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About the Review and Recommendations
The Parker Review is an independent framework, comprising business professionals who each bring, on a voluntary basis, a wide range of gender and ethnically diverse perspectives.
It is over seven years since the publication of the first Report into the Ethnic Diversity of UK Boards in 2017. Progress has been made but there is more to do.
History of the Review
The Parker Review Committee was commissioned by BEIS in 2015 to consult on the ethnic diversity of UK boards and the first report was released in 2016. The Review was chaired by Sir John Parker until March 2022 and is now chaired by David Tyler.
We have seen remarkable progress in achieving our targets.”
Sir John Parker
David Tyler
In our 2017 report, a series of recommendations were made and a “One by ‘21” target was set. The aim was for all FTSE 100 boards to have at least one director from an ethnic minority background by December 2021. A “One by 2024” target was set for all FTSE 250 boards.
Our latest report, issued on 11 March 2024, showed that 96 FTSE 100 companies met the target, with at least one minority ethnic director on their boards, which is consistent with last year. This is a significant increase from 2016, when only 47 FTSE 100 companies had a director from a minority ethnic group.
Parker Review Report 2024
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Recommendations
The recommendations set out in our first report in 2017 remain the key targets and actions to be implemented and are shown below:
1
Each FTSE 100 Board should have at least one director from a minority ethnic group by 2021; and each FTSE 250 Board should have at least one director from a minority ethnic group by 2024.
2
Nomination Committees of all FTSE 100 and FTSE 250 companies should require their internal human resources teams or search firms to identify and present qualified people from minority ethnic groups to be considered for Board appointment.
3
The relevant principles of the “Standard Voluntary Code of Conduct” for executive search firms be extended to apply to the recruitment of minority ethnic candidates as Board directors.
4
CEOs should develop mechanisms to identify, develop and promote people from minority ethnic groups within their organisations in order to ensure over time that there is a pipeline of Board capable candidates and their managerial and executive ranks which appropriately reflect the importance of diversity to their organisations.
5
Board directors and other executives of the FTSE 100 and FTSE 250 should mentor and/or sponsor people from minority ethnic groups within their own companies.
6
Companies should encourage and support candidates drawn from diverse backgrounds, including people from minority ethnic groups, to take on executive roles internally, as well as Board and trustee roles with external organisations (e.g., educational trusts, charities and other not-for-profit roles).
7
A description of the Board’s policy on diversity should be set out in a company’s annual report, and this should include a description of the company’s efforts to increase, amongst other things, ethnic diversity within its organisation, including at Board level.
1
Each FTSE 100 Board should have at least one director from a minority ethnic group by 2021; and each FTSE 250 Board should have at least one director from a minority ethnic group by 2024;
2
Nomination Committees of all FTSE 100 and FTSE 250 companies should require their internal human resources teams or search firms to identify and present qualified people from minority ethnic groups to be considered for Board appointment;
3
The relevant principles of the “Standard Voluntary Code of Conduct” for executive search firms be extended to apply to the recruitment of minority ethnic candidates as Board directors;
4
CEO’s should develop mechanisms to identify, develop and promote people from minority ethnic groups within their organisations in order to ensure over time that there is a pipeline of Board capable candidates and their managerial and executive ranks which appropriately reflect the importance of diversity to their organisation;
5
Board directors of the FTSE 100 and FTSE 250 should mentor and/or sponsor people from minority ethnic groups within their own companies;
6
Companies should encourage and support candidates drawn from diverse backgrounds, including people from minority ethnic groups, to take on Executive roles internally, as well as Board and trustee roles with external organisations (e.g., educational trusts, charities and other not-for-profit roles);
7
A description of the Board’s policy on diversity should be set out in a company’s annual report, and this should include a description of the company’s efforts to increase, amongst other things, ethnic diversity within its organisation, including at Board level.
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