Women

Britain’s biggest family businesses are stymied in entrepreneurialism by their older and less diverse boards of directors compared to their public company rivals.

The average female representation on a UK family board was as low as 12%, much lower compared to all FTSE 100 companies at 23%, according to a new report out this week on the corporate governance arrangements of the country’s largest family firms by turnover.

Family businesses are on course to be led by more women, as responsibilities and wealth transfer to the next generation, and the dividends to society and the balance sheet are already clear.

While it is still far more common to see men at the top in family business, and the gender pay gap closes at a glacial pace, some research suggests that inequality is less acute within family-controlled companies than other businesses.

The next generation of women in families are advancing gender equality while leading their businesses to even greater success through innovation and collaboration.

Yet they still face challenges. Women are underrepresented at the leadership level of global business and family firms are unfortunately no exception.

Senior management roles held by women worldwide increased by a mere 1% in the decade to 2017, according to the newly launched Global Institute for Women’s Leadership at King’s College London. 

With just days to go until all major UK employers have to reveal the difference between what they pay men and women, several of the country’s biggest family firms say they are committed to doing better.