Women in executive roles on FTSE 250 boards has fallen since 2022

As I woke up this morning and listened to the Today programme on Radio 4, I heard the disappointing news that women in executive roles on FTSE 250 boards has fallen since 2022.

The study conducted by Cranfield University & EY revealed an alarming lack of women in executive roles, despite 70% of companies meeting targets. Women account for almost 40% of directors on FTSE 100 boards and 39% on FTSE 250 boards, largely meeting the new Women Leaders Review targets.

Sounds like good news? But the reality is an appalling lack of progress of women into executive roles (senior board positions).

• Of the 793 women holding directorships on FTSE 250 boards in 2024, just ten are CEOs – a 17% decline from 2022
• 23 are CFOs – a 12% decline from 2022
• 35 are Chairs – the same as 2022
• 125 are SIDS (Senior Independent Directors) – a 50% increase from 2022

This means the increase in female representation in directorships FTSE 250 boards was solely driven by women in NED roles.

Sue Vinnicombe, Professor of Women and Leadership at Cranfield School of Management, who has overseen the Female FTSE Board Report since 1999, commented:

With the percentage of women in director roles meeting the Women Leaders Review targets, the headlines look great – but the persistent reality remains, that the glass ceiling for women in executive level positions is still stubbornly in place. An ‘executive gender paradox’ across FTSE 250 boards has emerged, as the gap between the number of women in NED roles and executive roles grows.

Through their own tenacity, drive and experiences some women do make it to the top positions, but once they get to the C-Suite they often find themselves unsupported and in a hostile, macho environment.

To say that’s disappointing in 2024, 25 years on from when I started this report, is a huge understatement. It’s clear that many issues still must be addressed before we can really expect to see significant and meaningful changes in the numbers of women executive directors.

So what is going on? There are clearly challenges that companies need to acknowledge and address.

INSTITUTIONAL BARRIERS

Lack of succession planning – women are often not included in leadership pipelines. Companies tend to promote men into key decision-making roles, such as CEO, CFO and Chair, due to ingrained biases or a lack of deliberate planning to develop female talent. Many companies are only reaching board level targets through non-executive appointments rather than promoting women into decision making positions.
Lack of mentorship and sponsorship – there is a strong need to pair women with mentors and sponsors who can guide their career progression
Cultural norms and bias – corporate cultures in many sectors still prioritise traditionally male traits for leadership, such as aggression or competitiveness, often alienating women who might approach leadership differently. Companies need to encourage inclusive leadership styles, combating unconscious bias, and valuing diverse approaches to decision making.

WORK-LIFE BALANCE

Long hours and rigid expectations – senior roles often require long hours, travel and relocation, which can be incompatible with family responsibilities. Women disproportionately handle more of the caregiving duties, making these roles less appealing and accessible
Parental leave policies – more equitable parental leave policies that can help reduce workplace discrimination against women by normalising parental leave for both parents while improving employee well-being and retention. Not only does equitable parental leave offer both parents the opportunity to establish a more even split in caregiving responsibilities, it also helps to mitigate career penalties for women.
Lack of flexible policies – insufficient flexible working options hinder women’s ability to balance professional and personal responsibilities. Shifting policy, implementing flexible working arrangements and ensuring transparent criteria for promotions and leadership development, are needed to overcome the barriers. Companies that embrace hybrid or flexible working models report higher retention of women in leadership pipelines. By extending flexible working arrangements to both men and women companies foster a more equitable and inclusive workplace. Flexible working arrangements allow parents to balance their professional and care-giving responsibilities more equitably which can help dismantle the traditional gender roles where women often take on a disproportionate amount of childcare and household work.

PERSONAL & SOCIETAL EXPECTATIONS

Self-selection out – some women actively avoid environments perceived as overly demanding or unsupportive of work-life balance, preferring to seek leadership in more flexible and non-traditional industries
Confidence and networking gaps – studies suggest women are less likely to advocate for promotions or seek senior roles unless they meet all stated qualifications, whereas men tend to apply even when partially qualified.

The barriers women face are multifaceted. Institutional reforms, cultural shifts and workplace flexibility are critical to ensuring that talented women can and want to reach senior leadership roles.

We would love to hear your comments, views and experiences.

For more detailed information, read the Cranfield University Female FTSE Board Report – 25 years on Milestones & Misses