London, Aug. 12 (ANI): European Union Directive has announced that most big financial firms will have to plan for employing a particular percentage of women on their board of directors from 2014.
Big banks, building societies and investment firms will not only have to set a target, but also explain how they are going to meet their goal of taking women employees on the board, BBC reports.
The Prudential Regulation Authority and the Financial Conduct Authority, UK agencies that regulate the financial services industry, have published the directives in the consultation papers of the European Union's Capital Requirements Directive IV, the report added.
A report from Cranfield University had revealed in April that women held just 17 percent of the board positions among the companies listed on the FTSE 100.
Burberry had the highest proportion of female directors on its board with three out of eight, including two female executive directors.
The directive explained that large financial firms will have to establish a nomination committee, which will help select the board of directors.
The regulatory step has been taken for the representation of the underrepresented gender on the management body of the financial institutions. (ANI)
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