With Cameron in need of improving his perception among the female electorate, the chance to talk about the positive effects of women in business offered just such an opportunity. Unfortunately, what has dominated the media reaction to Cameron’s comments about increasing the numbers of women on company boards has been a debate around quotas and whether Cameron was hinting at their possible introduction.
While other countries in Europe may be considering legislation on this issue, I think it is a dangerous route to pursue. Quotas run the risk of women once again being ‘token’ appointments. Moreover, quotas will not solve the problem of supporting ‘women in the pipeline’, which is the most important way to ensure that women continually make it to the top, rather than having to be parachuted in.
Theresa May’s carefully constructed comments in the House of Commons recently do well to set out a position that I very much agree with: ‘the best way to get change is to do it in a way which isn’t imposing a quota on a company but is encouraging people to recognise the talents within those companies.’
The Women on Boards Review, written by Labour peer Lord Davies is the cornerstone of this work. There should be equal representation on company boards; not through an arbitrary figure, but by helping women through removing the barriers that currently exist. Women deserve their place on company boards as much as men do.
Since the Lord Davies Review was published last February, executive search firms have come together to develop a voluntary code of conduct for head-hunters to prevent the focus on a very specific group of women when it comes to board appointments and networks are being developed to help provide the support function that women need; the Labour Women’s Network is a great example of this.
Most importantly, we are starting to see a behavioural change. More women are being appointed to company boards. Women now account for 15 per cent of FTSE 100 companies, up from 12.5 per cent last year. As we begin to see women reach these positions on boards, and as more women enter the pipeline, it will lead to even greater success.
But this isn’t a change that is going to happen overnight. Although one in four board appointments have been women, one in 10 of Britain’s biggest firms still have all-male boards.
With the one-year marker approaching since Lord Davies’ Review, it will be interesting to see what Lord Davies will have to say about progress made so far, his thoughts on where progress has yet to be made and the ways in which we should look to do this. And of course, whether or not he begins to advocate for quotas if there is not a discernable increase in women’s representation.
Rebecca Lury is a Progress member