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Vince Cable writes to all-male FTSE 100 boards

A letter has been sent from Vince Cable to the chairmen and chief executives of the seven remaining FTSE 100 boards with no female members.

Glencore, Xstrata, Croda, Antofagasta, Kazakhmys, Melrose and Vendanta all received a letter urging them to boost the number of women on their boards, following news that Randgold Resources has appointed Jeanine Mabunda Lioko, formerly of Citigroup, as a non-executive director.

The Business Secretary asked the companies to outline plans that show they intend to boost female representation on their boards, following a significant decrease in all-male FTSE 100 boards, down from 21 in 2010.

Dr Cable said: “Over the last two and a half years we have seen real progress in the number of talented women reaching the boards of our top companies.

“During that time the number of all-male boards has fallen from 21 to the last seven remaining today, with the welcome news from mining giant Randgold being the latest step.

“My vision by 2015 is that Britain will not have a single FTSE 100 board without a significant female presence.

“Businesses should be making sure they have the right people around their top table. This is not about equality, this is about good governance and good business.

“The international evidence supports this: diverse boards are better boards benefiting from fresh perspectives, opinions and new ideas which ultimately serve the company’s long term interests.

“I do recognise that for some businesses, like those in the mining and extractives industry in particular, there are unique challenges in diversifying their boards with the right experience.

“The frequent travel and project based work in remote areas of the world have all been cited as barriers to appointing more women in the past.

“However, successful modern companies learn to adapt and survive and doing nothing is not an option anymore. We’ve seen examples again today that this can be done and I am determined to see further action.”

In a bid to lead by example, Vince Cable’s Business Advisory Bank will be headed up by a 60% female board, while Dale Murray was the latest female non-executive appointment to the Department for Business, Innovation and Skills departmental board.

This was posted in Bdaily's Members' News section by Miranda Dobson .