The recommendations called for action from all stakeholders and importantly included a target of 33% representation of women on FTSE 350 Boards and FTSE 350 leadership teams (comprising the executive committee and the direct reports to the executive committee) by the end of 2020.

The third report highlights that the number of women on FTSE 100 boards has exceeded 30% for the first time (it is 30.2% up from 27.7% last year), there are more women on the boards of the FTSE 250 companies (it is 24.9% up from 22.8% last year) and women on FTSE 100 Executive Committees has passed 21%, again for the first time ever.

However the report indicates that the number of women in FTSE 350 Chair roles remains "flat" at 22 and the number of women in CEO roles is even lower at just 12, down from 15 this time last year.

Whilst the number of all-male boards is only 5 this year (down from 10 last year), the report does highlight that there are still 75 companies in the FTSE 350 which have only one woman on their board which the report calls "disappointing".  It indicates that "if each of these companies were to improve their gender balance in 2019 by adding one woman to their board, this would take the FTSE 350 almost half way to achieving the 33% target".

Looking forwards, the report states "if progress continues at a similar rate, the FTSE 100 is 'on track' to achieve the 33% target for Women on Boards by 2020".  However it notes that "elsewhere a step change is needed in pace, which means half of all available appointments in the next two years - both Boards and leadership teams - need to go to women to achieve the 33% target".

A press release and the full report are available on the BEIS website.