonotethatwhilstsomecompaniescouldeasilypullthesedataoffvariousreportingtools,severalorganizationsclearlydidnotroutinelytrackthisinformation(onecompany–Aggreko,advisedustheywerewaitingforanewHRsystemtobeimplementedthatwouldprovidethemthisinformationinthenearfuture).InadditiontothosecompanieslistedinTable9belowwhodidprovideinformation,afurthersevenstatedthatsomeofwhatwasrequestedwillbereportedintheirforthcomingannualreport.Thesecompaniesare:AngloAmerican,Essar,GKN,IMI,NationalGrid,Tate&LyleandTullowOil.Wethankthosecompanieswhospeci icallyreportedthese iguresinresponsetoourrequest,andwouldencouragethemtomonitorthisinformationgoingforward.Itiscriticalforcompaniesinoptimisingtheirtalentmanagementthattheyareawareofdiversityatalllevels.Itisonlywithsuchinformationthatcompaniescanbesuretheyaretargetingtheirinitiativesattherightplace.Trackingpercentagescanshowwherecompaniesarelosingtheirwomen.Forexample,inDiageo,35%oftheirtotalworkforceisfemale.This igureremainsconstantatmiddlemanagementlevel,whichisencouraging,andfallsonlyslightlyto27%atseniormanagementlevel.Theycurrentlyhave44%ofwomenontheirboard,soaredemonstratingconsistencyacrosstheorganization.InsomewaysasimilarexampleisBAESystems,witha20%femaleworkforce,17%atExecutiveCommitteelevel,but25%womenontheirboard.Itwouldappearthattheyaredoingareasonablejobatretention.Intheircasestudy(p.30),theyarefocusingonfosteringacultureofinclusionandsettinginternaldiversitytargets(includinga25%targetfortheexecutivecommittee).However,itwouldappearthattheyneedtoimprovetheirrateofbringingwomenintotheorganization.Inthesameindustry,Rolls‐Royce,whosepercentageofwomenintheworkforceisonly15%,isfocusingonactiveinvolvementineducationoutreachtoincreasethenumbersofwomenjoiners.Theyhavemanagedtoincreasetheirpercentageofparticipantsontheirgraduatedevelopmentprogrammeto25%.However,their iguresfalloffto7%atthemostseniorlevelsandsotheywillneednowtofocusonretention.Retentionanddevelopmentisclearlystilltheissuefororganizationswithinthe inancialservicesindustriesasmostofthoselistedherehave50%ormorewomenintheiroverallworkforcesbutsigni icantlylessthanhalfthat igureintheirseniormanagement,executivecommitteeorboardlevels.Thedatafromthe34companiesindicatedthefollowingtrends:

∎ Thepercentageoftheworkforcewhichisfemalevariedfrom13%(Petrofac)to57%(OldMutual)

∎ Thepercentageoffemalesatjuniormanagementlevelvariedbetween15%(BAESystems)and50.1%(Barclays)

∎ Thepercentageoffemalesatmiddlemanagementlevelvariedbetween12%(BAESystems)and40%(AstraZeneca)

∎ Thepercentageoffemalesatseniormanagementlevelvariedbetween7%(Rolls‐Royce)and43%(Admiral)

∎ Justbelowtheboardthepercentageoffemalesvariedbetween5%(BAESystems)and33%(CairnEnergy).Eighteenoutofthe24companiesreportingthepercentageoffemalesatexecutive/managementcommitteelevelreport iguresoflessthan25%,sothereismuchworktobedoneindevelopingwomentothislevel.

35

WealsoaskedCompanySecretariesforexamplesofworkthattheyareconductingwithintheirorganizationsspeci icallyaimedatincreasingtheirpipelineofwomentothetop.Anumberofcasestudiesareincludedthroughoutthisreport.Theydetailsomeofthegoodworkthattheseorganizationsaredoing,focusingoninitiativessuchas lexiblecareerpaths,workplace lexibility,unconsciousbiasinrecruitment,internalgendertargets,promotionprocessmonitoringandreporting,mentoringandreversementoring,annualgenderreviewsanddiverseslatesinappointments.

FTSE100COMPANIES

“Itisvitaltolookbeyondtheboardandexecutivecommitteetobuildasustainablefemalepipelinefromwithinthecompany.In2010weoutlinedaclearcommitmenttoincreasingthenumberofwomeninourseniorleadershippopulationsbysettingindividualgendergoalsforourExecutiveCommitteeandtheirdirectreports.KnownasthePlus1principle;asaseniorleaderifyourteamisnotalready50:50genderbalanced,thenyourgoalistobringatleastoneadditionalfemaleintoyourteameachyear.OurglobalCEOhasmaintainedcontinuousenergyandcommitmenttothisbyensuringprogressismonitoredanddiscussedquarterlywithhisteam,andregularlycommunicatinghisviewontheimportanceoffemaleleadershiptoallemployees.AsaresultwehaveseengoodincreasesintherepresentationofwomeninourSeniorLeadershipandSeniorManagementpopulations.Butwestillhavealongwaytogo!Lastyearweextendedtheconceptofgendergoalstothenextleveloftheorganisationbyintroducingatargetof50:50genderbalancefornewhiresandinternalpromotionstoourmiddlemanagementlevels.Wehaverealised,however,thatgoalsettingaloneisnotenoughtodrivelongtermandsustainablegrowth.Throughaseriesofdialogueswithwomenthroughouttheorganisationwehavebeenabletoidentifyandbegintoaddresssomeofthedeeperrootedchallengesfacedmoreparticularlybywomeninwhathasbeenahistoricallymasculineindustry.Whilesomeofthesechallengescanandarebeingaddressedbychangestopoliciesandprocedure(femalecandidatesonshortlists,performanceandtalentprocessesfreefromgenderbiasandsoon),amindsetshiftiscrucialtocreateatrulyinclusiveculturethatvaluesdiversityofallkinds.Asaresultwehaveintroducedanumberofinitiativestoraiseawarenessofpotentialbiasandopenmindstothevalueofthedifferenttypesofskillsdiversegroupscanbringtoteams.InitiativesincludeareciprocalmentoringprogrammematchingourExecutiveCommitteememberswithhighpotentialfemalementoringpartners,theformationoflocalwomen’snetworks,andteamsessionsongenderculturesincollaborationwiththePatHeimgroup.Likemanyorganisationsweknowthereisnoonesilverbulletormagicrecipeandseethisasalongtermjourneytowardsamorediverseandinclusiveorganisation.”

CaseStudy‐VodafoneBuildingasustainablefemalepipeline


36

Table9:FTSE100PipelineofWomen

*TheBoard iguresforthePipelinearetakenfromourmaindatacollectionpointofJanuary10th2012.

Company

%ofwomeninworkforce:

Ofwholeworkforce

AtJuniorMgmt

AtMiddleMgmt

AtSeniorMgmt

AtEx/ManComm

AtBoardLevel*

ADMIRALGROUPPLC 43% 29% 19%

AMECPLC 24% 17% 10% 8% 0%

ANGLOAMERICANPLC 14% 21% 19%

ASTRAZENECAPLC 51% 50% 40% 31% 25% 27%

AVIVA 50% 45% 29% 20% 18% 21%

BAESYSTEMSPLC 20% 15% 12% 11% 5% 25%

BARCLAYSPLC 52% 50% 35% 10% 20% 17%

BRITISHLANDCOPLC 44% 25% 15%BRITISHSKYBROADCASTINGGROUPPLC(BSKYB)

32% 7%

CAIRNENERGYPLC 53% 33% 22%CAPITALSHOPPINGCENTRESGROUPPLC

46% 53% 26% 17% 7%

CENTRICAPLC 29% 27% 21% 15% 14% 25%

DIAGEOPLC 35% 35% 27% 44%

EXPERIANPLC 45% 47% 38% 23% 13% 20%

G4S 12% 22% 20%

INTERTEKPLC 36% 18% 10% 0%

KINGFISHERPLC 40% 29% 22%

LANDSECURITIESGROUPPLC 45% 38% 23% 18% 14% 19%

LLOYDSBANKINGGROUP 60% 49% 37% 26% 13% 8%

OLDMUTUALPLC 57% 12% 11% 9%

PETROFACLTD 13% 11%

PRUDENTIALPLC 55% 63% 48% 27% 10% 12%

ROLLS‐ROYCEHOLDINGSPLC 15% 7% 6% 7%

ROYALBANKOFSCOTLAND 53% 33% 26% 18% 23%

SAGE 44% 26% 11% 25%

SABMILLERPLC 20% 23% 29% 24% 18%

SAINSBURY(J)PLC 54% 41% 25% 31% 27% 20%

SEVERNTRENTPLC 30% 28% 35% 20% 17% 9%

SMITH&NEPHEWPLC 39% 28% 15% 30% 19%

SMITHSGROUPPLC 38% 27% 20% 9% 0% 13%

STANDARDCHARTEREDPLC 46% 52% 37% 22% 10% 12%

TESCOPLC 31% 19% 15% 21%

UNILEVERPLC 40% 42% 31% 20% 8% 25%

UNITEDUTILITIESGROUPPLC 36% 37% 26% 24% 36% 14%

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4. FTSE250CompaniesFTSE250describesthosecompaniesrankedfrom101‐350intermsofmarketcapitalisation.Withintheboardroomsofthosecompanies9.4%(189)directorshipsareheldbywomen.At the timeofgoingtopress(March1st2012)this igurehadrisenagainto9.6%.Thishasincreasedfrom7.8%(154)recordedinthe2010FemaleFTSEReport.Historically,thenumbersofwomenonboardsoftheFTSE250companieshavebeenmuchlowerthanthoseoftheFTSE100companiesandsomecommentatorswouldsuggestthatthisisbecausetheyarelessinthemediaspotlightthantheirFTSE100counterparts.However,FTSE250Chairmenshouldrealisethebene itsofboardroomdiversityandunderstandthatignoringthisissueisnolongeracceptablefromagovernanceperspective.TheFinancialReportingCouncil’schangestotheCoderegardinggenderdiversityapplytoalllistedcompanies.4.1 FTSE250CompanieswithFemaleDirectorsOftheFTSE250companies135(54%)nowhavewomenintheirboardrooms, inallymakingthoseall‐maleboardsaminority.This igureof135hasincreasedfrom119,butinterestinglythenumberofcompanieswithtwofemaledirectorshasalsoincreasedsubstantiallyfrom25to40.ThiswouldindicatethattheoverallpercentageincreaseofwomenonFTSE250boardshascomeequallyfromcompaniesplacingtheir irstandalsotheirsecondwomanontheboard.Table10:FTSE250Companies2012

IntheFTSE250companiesthereisnosigni icantdifference(p=0.001)betweentheboardsizeofthosewithfemaledirectors(average8.5members)andthosewithonlymaledirectors(average7.6members).Belowaretwotables.The irstshowsthe49FTSE250companieswhichnowhaveatleast20%femaledirectors–thisnumberhasincreasedby11sincethe2010report.FollowingthatweshowatablewiththeFTSE250Zeros–thosecompanieswhichretainall‐maleboards.

FTSE250COMPANIES

FTSE250Companies No. %

Companieswithfemaledirectors 135 54.0%

Companieswith2femaledirectors 40 16.0%

Companieswith3or4femaledirectors 7 2.8%

Companieswithfemaleexecutivedirectors 25 10.0%

Companieswith2femaleexecutivedirectors 3 1.2%

Averageboardsize 8.1

Averagenumberofexecutivedirectors 2.4

Averagenumberofnon‐executivedirectors 5.6


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Table11:The49FTSE250Companieswithatleast20%FemaleDirectors

Rank FTSE250CompanyPercentFemaleBoard


FemaleExecutiveDirectors

1st ELECTRAPRIVATEEQUITYPLC 50.0% 3 2nd WETHERSPOON(J.D.)PLC 42.9% 3 1(ED)3rd JPMORGANAMERICANINVESTMENTTRUSTPLC 40.0% 2 4th REDROWPLC 33.3% 2 1(GFD)4th SYNERGYHEALTHPLC 33.3% 2 6th CARPETRIGHTPLC 30.0% 3 1(ED)7th 3iINFRASTRUCTUREPLC 28.6% 2 7th VICTREXPLC 28.6% 2 7th TALVIVAARAMININGCOPLC 28.6% 2 1(CFO)10th SVGCAPITALPLC 25.0% 2 1(CEO/FD)10th WILLIAMHILLPLC 25.0% 2 10th MONKSINVESTMENTTRUSTPLC 25.0% 1 10th DELARUEPLC 25.0% 2 10th RPSGROUPPLC 25.0% 2 10th JPMORGANRUSSIANSECURITIES 25.0% 2 10th BTGPLC 25.0% 2 1(CEO)10th BRITISHEMPIRESECURITIES&GENERALTRUSTPLC 25.0% 1 10th HICLINFRASTRUCTURECOLTD 25.0% 1 10th BETFAIRGROUPPLC 25.0% 2 10th ALLIANCETRUSTPLC 25.0% 2 1(CEO)10th PREMIERFARNELLPLC 25.0% 2 1(CEO)22nd BERKELEYGROUPHOLDINGSPLC 23.1% 3 23rd HAYSPLC 22.2% 2 24th INMARSATPLC 22.2% 2 24th WSATKINSPLC 22.2% 2 24th 3iGROUPPLC 22.2% 2 1(GFD)24th LOGICAPLC 22.2% 2 24th DOMINO'SPIZZAUK&IRLPLC 22.2% 2 24th HALMAPLC 22.2% 2 24th DEBENHAMSPLC 22.2% 2 24th STAGECOACHGROUPPLC 22.2% 2 24th CHEMRINGGROUPPLC 22.2% 2 1(ED)24th TALKTALKTELECOMGROUPPLC 22.2% 2 2(CEO,CFO)24th TAYLORWIMPEYPLC 22.2% 2 24th MITIEGROUPPLC 22.2% 2 2(CEO,CFO)24th MONDIPLC 22.2% 2 37th ABERDEENASSETMANAGEMENTPLC 21.4% 3 1(ED)37th RATHBONEBROTHERSPLC 21.4% 3 39th MURRAYINTERNATIONALTRUSTPLC 20.0% 1 39th MURRAYINCOMETRUSTPLC 20.0% 1 39th JUPITERFUNDMANAGEMENTPLC 20.0% 2 39th INTERNATIONALPUBLICPARTNERSHIPSLTD 20.0% 1 39th LAWDEBENTURECORPPLC 20.0% 1 39th EXILLONENERGYPLC 20.0% 1 39th SCOTTISHMORTGAGEINVESTMENTTRUSTPLC 20.0% 1

39

Table11:The49FTSE250Companieswithatleast20%FemaleDirectors(cont’d)

Table12:FTSE250CompaniesZeros

FTSE250COMPANIES

ABERFORTHSMALLERCOMPANIESTRUSTPLC

DEVROPLC MERCHANTSTRUSTPLC

AFRENPLC DIPLOMAPLCMILLENNIUM&COPTHORNEHOTELSPLC

AFRICANBARRICKGOLDPLC DOMINOPRINTINGSCIENCESPLC MISYSPLC

ALLIEDGOLDMININGPLC DSSMITHPLC MITCHELLS&BUTLERSPLC

ANGLOPACIFICGROUPPLC EDINBURGHDRAGONTRUSTPLCMONEYSUPERMARKET.COMGROUPPLC

AQUARIUSPLATINUMLTD ELECTROCOMPONENTSPLC MORGANCRUCIBLECOPLC

ASHTEADGROUPPLC ELEMENTISPLC NEWWORLDRESOURCESPLC

AVEVAGROUPPLC F&CASSETMANAGEMENTPLC NORTHGATEPLC

AZELECTRONICMATERIALSSAF&CCOMMERCIALPROPERTYTRUSTLTD

OXFORDINSTRUMENTSPLC

BALFOURBEATTYPLC FENNERPLCPARAGONGROUPOFCOMPANIESPLC

BANKERSINVESTMENTTRUSTPLC FERREXPOPLC PERFORMGROUPPLC

BARR(A.G.) FIDELITYEUROPEANVALUESPLCPERPETUALINCOME&GROWTHINVESTMENTTRUSTPLC

BBAAVIATIONPLC FILTRONAPLC PERSIMMONPLC

BEAZLEYPLC FIRSTGROUPPLC PERSONALASSETSTRUSTPLC

BELLWAYPLC GEMDIAMONDSLTD RANKGROUPPLC

BERENDSENPLCGENESISEMERGINGMARKETSFUNDLTD

REGUSPLC

BHGLOBALLTD GENUSPLC RENISHAWPLC

BHMACROLTD GREATPORTLANDESTATESPLC RENTOKILINITIALPLC

BIGYELLOWGROUPPLC GREENEKINGPLC ROTORKPLC

Rank FTSE250CompanyPercentFemaleBoard


FemaleExecutiveDirectors

39th JPMORGANEUROPEANSMALLERCOMPANIESTRUSTPLC 20.0% 1 39th LADBROKESPLC 20.0% 2 39th BRITISHASSETSTRUSTPLC 20.0% 1 39th EASYJETPLC 20.0% 2 1(CEO)


40

Table12:FTSE250CompaniesZeros(cont’d)

BWIN.PARTYDIGITALENTERTAINMENTPLC

HUNTINGPLC SENIORPLC

CALEDONIAINVESTMENTSPLC IGGROUPHOLDINGSPLC SHANKSGROUP

CAPEPLCIMAGINATIONTECHNOLOGIESGROUPPLC

SOCOINTERNATIONALPLC

CAPITAL&COUNTIESPROPERTIESPLC

INTERMEDIATECAPITALGROUPPLCSPECTRISPLC

CATLINGROUPLTD INTERSERVEPLC SPIRAX‐SARCOENGINEERINGPLC

CENTAMINPLC JDSPORTSFASHIONPLC SPIRENTCOMMUNICATIONSPLC

CHARTERINTERNATIONALPLCJOHNLAINGINFRASTRUCTUREFUNDLTD

STOBARTGROUPLTD

CITYOFLONDONINVESTMENTTRUSTPLC

JPMORGANEMERGINGMARKETSINVESTTRUSTPLC

TELECOMPLUSPLC

CLOSEBROTHERSGROUPPLC KCOMGROUPPLCTEMPLETONEMERGINGMARKETSINVESTMENTTRUSTPLC

COLTGROUPSA KENTZCORPLTDUKCOMMERCIALPROPERTYTRUSTLTD

COMPUTACENTERPLC KESAELECTRICALSPLC ULTRAELECTRONICSHLDGSPLC

CRANSWICKPLC LAIRDPLC WOODGROUP(JOHN)PLC

CRODAINTERNATIONAL LAMPRELLPLC YULECATTO&COPLC

DAEJANHOLDINGSPLCLONDON&STAMFORDPROPERTYPLC

DAILYMAIL&GENERALTRUSTPLC MELROSEPLC

BUMIPLC HOCHSCHILDMININGPLC SEGROPLC

BOVISHOMESGROUP HIKMAPHARMACEUTICALSPLC SCOTTISHINVESTMENTTRUSTPLC

BODYCOTEPLC HERITAGEOILPLC SAVILLSPLC

BLUECRESTALLBLUEFUNDLTD HERALDINVESTMENTTRUST SALAMANDERENERGYPLC

BLACKROCKWORLDMININGTRUSTHANSTEENHLDGSPLC RPCGROUPPLC

41

4.2 FTSE250WomeninTopRoles

TherearenowtenfemaleCEOsintheFTSE250companies.Theyare:LynFordham,SVGCapital;KatherineGarrett‐Cox,AllianceTrust;Dr.HarrietGreen,PremierFarnell;theHonourableDidoHarding,TalkTalkTelecom;CarolynMcCall,easyJet;RubyMcGregor‐Smith,MitieGroup;Dr.LouiseMakin,BTG;DorothyThompson,Drax;CarolineBanszky,LawDebentureCorp;andKateSwann,WHSmith.Inaddition,sevenwomenholdthetop inancialpositionintheFTSE250companies.Theyare:SuzanneBaxter,MitieGroup;ShirleyGarrood,HendersonGroup;YvonneHolm,OphirEnergy;SailaMiettinen‐Lahde,Talvivaaramining;BarbaraRichmond,Redrow;AmyStirling,TalkTalkTelecom;andJuliaWilsonat3i.Thisgroupof17atthetopoftheirindustrieshavebetweenthemonlysixFTSE350NEDpositions.Theyrepresentanuntappedtalentpool.

4.2.2 Cross‐IndexComparisonAscanbeseeninthetablebelow,theFTSE250companiesfallsigni icantlybehindtheFTSE100companiesintermsofpercentagesofwomenholdingbothexecutiveandnon‐executiveboarddirectorships.TheFTSE250isalsosubstantiallylowerintermsofcompanieswithfemaleexecutivedirectorsandmultipledirectors.Table13:FTSE100andFTSE250Comparison

FTSE250COMPANIES

“MITIEisafast‐growingandambitiouscompanyandwillonlyreachitspotentialifitmakesthemostofallthetalentwithinthecompany,includingwomen.Bymakingsurethatwehavetherightenvironmentandsupportforourfemalestaffwewillsucceedtogetherasacompany.”RubyMcGregor‐SmithCBE,ChiefExecutive

AtJanuary2012 FTSE100 FTSE250

Female‐helddirectorships 163(15%) 189(9.4%)

Femaleexecutivedirectorships 20(6.6%) 28(4.6%)

Femalenon‐executivedirectorships 14322.4%) 168(11.4%)

Companieswithfemaleexecutivedirectors 17(17%) 25(10.0%)

Companieswithatleastonefemaledirector 89(89%) 135(54%)

Companieswithmultiplefemaledirectors 50(50%) 47(18.8%)


42

“AsanorganisationwiththeonlyAsianfemaleChiefExecutiveintheFTSE250,MITIErecognisesthatattractingfuturefemaletalentisofkeyimportance.MITIEplaceshugeimportanceondeliveringasupportiveandinclusiveenvironmentforitsstaffandthesearejustanumberofmeasuresthatformpartofthegroup’seffortstoretainmorefemaleemployees.MITIEhasintroducedavarietyofprogrammestoencouragewomentoreturntoworkaftertakingmaternityleaveandtohelpwomenmaintainacareer,including:

∎ Supporting lexibleworkinghoursanda lexi‐leavesystem∎ Enablinghomeworkingandacompressedworkingfortnightoption∎ Providingchildcarevouchersandadditionalannualleavepurchaseschemes∎ OfferingamaternitycoachingprogrammeforseniorHRprofessionals

MITIEhasadedicateddiversityboard,aswellasanequality,diversityandinclusionpolicywhichhasdevelopedanumberofinitiatives:

∎ HeldtheinauguralDiversityWeekin2011,includingpresentationsfromboardlevelexecutivesandanumberofeventstoraiseawarenessofdiversityandequalityissues

∎ Appointedadiversitysteeringgroupthatisexternallychairedandconsistsofrepresentativesfromacrossthebusiness

∎ Mademanagersaccountableforimplementinggenderprogrammesinitiatedbydiversitychampionsacrossthebusiness

Mentoringisalsorecognisedasessentialtosupportingapipelineoffemaletalent:

∎ Introducedamentoringprogrammeforrisingfemalestars∎ TheCEOhassetupandremainsinvolvedinamentoringcircleforblack,Asianand

minorityethnicfemalestaff∎ TheGroupFinanceDirectorsponsorsanewlydevelopedexecutivementoring

programmeforthe inancefunctionandhasalsoachieveda100%maternityreturnerratewithinherdirectreports,whichissubsequentlybeingcascadedthroughoutthebusiness”

CaseStudy‐MITIEGROUPMaternityandMentoring

43

4.2.3 NewAppointmentsFigure4:FTSE250NewAppointmentin12monthstoJanuary2012IntheyeartoJanuary2012,52womentookupnewdirectorships,comparedto273newmaleappointments.Thisrepresents19%ofallnewappointments.Interestingly,weretookthedataonMarch1standthis igurehadrisensubstantiallyto27%(57womenand213men).Thiswouldsuggestthatthe‘wave’theoryofincreasingpercentagesgoingtowomenmayalsobeinactionintheFTSE250.MirroringtheFTSE100appointments,themajority(68%)ofthewomenhadhadnopriorFTSE350boardpositions,thusexpandingthetalentpoolofFTSE350femaledirectors–seebelow.

Figure5:BackgroundsofFTSE250newfemaledirectorsThebackgroundsofthenewFTSE250femaledirectorswereslightlymoreeclecticthanthoseofthenewFTSE100femaledirectors,with45%comingfrom inance.Therewasagreateremphasisonsalesandmarketing,whichmayre lecttheslightlysmallernatureofthese irms.

FTSE250COMPANIES


44

4.3 TargetsandPipelineThetablebelowshowsthenumberofmaleandfemalehelddirectorshipsandseniorexecutivepositionsinFTSE250 irms.AswiththeFTSE100 irms,thisyeartherehasbeenaslightincreaseinthetotalnumberofdirectorships(from1966)butanotherdecreaseinthenumberofexecutivedirectorships.Inthistougheconomicclimate,thelattermaywellbeacost‐cuttingexercise.Thetotalnumberofseniorexecutiveshasincreased(from2,186to2,213),buttherehasbeennoincreaseinthepercentageoftheserolesheldbywomen.Table14:FTSE250Directors,byGenderandRole

4.3.1 FTSE250BoardTargetsAsdescribedinsection3.4above,wewrotetoallFTSE350companiesrequestinginformationontheaspirationaltargetsandtheirpipeline igures.Wereceived107responsesfromtheFTSE250companies.Thirty‐fourofthosecompanieshavesetaspirationalwomenonboardtargets.Thisisanincreaseof14companiessincetheDaviesInterimReport,lastOctober.Fromourresponses,28statedthattheywouldnotbesettingtargetsandtheremaining45companiesweresupportiveinprinciplebutnon‐committal.Interestingly,itappearsthatsomeoftheFTSE250companiesarebeingbolderthantheirFTSE100counterparts.Forexample,ninecompanieswhohavestatedtargetsareatthestartofthisjourneyandcurrentlyhavenowomenontheirboard–noneofthe11FTSE100companieswithnowomenontheirboardshasannouncedatarget.Fourofthecompanieshavetargetsofmore30%,althoughWSAtkinsistheonlycompanyforwhomthattargetisanincreaseontheircurrentposition.Sevencompanieshavesetthemselvestargetsofatleasta15percentagepointincrease.Theyare:DSSmith,FidelityEuropeanValues,FirstGroup,Laird,RentokilInitial,SeniorandTuiTravel.InadditionAmlin,Beazley,Dignity,GreeneKing,PennonGroup,PhoenixGroupHoldingsandRotorkhaveallsetthemselvestargetsofbetweena10‐15percentagepointincrease.Wecongratulateallofthesecompanies.

FTSE250 Females Males TotalExecutiveDirectors 28(4.6%) 580(95.4%) 608

Non‐ExecutiveDirectors 161(11.4%) 1250(88.6%) 1411

TotalDirectors 189(9.4%) 1830(91.6%) 2019

SeniorExecutives 364(16.4%) 1849(83.6%) 2213

45

Table15:FTSE250BoardTargets

CompanyCurrent%ofwomenonboard

2013Target

2015Target

AMLINPLC 9.1% 20%

BEAZLEYPLC 0.0% 10%

DIGNITYPLC 11.1% 25%

DOMINO'SPIZZAUK&IRLPLC 22.2% 20% 20%

DSSMITHPLC 0.0% 25%

ELECTRAPRIVATEEQUITYPLC 50.0% 33% 33%

EUROMONEYINSTITUTIONALINVESTORPLC 11.8% 13%

FIDELITYEUROPEANVALUESPLC(Quoted) 0.0% 20%

FIDELITYCHINASPECIALSITUATIONSPLC 16.7% 25%

FIRSTGROUPPLC 0.0% 20%

GO‐AHEADGROUPPLC 14.3% 17% 17%

GRAINGERPLC 18.0% 18% 18%

GREENEKINGPLC 0.0% 14%

INFORMAPLC 14.2% 14% 14%

INVESTECPLC 18.8% 25%

JUPITERFUNDMANAGEMENTPLC 20.0% 20% 20%

LAIRDPLC 0.0% 13% 25%

MONDIPLC 22.2% 25% 25%

PENNONGROUPPLC 14.2% 14% 25%

PHOENIXGROUPHOLDINGS 7.7% 14% 21%

PREMIERFARNELLPLC 25.0% 25% 25%

REDROWPLC 33.3% 33%

RENTOKILINITIALPLC 0.0% 20% 20%

RESTAURANTGROUPPLC 16.7% 17% 17%

ROTORKPLC 0.0% 12.5% 12.5%

RPSGROUPPLC 25.0% 25% 25%

SENIORPLC 0.0% 15% 15%

STAGECOACHGROUPPLC 22.2% 22% 22%

SVGCAPITALPLC 25.0% 25%

SYNERGYHEALTHPLC 33.3% 33.3% 33.3%

TAYLORWIMPEYPLC 22.2% 22% 22%

TUITRAVELPLC 6.7% 25%

WILLIAMHILLPLC 25.0% 25%

WSATKINSPLC 22.2% 33.3%

FTSE250COMPANIES


46

4.3.2 FTSE250PipelineInformationOfthe107FTSE250companiesfromwhomwereceivedresponses,40providedinformationontheirpipelinepercentages.Wecommendthesecompaniesandreporttheirinformationinthetablebelow.Afurthersevencompaniesstatedthat,duetothenatureoftheirbusiness,theyhavenoemployees.ThesewereBankersInvestmentTrust,3iInfrastructure,AberforthSmallCompaniesTrust,FidelityEuropeanValues,Foreign&ColonialInvestmentTrust,PolarTechInvestmentTrustandElectraPrivateEquity.Twofurthercompanies(JardineLloydThompsonandYuleCatto)advisedthattheydidnothaveanyoftheinformationrequestedavailable.Anadditionalsixcompaniesstatedtherewouldbemoreinformationavailableintheirforthcomingannualreports.Thesecompanieswere:Laird,MitieGroup,Elementis,FirstGroup,Informa,andSigTable16:FTSE250PipelineofWomen

Company


Ofwholeworkforce

AtjuniorMgmt

AtmiddleMgmt

AtSeniorMgmt

AtEx/ManComm

Board

ALLIANCETRUSTPLC 52.0% 53.0% 36.0% 20.0% 29.0% 25.0%AMLINPLC 46.0% 52.5% 23.0% 10.0% 0.0% 9.1%BALFOURBEATTY 28.0% 50.0% 16.0% 12.0% 8.0% 0.0%BBAAVIATIONPLC 22.0% 19.0% 30.0% 0.0%BETFAIRGROUPPLC 22.4% 16.0% 25.0%BOVISHOMESGROUP 36.0% 0.0% 0.0%CABLE&WIRELESSWORLDWIDEPLC 24.0% 25.0% 22.0% 25.0% 33.0% 16.7%CALEDONIAINVESTMENTSPLC 39.0% 81.0% 50.0% 33.0% 13.0% 0.0%CAPITAL&COUNTIESPROPERTIESPLC 40.0% 57.0% 41.0% 53.0% 36.0% 0.0%COBHAMPLC 27.9% 11.1%DAIRYCREST 18.1% 28.5% 19.0% 26.6% 0.0% 11.1%DEBENHAMSPLC 76.6% 67.9% 54.5% 44.0% 50.0% 22.2%DRAXGROUP 25.1% 41.6% 21.8% 25.0% 14.5% 11.1%DOMINOPRINTINGSCIENCESPLC 24.0% 26.0% 15.0% 8.0% 33.0% 0.0%DUNELMGROUPPLC 65.0% 50.0% 29.0% 16.7%EXILLONENERGYPLC 18.0% 50.0% 20.0%GREATPORTLANDESTATESPLC 43.0% 60.0% 21.0% 30.0% 50.0% 0.0%HAYSPLC 61.0% 24.0% 22.2%INFORMAPLC 35.0% 14.3%INMARSATPLC 32.0% 47.0% 23.0% 19.0% 18.0% 22.2%JUPITERFUNDMANAGEMENTPLC 40.0% 25.0% 20.0%LONDON&STAMFORDPROPERTYPLC 60.0% 25.0% 40.0% 0.0%LONMIN 4.9% 28.0% 9.1%MICHAELPAGEINTERNATIONALPLC 50.6% 45.0% 43.7% 26.5% 6.7% 12.5%MONDIPLC 21.0% 18.0% 22.2%OPHIRENERGYPLC 41.3% 42.9% 25.0% 0.0% 40.0% 8.3%PENNONGROUPPLC 16.0% 22.0% 19.0% 18.0% 6.0% 14.3%PERSIMMONPLC 35.0% 15.3% 16.6% 0.0%PZCUSSONS 37.0% 35.0% 25.0% 22.0% 18.2%

47

Table16:FTSE250PipelineofWomen(cont’d)

Thedatafromthe40companiesindicatedthefollowingtrends:∎ Thepercentageoftheworkforcewhichisfemalevariedfrom4.9%(Lonmin)to76.6%

(Debenhams)∎ Thepercentageoffemalesatjuniormanagementlevelvariedfrom22%(PennonGroup)to

81%(CaledoniaInvestments,Wetherspoon)∎ Thepercentageoffemalesatmiddlemanagementlevelvariedfrom12.3%(Rotork)to

54.5%(Debenhams)∎ Thepercentageoffemalesatseniormanagementlevelvariedfrom0%(Ophirenergy)to

57%(SVGCapital)∎ Justbelowtheboardthepercentageoffemalesvariedfrom0%(Amlin,BovisandDairy

Crest)to50%(Debenhams,ExillonEnergyandGreatPortlandEstates)∎ 12ofthe28companiesreportingnumbersoffemalesatexecutive/managementcommittee

levelhavemorethan25%femaledirectorsatthatlevelandyetonlyoneofthem(AllianceTrust)hasreachedthetargetof25%femalesontheboard.

Again,wecommendthese40companiesformonitoringthisdata.Overall,asubstantialmajorityofthemrevealatrendofsigni icantdrop‐offbetweentheoverallwork‐forcepercentageandthepercentageofwomenattheexecutivecommitteeorboardlevel.Howeverafew(Betfair,Exillon,MondiandPennon)maintaintheirworkforcepercentagesfairlyevenlyacrossalllevels–althoughtheyallhaveworkforcepercentagesofunder25%.LonminandStagecoachbuckthetrendandhaveboardpercentageshigherthantheirworkforcepercentages,althoughboth iguresareverylow(5%and12%).Attheotherend,DebenhamsandSVGCapitalbothmanagetomaintainmorethan50%ofwomenacrossalllevelsuntiltheboard,whenbothcomedownto22%and25%respectively.Clearlythesecompanieshavedoneagreatjobatmaintainingtheirpipeline,butwewouldhopethattheycancontinuetheincreasestoboardlevel.Wehopethattheexerciseofmappingthepipelineoffemaletalentwillencouragecompaniestoinvestmoreeffortatbringingwomenthroughtothetop.

Company


Ofwholeworkforce

AtjuniorMgmt

AtmiddleMgmt

AtSeniorMgmt

AtEx/ManComm

Board

RENTOKILINITIALPLC 49.5% 30.1% 30.3% 19.4% 16.7% 0.0%ROTORKPLC 17.0% 25.4% 12.3% 0.0% 12.5% 0.0%SHAFTESBURYPLC 53.0% 50.0% 18.2%SHANKSGROUP 12.6% 0.0%SPECTRISPLC 12.0% 0.0%ST.JAMES'SPLACEPLC 51.0% 53.0% 17.0% 9.0% 13.0% 9.1%STAGECOACHGROUPPLC 12.6% 7.0% 22.2%SVGCAPITALPLC 51.0% 50.0% 50.0% 57.0% 25.0%TUITRAVELPLC 42.0% 6.7%WETHERSPOON(J.D.)PLC 51.0% 81.0% 32.0% 28.0% 17.0% 42.9%WSATKINSPLC 27.7% 11.0% 4.0% 22.2%

FTSE250COMPANIES


48

5. ConcludingRemarksThe2012FemaleFTSEReportfollowsa12monthperiodofglobalactivityinthe ieldofwomenonboards,withanumberofcountriesdeclaringdifferentinterventionstrategies.IntheUKwehavealsoseenconsiderableactivityfollowingtheDaviesReport,withinitiativesfromanumberofstakeholders.Bythetimethisreportislaunched,VivanReding(EUJusticeCommissioner)willhavemadeherannouncementonMarch8th2012determiningwhetherataEuropeanleveltheapproachgoingforwardisthroughdirectivesorrecommendations.Atthetimeofgoingtoprint,weunderstandsheisstillconsideringbothoptions.Themulti‐stakeholderapproachoftheDaviesReporthasundoubtedlyhadanimportantimpactoverthepast12months.Forthenay‐sayers,thechangeisnotfastenoughandpessimismprevails.Wetrustthatourupdatedmodelchartingtheincreasingnumberofwomenonboardsdispelssuchnegativity.Aslongasthestakeholdersremainengagedwecouldachieve30%womenonboardswithinfouryears.Thiswouldbeafantasticachievement.WeurgeChairmen,ChiefExecutives,ExecutiveSearchFirms,thegovernment,investorsandwomentostayfocusedandusethemomentumtochangethestatusquopermanently.

49

APPENDIX:Cran ield’sInternationalCentreforWomenLeadersThe InternationalCentre forWomenLeaders is committed tohelpingorganisationsdevelop thenextgenerationofleadersfromthewidestpossiblepooloftalent.Weareuniqueinfocussingourresearch,managementdevelopmentandwritingongenderdiversityatleadershiplevel.TheobjectivesoftheCentreareto:

∎ Leadthenationaldebateongenderdiversityandcorporateboards∎ Provideacentreofexcellenceonwomenleaders,fromwhichorganisationscanobtainthe

latesttrends,up‐to‐dateresearchandbenchmarkbestpractice∎ Identify and examine emergent issues in gender diversity and leadership, through

sponsoredresearchinpartnershipwithindustryandgovernment∎ Share research indings globally through conferences, workshops, academic articles,

practitionerreportsandintheinternationalpress.

For more information on the Centre’s research and executive development, please visit our Centrewebsiteatwww.som.cran ield.ac.uk/som/research/centres.Thereisalsoavailablealistofourresearcharticles in areas such as women on boards, ethnicity on boards, leadership, diversity management,genderedcultures,rolemodels,impressionmanagement,and lexibleworking.WehaveanumberofdoctoralresearchersstudyingforPhDsorDBAswithinourresearchcentreandcanoccasionallyofferafullbursarytocovercosts.DrRuthSealy,BSc,MSc,PhD,MCIPD

SeniorResearchFellowDeputyDirectoroftheInternationalCentreforWomenLeadersWithglobalexpertiseonwomenoncorporateboards,RuthhasbeentheleadresearcheroftheUK’sannualFemaleFTSEReportsince2007.InadditiontotheFemaleFTSEReport,RuthhasledthemonitoringresearchfollowingLordDavies’review.

Ruth’sresearchinterestscovermanyaspectsofretainingwomeninleadership,particularlyboardcompositionandcorporategovernance.ShecompletedherPhDatCran ieldlookingattheimpactofrolemodelsontheidentityformationofseniorfemaledirectorsinthebankingsectorandhassincepublishedanumberofjournalarticles,bookchaptersandconferencepapers,whereshehaswontwoBestPapers.SheisontheEditorialBoardofGenderinManagement:AnInternationalReview,andhasspokenatmanyacademicandpractitionerconferences.Sheisregularlyinterviewedbythepress.Ruthspeaksregularlyatacademicandpractitionerconferences,lecturespost‐graduateanddoctoralcourses.SheisaCharteredMemberoftheInstituteofPersonnelandDevelopmentandhaswrittenvariousarticlesforpractitioneraudiencemagazines,e.g.WomeninBankingandFinance,CityWomen’sNetwork.Priortobecominganacademic,RuthwastheManagingDirectorofaspecialistholidaycompany,whichshesoldtoalargertouroperatorin2001.ShethenworkedasanindependentBusinessPsychologyconsultant.Herworkincludedassessment,butparticularlythedevelopmentofhighpotentialtalent,focusingonemotionalintelligenceandcognitiveprocessing,workingextensivelyintheengineering/aerospacesector.Email:ruth.sealy@cran ield.ac.uk

APPENDIX


50

ProfessorSusanVinnicombeOBE,MA,PhD,MCIM,FRSAProfessorofOrganisationalBehaviourandDiversityManagementDirectoroftheLeadershipandOrganisationDevelopmentCommunityDirectoroftheCran ieldInternationalCentreforWomenLeadersSusan’sparticularresearchinterestsaregenderdiversityoncorporateboards,women’sleadershipstyles,andtheissuesinvolvedinwomendevelopingtheirmanagerialcareers.HerResearchCentreisuniqueinEuropewithitsfocusonwomenleadersandtheannualFemaleFTSEReportisregardedasthepremierresearchresourceonwomendirectorsintheUK.

Susanhaswrittentenbooksandoveronehundredarticles,reportsandconferencepapers.“WomenonCorporateBoardsofDirectors–InternationalResearchandPractice”(withR.Burke,D.Bilimoria,M.HusenandV.SinghpublishedbyEdwardElgar)waspublishedin2009.Herlatestbook“HandbookofResearchonPromotingWomen’sCareers”(withR.Burke,L.MooreandS.Blake‐Beard)willbepublishedbyEdwardElgarin2012.Susanhasconsultedfororganisationsinovertwentycountriesonhowbesttoattract,retainanddevelopwomenexecutives.ShehasadvisedgovernmentintheUK,NewZealand,Australia,FinlandandSpainonhowtoincreasethenumberofwomenontheircorporateboards.Susanisregularlyinterviewedinthepressandontheradioandtelevisionforherexpertviewsonwomendirectors,andisafrequentkeynotespeakeratconferences.SusanisthefounderandChairofthejudgesforWomenintheCityAwards.SheisaBoardmemberoftheSaudiBritishJointBusinessCouncilandVicePatronofWorkingFamilies,acharity.SheisalsoVisitingProfessorofCurtinUniversity,GraduateBusinessSchool,Perth,Australia.SusanisamemberoftheDaviesSteeringCommittee.SusanwasawardedanOBEforherServicestoDiversityintheQueen’sNewYear’sHonourListin2005.Email:s.m.vinnicombe@cran ield.ac.uk

51

Notes

NOTES


52

Notes

Copyright: Sealy, Vinnicombe, Cran�ield University, 2012Printed by the School of Management Print Room on paper from a sustainable source

CRANFIELD INTERNATIONAL CENTRE FOR WOMEN LEADERSCran�ield School of ManagementCran�ield, Bedford, England MK43 0AL

Telephone: +44 (0)1234 751122 Fax: +44 (0)1234 751806

www.som.cran�ield.ac.uk/som/cicwl