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More Action Needed by FTSE Firms on Diversity Targets

Five months ahead of new diversity and inclusion rules, ISS ESG – the responsible investment arm of Institutional Shareholder Services (ISS) – has found 18% of FTSE AllShare constituents are falling short across all fronts. The Financial Conduct Authority’s (FCA) new rules, which will come into effect from 1 April 2023, require at least 40% of the board to be women, at least one senior board position (chair, CEO, CFO, or senior independent director) is held by a woman, and at least one board member is from a minority ethnic background. ISS ESG has found that four in ten of FTSE AllShare constituents had met the target for women on the board, 53% have at least one senior board position held by a woman and 64% have at least one minority director. Guillaume Tassin, ISS ESG’s Head of Data Solutions, said: “There is noticeable movement across all indicators. However, much remains to be done for most companies to meet FCA targets by 2023 and we expect to see a marked uptick in investors seeking to engage with portfolio companies on meeting those goals.” 

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