A Government-backed review has urged FTSE 350 companies to do more to meet the target of a third of their senior leadership positions being occupied by women by 2020; figures published in the recent 2018 Hampton-Alexander Review show that the top 100 companies (making upthe FTSE 100 index) are on track to hit the target with more than 30% of their board positions occupied by women — up from 12.5%

in 2011. However, almost one in four companies in the FTSE 350 have only one woman on their board, and there remain five all-male boards.

This means that half the appointments to board positions will have to be filled by women overthe next two years, if the government target is to be reached.

Philip Hampton, chairman of the Hampton-Alexander Review, said: “Over 100 FTSE 350 companies have already achieved — or exceeded — the 33% target for women on boards, with a further 50 companies well on their way.

"While I would like to thank the business leaders and stakeholders that have driven progress in recent years for their significant and collective contribution, too many companies still have a long way to go.”

The Minister for Women and Equalities, Penny Mordaunt, said: “When women are included, we know that businesses are more likely to enjoy profits above their industry averages.

"Today, we can see that the top UK companies are taking action, not just because gender equality is morally right, but also because it makes good business sense. However, there is still more to do.

"By addressing their inequalities and cultures, businesses are setting an example that gives women throughout their organisations the power to reach their full potential.”

Matthew Fell, the CBI’s chief UK policy director, said: “Female representation on FTSE boards has risen to record levels, but at times of great change things can all too easily slip backwards.

“The evidence is clear — diverse boards out-perform their rivals. Action is required now to end all-male boards and pick up the pace of progress.”