The UK is experiencing a surge in female representation on corporate boards, yet the number of female chief executives among the 100 biggest listed firms has recently dipped to fewer than 10, highlighting a nuanced picture of progress in gender diversity.

According to the government-backed FTSE Women Leaders Review, women now hold an all-time high of 43.4% of board seats across FTSE 350 companies—up from 42.1% in 2023. Among the 100 largest companies, female board representation has climbed to 44.7%, compared to 42.6% last year. Sponsored by Lloyds Banking Group and KPMG, the report reveals that women occupy 1,275 board roles and 6,743 leadership positions (35% of total roles) at these companies, placing the UK second only to France among G7 nations—France boasts 45.4% representation, bolstered by quota policies.

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However, the progress comes with a caveat: the number of female chief executives in the FTSE 100 has slightly declined, with only 19 women at the helm compared to 20 in 2023. The current female FTSE 100 CEOs include prominent figures such as Emma Walmsley at GSK, Jennie Daly at Taylor Wimpey, Amanda Blanc at Aviva, Debra Crew at Diageo, Liv Garfield at Severn Trent, Louise Beardmore at United Utilities, Margherita Della Valle at Vodafone, Milena Mondini at Admiral Group, and Allison Kirkby at BT. Additionally, Stella David, chair of Entain, has stepped in as interim chief executive following Gavin Isaacs’ unexpected departure.

Minister for Investment Poppy Gustafsson summed up the challenge, stating, “Today’s report shows that while the momentum is with us, we have so much further to go. I know from founding my own business how strong female voices inspire positive change throughout an organisation, bringing new ideas and adding greater value.”

At a recent London event, business leaders, ministers, and industry experts gathered to discuss how these trends are fueling a more dynamic economy. Chancellor Rachel Reeves stressed, “The UK is leading the charge for gender equality in boardrooms, but we cannot rest on our laurels. We must break down the barriers that stop many women from reaching top leadership positions.”

As the conversation continues, the government is working closely with businesses to encourage greater female representation in key roles, such as company chairs and CEOs. Despite the slight dip in female FTSE 100 CEOs, the overall trajectory points toward a more inclusive, forward-thinking future in British corporate leadership.