Quoted Companies Alliance, a non-profit organization which works for small and mid-cap companies in the UK to promote and maintain liquid capital markets, has published a report that found that publicly quoted companies are actively looking to appoint women to top positions to benefit from diversity.
The study found that among quoted companies that recruited for board positions in 2017, 40% explicitly sought out female candidates for their long list, compared to 36% in 2015. 67% also included female candidates on their short lists which was up from 59% in 2015.
Tim Ward, Chief Executive Officer of the Quoted Companies Alliance, and former director of FTSE International recognized the importance of women on boards, namely to enlarge the range of attitudes and experiences needed to setting and fulfilling strategy, particularly in growth businesses.
“Our survey suggests we are seeing an improvement in the way companies address board evaluation together with a more professional approach to recruitment. While it’s encouraging that companies in which individuals and institutions can invest are actively seeking out women for board positions, numbers of women on boards and in senior management positions remain low. There are positive signs that this is changing but there is still some way to go”, said Tim Ward.
This study confirms anecdotal evidence that businesses are undergoing a change in behavior as they look for a more diverse team in their boardrooms. But this new pattern isn’t exclusive to boardrooms, according to the independent membership organization that champions the interests of small to mid-size quoted companies.
The report also concluded that hiring female is also catching up at senior management positions as 33% of hiring companies, of an albeit smaller sample of 27 companies, have done so.
To reach these conclusions, QCA surveyed 103 small to mid-size quoted companies, of which 52 companies were hiring. As said above, 40% of these companies chose a female candidate against 36% in 2015.
There are nearly 2,000 small and mid-size quoted companies in the UK, representing 85% of all quoted companies. They employ approximately 1.4 million people, representing 5.5% of private sector employment in the UK.
Prior to leading the Quoted Companies Alliance, Tim Ward has held several roles, including Head of Issuer Services at the London Stock Exchange and Finance Director at FTSE International.
