Ministers are preparing to relaunch the Hampton Alexander equality review later this year, as part of an ongoing effort to see British businesses appoint more women to senior leadership positions.
The five-year review ended in February 2021, with the final report finding that it had met its target of a third of board positions at FTSE 350 companies being held by women.
The new proposals will see a fresh target of 40 per cent women board directors, which will form part of a broader push that aims to move more women into leadership positions.
The new scheme will be known as the FTSE Women Leaders Review, while the FCA has also said that it will encourage companies to have at least 40 per cent of their board positions made up by women.
The remit will also be extended across other large unlisted companies, with the aim of improving the gender balance in senior, non-board positions in businesses throughout the UK.
Sir Philip Hampton stood down as chair in February, with the search for a new chair set to begin shortly.
UK finance director at PaybyPhone UK Jade De-Crescenzo said that it was "vital" for organisations to go beyond "statutory requirements".
"Making workplaces safe and welcoming for women and creating a culture of training and mentoring, both formal and informal, are vital for any organisation that seeks to be relevant, forward-looking and successful in an ever-changing world," she told SMEWeb.
"Employers can – and should – play an important role in creating supportive workplaces for female employees. Creating more pro-female environments is not about tokenism, pandering or ticking boxes. It’s about equality for everyone.
"Providing support for women is not just about meeting statutory requirements, it is about going to extra mile for women, so everyone wins. In my experience, if women feel supported by their organisations, they will reward them with a strong sense of loyalty.
"It’s important for employers to get the best out of all people. If there are gaps, fill them by using the expertise of the whole team and build people up. Always remember that not everyone is good at everything, so organisations need to invest in upskilling and training."
