UK Governance Code - Amendments- Diversity on Boards

Source: Blog - Helen Wells Director, Opportunity Now

 

Another milestone has been reached in the implementation of the Lord Davies review on women on boards –  today, (the 1st October ) the UK Corporate Governance amendments come into force.  This is the crucial “comply or explain” mechanism through which companies will choose to set their aspirational goals for the number of women they  expect to have on their boards, and will report their progress against those goals, year on year.

Today we are launching our advice to companies on how to comply with this new reporting requirement.  This sits in the context of our existing advice to members on how to really think about tackling your talent pipeline and how to widen the pool of people you recruit to you board:

Changing Gear
Balancing Boards

The 18 months since Lord Davies reported on women on boards has seen the pace of change speed up significantly, with around a third of all board appointments being women.  The challenge is to continue that momentum, and to increase the number of women appointed as executive board members.  The business case is very clear, and, with the new reporting requirements, the world is watching. 

We are partnering on this new piece of guidance with our sister campaign, Race for  Opportunity.  The FRC amendments ask companies to report on “diversity, including gender”, and those companies who want to lead the field should report on race metrics. 

I look forward to working with all our member companies on this, the next big step on our journey to achieve balanced boards