The 2022 results from the Parker Review showed that 96 FTSE 100 companies met the target of having at least one minority ethnic director on their boards, up from 89 the previous year. FTSE 250 companies have a target of having one minority ethnic director by 2024 and 67% of companies met the target in 2022.
The Parker Review Committee also announced new targets for December 2027.
With these targets, FTSE 350 companies will be asked to set a percentage target for senior management positions that will be occupied by ethnic minority executives in December 2027. The Parker Review recognised that for there to be diversity at director level, there needs to be more diversity at all levels in the company, therefore, setting targets to increase diversity within senior management positions is vital.
The idea that companies set their own targets is based on the approach that companies are at different stages in their journey and therefore there cannot be a “one size fits all” approach.
The Parker Review also highlighted the need to set targets for diversity within large private companies. The Review will therefore ask 50 of the UK’s largest private companies to provide diversity data from December 2023 onwards.
It is now a must, not a want. Companies must actively hire, support, and promote diverse talent. Diversity is needed at all stages within a company. SocialMarks can be part of the solution to make this happen. We can help you identify areas which will make the biggest impact in DEI. SocialMarks data makes it easy to see where you currently sit and as you progress, you can track this and see how you stack against your competitive set.
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