The Institute of Chartered Accountants in England and Wales (ICAEW) has called for boardrooms to be more diverse to avoid “groupthink”.
In response to the UK Financial Reporting Council’s consultation on gender diversity, which was organised to discuss possible amendments to the UK Corporate Governance Code, the ICAEW also said more must be done to ensure all potential management candidates get equal treatment for mentoring, networking and training.
The ICAEW supports the proposed changes which would require companies to publish their policy on gender diversity in the boardroom and report against it annually.
“Board members who bring different experiences to the boardroom will make for greater opportunities for diversity of thinking,” ICAEW corporate governance head Vanessa Jones said.
In 2011, the ICAEW launched its “Women in Leadership” programme to support female financial professionals with their career progression. The institute said its nationwide narrowing the gap programme continues to support career breakers with their return to work.