Seven FTSE 100 boardrooms without a single woman

Cable: "Doing nothing is not an option anymore”

Vince Cable has warned the seven remaining FTSE 100 companies without a single woman in their boardrooms that “doing nothing was not an option anymore”.

 In a letter sent to the chairman and chief executive of each business, he made clear that he wanted a “significant female presence” on every board by 2015.

There were 21 FTSE 100 companies solely directed by men at the beginning of the Coalition government two and a half years ago, but mining specialists Xstrata, Glencore, Kazakhmys, Vedanta and Antofagasta, chemicals manufacturer Croda and Melrose, which specialises in performance improvement of businesses, are still to make changes in the way they’re managed.

The Business Secretary added that it was “not about equality, [but] good governance and good business”, and that “diverse boards [benefit] from fresh perspectives, opinions and new ideas which ultimately serve the company’s long term interests”.

This announcement came five days after the World Economic Forum in Davos, Switzerland, held a panel about women in economic decision-making, where Christine Lagarde, head of the IMF, called for greater gender equality in companies.

She accused companies of only giving jobs to women when they are “a basket case, a lost cause”, and that gender diversity and inclusiveness were important for humanity, as well as business.

Out of the 2500 people who attended the conference, 83 per cent were male, which accurately mirrors reality, as women currently make up only 16 per cent of all FTSE boards.

Companies were also criticised for overturning the gender imbalance by simply appointing female non-executive directors, who arguably have less power and influence on a day-today basis.

Only 20 per cent of boards have female executive directors, and Burberry and Imperial Tobacco are the sole two FTSE 100 UK companies to be run by women – respectively Angela Ahrendts and Alison Cooper.

The European Commission proposed to resolve this by making it mandatory for companies to have 40 per cent female directors on their boards, but several EU nations, including the UK, are opposed to the idea.

UK ministers want companies to have at least one female director for every three men by 2015 but do not back quotas, preferring to encourage a voluntary approach.

A study published by Randstad UK last December showed that this opinion was shared by women currently working in business, with 73 per cent of respondents saying that “self-doubt” was the main reason for women holding back, and only 6 per cent backing compulsory quotas.

Vince Cable wants every FTSE board to have a significant women presence by 2015

Marie le Conte is a freelance journalist.

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Tom Watson rouses Labour's conference as he comes out fighting

The party's deputy leader exhilarated delegates with his paean to the Blair and Brown years. 

Tom Watson is down but not out. After Jeremy Corbyn's second landslide victory, and weeks of threats against his position, Labour's deputy leader could have played it safe. Instead, he came out fighting. 

With Corbyn seated directly behind him, he declared: "I don't know why we've been focusing on what was wrong with the Blair and Brown governments for the last six years. But trashing our record is not the way to enhance our brand. We won't win elections like that! And we need to win elections!" As Watson won a standing ovation from the hall and the platform, the Labour leader remained motionless. When a heckler interjected, Watson riposted: "Jeremy, I don't think she got the unity memo." Labour delegates, many of whom hail from the pre-Corbyn era, lapped it up.

Though he warned against another challenge to the leader ("we can't afford to keep doing this"), he offered a starkly different account of the party's past and its future. He reaffirmed Labour's commitment to Nato ("a socialist construct"), with Corbyn left isolated as the platform applauded. The only reference to the leader came when Watson recalled his recent PMQs victory over grammar schools. There were dissenting voices (Watson was heckled as he praised Sadiq Khan for winning an election: "Just like Jeremy Corbyn!"). But one would never have guessed that this was the party which had just re-elected Corbyn. 

There was much more to Watson's speech than this: a fine comic riff on "Saturday's result" (Ed Balls on Strictly), a spirited attack on Theresa May's "ducking and diving; humming and hahing" and a cerebral account of the automation revolution. But it was his paean to Labour history that roused the conference as no other speaker has. 

The party's deputy channelled the spirit of both Hugh Gaitskell ("fight, and fight, and fight again to save the party we love") and his mentor Gordon Brown (emulating his trademark rollcall of New Labour achivements). With his voice cracking, Watson recalled when "from the sunny uplands of increasing prosperity social democratic government started to feel normal to the people of Britain". For Labour, a party that has never been further from power in recent decades, that truly was another age. But for a brief moment, Watson's tubthumper allowed Corbyn's vanquished opponents to relive it. 

George Eaton is political editor of the New Statesman.