Vince Cable, Business Secretary has this week launched an Enhanced Code of Conduct for executive search firms to support the promotion of more women to FTSE 350 boards.
The new Enhanced Voluntary Code of Conduct for Executive Search Firms, gives those firms who have been most productive in the recruitment of women to FSTE 350 boards. The code also gives recognition to those firms which seek to secure the appointment of women to FTSE 350 boards for the future
The original code was signed up to by more than 70 firms in 2011. The enhanced code is a response to the independent Sweeney review, published in February 2014 and has been developed to recognize firms that are furthering the progress of women and creating a culture of higher standards.
The Enhanced Voluntary Code has been created by search firms themselves along with the Davies Steering Group. Provisions include launching initiatives to support aspiring women, sharing of best practice and running awareness programmes.
The Enhanced Code also requires search firms to submit summary data in an agreed format to the independent Davies Steering Group annually - this is to confirm they meet the requirements for accreditation under the code. Mr 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.... we are confident that with sustained and continued action, we will meet the target of 25% women on FTSE 100 boards by 2015”
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