Only 33 companies in the FTSE 100 have set targets for the number of women they have on their boards, despite calls by Lord Davies for them to have done so by now.
Davies had recommended in February that UK companies have 25% female board membership by 2015 and gave a target of August for them to set out how they intended to bolster female presence on their boards.
Research by Cranfield University published on Wednesday found that only 22.5% of all new boardroom appointments have been women – lower than the 33% recommended by Davies if his target was to be achieved.
Only 14.2% of boardroom seats in the FTSE 100 are held by women – up from 12.5% in 2010 – but still below the Davies target. In total, 21 women have been appointed to FTSE 100 boards since February.