The largest UK corporations ought to have at the least one black, Asian, or minority ethnic (BAME) member on their boards by 2021, enterprise group the CBI has stated.
Backed by firms comparable to Microsoft and legislation agency Linklaters, it stated corporations wanted to set “clear and stretching targets” to enhance range.
Currently greater than a 3rd of FTSE 100 corporations don’t have ethnic minority illustration at board degree.
The CBI stated progress had been “painfully slow”.
The trade group stated analysis from consultants McKinsey confirmed that firms with extra gender and ethnic range have been more likely to be extra worthwhile than their friends.
However, lots of the largest FTSE-listed firms had failed to spice up range on the high, regardless of authorities suggestions made again in 2016.
The CBI stated firms now wanted to publish harder targets for themselves inside 12 months.
It referred to as for FTSE 100 corporations to have at the least one racially and ethnically numerous board member by the tip of 2021, and for smaller FTSE 250 corporations to have the identical illustration by 2024.
And it urged them to foster “transparent dialogue” with workers, provide extra mentoring and help, and work with a extra numerous set of suppliers, together with minority-owned companies.
Lord Karan Bilimoria, the primary BAME president of the CBI, stated: “The time has come for a concerted campaign on racial and ethnic participation in business leadership. Progress has been painfully slow.”
Hugh Milward, basic supervisor for company exterior and authorized affairs at Microsoft UK, stated: “We are on a journey to increasing diversity across Microsoft, and in particular at our most senior levels.
“But when greater than a 3rd of main organisations nonetheless have no ethnic minority board illustration, the tempo of likelihood is just too sluggish. Without dedication, there is no such thing as a motion.”
Richard Houston, UK boss of consultancy Deloitte, said the Black Lives Matter movement had “given a recent sense of urgency round racial range in enterprise”.
The motion, which started in 2013, turned a world phenomenon after black man George Floyd was killed by US law enforcement officials earlier this yr.