The Parker Review has set new targets for ethnic diversity in senior management positions at FTSE 350 companies. The Parker Review is a committee, commissioned in 2015 by the UK government’s Department for Business, Energy and Industrial Strategy (BEIS) to consult on the ethnic diversity of UK boardrooms. While it said it was “pleased with the progress” made within the FTSE 350, further action is required to ensure that “diverse talent, including those from a minority ethnic background, are provided equal opportunities to contribute to the success of UK businesses”. The review acknowledged there is no “one size fits all” target for ethnic minority representation in senior management and, therefore, has asked FTSE 350 companies to each set their own target for December 2027. It also “strongly encourages” companies to describe in their annual reports the management development plans they have in place to “help create a diverse and inclusive pipeline of talent”. Andrew Ninian, Director for Stewardship, Risk and Tax at the Investment Association, said: “Investors recognise that good progress continues to be made by FTSE 350 companies on Board ethnic diversity, although there is still room for improvement. We welcome the new targets from the Parker Review, which will help to drive change to improve ethnic diversity in the senior management teams in the UK’s leading companies.”
What next? Two new measures announced… pic.twitter.com/w6DHUPF8zE
— 30% Club (@30percentclub) March 13, 2023
