Lord Davies announces results of diversity report

Having set a target of 25% female representation on FTSE100 Boards by 2015 four years ago, Lord Mervyn Davies today announced that the target has been surpassed.

He has now raised the target to 33%, which is to be achieved by 2020. This new objective will apply to all FTSE350 companies. There will not be any legally enforced quotas.

In his report, he said the next five years should see: "substantive and sustainable improvement in women's representation on boards of FTSE 350 companies.

"Following five years of significant effort on the part of the biggest FTSE boards, all FTSE-listed companies should be taking action.”