Cable launches search firm code of conduct to increase women’s board-level appointments

 

Business Secretary Vince Cable has today announced the introduction of an enhanced code of conduct for executive search firms, aimed at increasing the number of women appointed to FTSE 350 boards.

A previous code of conduct was introduced in 2011, to which 70 firms initially signed up. However, following the Sweeney Review carried out earlier this year, a new, enhanced code has been developed to recognise executive search firms that help to ‘drive progress and embed higher standards’.

The enhanced code of conduct recognises executive search firms that have been most successful in recruiting women to positions on FTSE 350 boards. It is based on the terms of the original code of code, but also includes ten new provisions, which include launching initiatives to support aspiring women, to sharing best practice and running awareness programmes in their own firms.

It was drawn up by the search firms themselves, working alongside the Davies Steering Group, which was established to monitor improvements in the appointment of women to FTSE board-level positions.

The new code requires search firms to submit annual data to the Davies Steering Group to confirm they meet the requirements for accreditation. The firms will also be encouraged to demonstrate their commitment to gender diversity, on their websites and in discussion with clients as well as publishing relevant data on their achievements in the area.

Vince Cable said:” Executive Search firms are crucial to achieving gender diversity in both executive and non-executive roles.  Recruiters can best show their commitment to this work by embracing this new, enhanced code.

“Now that all FTSE 100 boards have at least 1 woman serving on them, and all key stakeholders have embraced the gender diversity agenda, we are confident that with sustained and continued action, we will meet the target of 25% women on FTSE 100 boards by 2015.

I am looking forward to finding out which firms have passed the higher standard set by industry.”

Tuesday, 1 July 2014

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Cable launches search firm code of conduct to increase women’s board-level appointments
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