Co-op, M&S, B&M among top retailers for female representation on boards

The 2025 FTSE Women Leaders Review report shows that more than 60% of FTSE350 companies are close to reaching the 40% target for women’s representation in boardrooms. Meanwhile, Marks & Spencer, John Lewis and Next all performed strongly on the share of women in leadership roles. 

No major UK-listed company has a higher share of women in the boardroom than global beverage firm Diageo, where seven out of 10 board members are women. The retailer that comes closest is M&S with 60%, while B&M shot up the rankings this year to hit 57.1% (a 19.6pp increase on its 2023 figure). 

Among the 50 largest private companies in the country, the Co-op had the highest share of women on the board with 66.7%. Morrisons was the only other private retailer to make it into the top 10 – women made up exactly half of its board in 2024. 

A voluntary target was set out in 2022 for women to make up 40% of boards and leadership roles among FTSE350 companies by the end of 2025. With the report showing women made up 43.4% of board members, the former target is already being met. 

Chancellor Rachel Reeves said: “We must break down the barriers that stop many women being represented in decision-making roles, so that top talent reaches the highest levels of leadership in businesses driving economic growth across Britain.”

The figures also mean that the UK now ranks second among G7 countries when it comes to gender parity in the boardroom, according to the report authors. France, which comes first, has mandatory quotas for women in the boardroom. 

Lagging slightly behind is the share of women in leadership positions, which in 2024 stood at 35.3% among FTSE350 companies. 

M&S was the best-performing firm among the FTSE100 here, with 54% of its leadership roles held by women (it was also the leading retailer in the FTSE350). Other public retailers with strong showings included Burberry (52.6%) and Next (50.5%). 

John Lewis was the private firm with the highest share of female leaders (56.4%). The Range owner CDS Superstores, Pentland and Matalan were among the other leading private retailers to already have over 40% female representation in the boardroom. 

FTSE Women Leaders Review chief executive Vivienne Artz said: “With its unique government-backed and business-led voluntary approach, the UK has spearheaded a world-leading transformation in the highest ranks of industry. While FTSE 350 company boards are now gender-balanced, sustained effort and determination is required to achieve the 40% target for women in leadership by the end of this year.”