Company News

Board Composition

In February 2011 Lord Davies of Abersoch, CBE, published the report "Women on Boards". The report provides recommendations to address the balance of women on the boards, including a recommendation for listed companies to set out their targets for the proportion of women who serve on their board.

As reported in our 2010 Annual Report, the Financial Reporting Council has built into the UK Corporate Governance Code an emphasis for organisations to actively consider the make up and diversity of their boards. It has recently consulted on whether to make further changes in light of the Lord Davies report, which sets an aspirational target of 25 per cent of board positions at FTSE 100 companies to be filled by women by 2015. We are supportive of the Davies recommendations and against the implementation of quotas. The benefits of greater board diversity, not just gender specific, are clear and this is a positive step forward. It is, therefore, our intention to meet or exceed the Davies Review targets, however all appointments will continue to be made on merit. Currently Centrica's Board comprises 25 per cent women and, therefore, meets the targets set by the Davies Review.

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