Just four FTSE 100 companies' boards feature at least as many women as men, a government-backed review found today.
A total of five British FTSE 350 firms still have only male board members and one in four have only appointed one woman, figures contained within the Hampton-Alexander Review showed.
But the review, led by Glaxosmithkline chairman Sir Philip Hampton, also found that the number of women on FTSE 100 boards has exceeded 30 per cent for the first time.
The key recommendations of the review are for all FTSE 350 firms to hit a 33 per cent target for women on FTSE 350 boards by the end of 2020, and the same representation on executive committees and direct reports.
According to research by management consulting firm McKinsey, bridging the gender pay gap could add £150bn to the UK economy by 2025.
Sir Philip said: “Over 100 FTSE 350 companies have already achieved or exceeded - the 33 per cent target for women on boards, with a further 50 companies well on their way.
“I would like to thank the business leaders and stakeholders that have driven progress in recent years for their significant and collective contribution.
“At the same time, too many companies still have a long way to go.
“I am also delighted to see an increase in the number of women in the all-important senior leadership roles and companies working hard for some time now, delivering clear results”.