Despite the fact that in 2023 the number of women on FTSE 350 executive committees increased at its fastest rate, from 26% to 33%, this fell to 32% in 2024.
Fewer than one in 10 (9%) CEOs in the FTSE 350 were women, the consultancy's Women Count report found. Meanwhile, 18% of CFOs were women, even though 44% of chartered accountants in the UK are women.
Less than a fifth (19%) of commercial roles in the boardroom were taken by women.
“The decline in the representation of women on FTSE 350 executive committees cannot be put down to a lack of female talent given that women regularly outperform men throughout education,” Geeta Nargund, chair of The Pipeline, told HR magazine.
“This issue suggests that either organisations do not believe gender parity is a critical business issue, or they recognise its importance but are not implementing the right measures to support women.
“In the current climate, where women’s progress in the workplace is proving fragile, HR leaders must not allow gender parity to slide off the agenda.”
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Geraldine Gallacher, CEO of leadership coaching consultancy The Executive Coaching Consultancy, noted she had noticed employers having a declining commitment to female representation at board level.
Speaking to HR magazine, she said: "We noticed an easing off on commitment to women’s programmes in particular starting about 18 months ago and already there’s an impact. Unless gender equity is reprioritised it will only get worse. It’s tempting for over-committed DEI people to hope that the 'women problem' is fixed when it simply isn’t."
HR is responsible for improving female board representation, Nargund explained.
She continued: “There are several measures HR teams can implement to boost the number of women in executive roles.
“These involve curating a workplace culture which supports female leaders; ensuring initiatives are backed by the CEO and executive team, who can drive change home and set the tone on gender parity; establishing an understanding that progress requires consistent work and holding leaders accountable for change.”
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Unconscious bias in promotion processes could also be contributing to women not filling board roles, Steve Nicholls, managing director at career coaching consultancy Executive Connexions, explained.
Speaking to HR magazine, he said: “Unconscious bias in promotion processes, limited access to high-profile projects, and a lack of sponsorship can prevent women from advancing.
“To reverse this trend, HR should focus on inclusive policies, leadership development, and proactive talent pipelines to ensure women have equal opportunities to rise to the top.”
Nargund also called on the government to make structural changes that allowed women to succeed in board roles.
“For real change we also need to see employment law policy changes take place, such as improvements to flexible working and parental leave policies, to encourage better workplace support for all women,” she said.
The Pipeline analysed gender parity data from insights BoardEx for its Women Count 2024 report.
