CBI welcomes more ethnic minority bosses in top UK firms: Beckie Hart

In the FTSE 100, ethnic minorities now hold 19 per cent of all director positions which is an increase of one percentage point from last year.

There was also a rise in the number of companies with more than one ethnic minority director from 49 in 2022 to 56 in 2023.

This demonstrates businesses are changing not only because of voluntary targets, but because it makes business sense – from boardroom discussions being enhanced by diversity of thought, to better understanding the breadth of their customers.

While celebrating the increases to 12 ethnic minority CEOs and seven Chairs in the FTSE 100, it is the targets that companies are setting themselves for making their pipeline of future executives more diverse, that shows both what still needs to change and their public commitment to do so.

As we head into a 2024 General Election, businesses in Yorkshire and the Humber must continue to develop and support a diverse workforce to set the UK on a path to a high-growth, sustainable economy.

We see great evidence of this already.

Our Q2 people and skills network in May will hear from regional firms who understand first-hand how a diverse workforce is beneficial to their growth and workplace culture and are keen to share those learnings with their peers.

It’s not simply a case of having a fair society, giving equal opportunities to all to succeed – driving senior leadership is a business imperative.

Building resilient talent pipelines from a rich pool of candidates avoids ‘group think’.

Instead, it nurtures innovation and creativity that transforms company culture and ensures that businesses right across our region reflect the changing demographics of their customers and wider stakeholders.

In this vein, the CBI recognises that the pace and breadth of progress must accelerate to achieve the review’s full ambitions.

The expansion for the first time beyond publicly listed companies to include the largest private companies in the UK, who will benefit from the increase in competitiveness and performance in the same way as listed companies from ethnic diversity and which are equally critical to the UK economy, is therefore a welcome move.

Amid a challenging business landscape, as economic stagnation and stubborn inflation persist, with a fragile political environment both at home and abroad, the CBI urges firms to stay the course on achieving diversity, equity and inclusion within top tier personnel to bring stronger businesses and happier employees.

Beckie Hart is Yorkshire and Humber regional director for the CBI