More people from ethnic minority backgrounds are heading the UK’s biggest companies but more needs to be done to improve representation, according to authoritative analysis of company directors, chief executives and senior management.
The 350 most valuable companies on the London Stock Exchange were looked at as well as data from 36 of the 50 largest UK companies not listed on the stock exchange.
The review, conducted by an independent review body, the Parker Review Committee, and the Department of Business and Trade, found 96 of the 100 most valuable companies of the Financial Times Stock Exchange (FTSE) 100 had at least one director with an ethnic minority background on their boards.
While that figure was the same in 2023 as 2022 there was an increase in the number of CEOs from ethnic minority backgrounds in the FTSE 100, up from seven in 2022 to 12 last year.
Directors are key members of company boards who oversee the management of the business, while chief executives are typically the highest ranking member of a board.
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Are boardrooms diverse enough?
Increases were also recorded in the number of chairs from ethnic minority backgrounds, up from six to seven – though the overall number of chair and executive director positions held by people from ethnic minority backgrounds remained at 31.
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The number of companies with more than one ethnic minority director in the FTSE 100 grew from 49 in 2022 to 56 in 2023.
The vast majority (79%) of the 222 companies in the bigger FTSE 250 index who responded said they met the target of appointing at least one ethnic minority director, up from 67% in 2022.
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For the first time proper data on the ethnic background on senior management in FTSE 100 companies was collated, showing 13% of FTSE 100 and 12% of FTSE 250 are from ethnic minority backgrounds.
Senior management roles include the chief financial officer and chief information officer.
Though progress is welcome, the review said, much more needs to be done to reach the December goal for FTSE 250 firms to have at least one director on their board from an ethnic minority background.
Within the largest private companies (rather than publicly listed entities) 36 of the 50 provided data with 22 saying they had an ethnic minority director on the board. These businesses had been set a deadline of 2027 to hit the target.
Image: Liverpool’s captain Virgil van Dijk. Pic: Reuters
Image: Liverpool’s Ryan Gravenberch and Cody Gakpo (right) arrive at the funeral of Diogo Jota and Andre Silva. Pic: PA
Jota, 28, leaves behind his wife of only 11 days, Rute Cardoso, and three young children.
His younger brother, 25, was an attacking midfielder for Penafiel in the second tier of Portuguese football.
Liverpool manager Arne Slot, captain Virgil Van Dijk and teammates including Andy Robertson, Conor Bradley, Ryan Gravenberch, Cody Gakpo, Curtis Jones, Darwin Nunez and Joe Gomez were seen at the service.
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Former teammates Jordan Henderson, James Milner and Fabinho were also there.
Van Dijk carried a red wreath with Jota’s number 20, while Robertson had a wreath featuring number 30, Silva’s number at Penafiel.
Image: Manchester United and Portugal player Bruno Fernandes. Pic: PA
Image: Liverpool’s captain Virgil van Dijk and Liverpool’s player Andrew Robertson. Pic: Reuters
Some of Jota’s teammates in the Portuguese national side also attended, including Bruno Fernandes, of Manchester United, Ruben Dias and Bernardo Silva, of Manchester City, Joao Felix and Renato Veiga, of Chelsea, Nelson Semedo, from Wolves, Joao Moutinho and Rui Patricio.
Ruben Neves was one of the pallbearers after flying in from Florida where he played for Al Hilal in the Club World Cup quarter-final on Friday night.
‘More than a friend’
In a post published on Instagram before the service, he told Jota he had been “more than a friend, we’re family, and we won’t stop being that way just because you’ve decided to sign a contract a little further away from us!”
Jota’s fellow Liverpool midfielder, Alexis Mac Allister, said on Instagram: “I can’t believe it. I’ll always remember your smiles, your anger, your intelligence, your camaraderie, and everything that made you a person. It hurts so much; we’ll miss you. Rest in peace, dear Diogo.”
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Porto FC president Andre Villas-Boas and Portugal national team manager Roberto Martinez were also in attendance.
‘With us forever’
Speaking after the ceremony, Martinez said the period since their deaths had been “really, really sad days, as you can imagine, but today we showed we are a large, close family.
“Their spirit will be with us forever.”
The service was private, but the words spoken by the Bishop of Porto, Manuel Linda, were broadcast to those standing outside the church.
He told Jota’s children, who were not at the service, that he was praying for them specifically, as well as their mother and grandparents.
“There are no words, but there are feelings,” he said, adding: “We also suffer a lot and we are with you emotionally.”
The brothers died after a Lamborghini they were travelling in burst into flames following a suspected tyre blowout in the early hours of Thursday morning.
No other vehicles are said to have been involved in the incident.
Liverpool have delayed the return of their players for pre-season following Jota’s death and players past and present paid tribute to him and his brother on social media.
Rachel Reeves has hinted that taxes are likely to be raised this autumn after a major U-turn on the government’s controversial welfare bill.
Sir Keir Starmer’s Universal Credit and Personal Independent Payment Bill passed through the House of Commons on Tuesday after multiple concessions and threats of a major rebellion.
MPs ended up voting for only one part of the plan: a cut to universal credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.
Initially aimed at saving £5.5bn, it now leaves the government with an estimated £5.5bn black hole – close to breaching Ms Reeves’s fiscal rules set out last year.
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Rachel Reeves’s fiscal dilemma
In an interview with The Guardian, the chancellor did not rule out tax rises later in the year, saying there were “costs” to watering down the welfare bill.
“I’m not going to [rule out tax rises], because it would be irresponsible for a chancellor to do that,” Ms Reeves told the outlet.
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“We took the decisions last year to draw a line under unfunded commitments and economic mismanagement.
“So we’ll never have to do something like that again. But there are costs to what happened.”
Meanwhile, The Times reported that, ahead of the Commons vote on the welfare bill, Ms Reeves told cabinet ministers the decision to offer concessions would mean taxes would have to be raised.
The outlet reported that the chancellor said the tax rises would be smaller than those announced in the 2024 budget, but that she is expected to have to raise tens of billions more.
Sir Keir did not explicitly say that she would, and Ms Badenoch interjected to say: “How awful for the chancellor that he couldn’t confirm that she would stay in place.”
In her first comments after the incident, Ms Reeves said she was having a “tough day” before adding: “People saw I was upset, but that was yesterday.
“Today’s a new day and I’m just cracking on with the job.”
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“In PMQs, it is bang, bang, bang,” he said. “That’s what it was yesterday.
“And therefore, I was probably the last to appreciate anything else going on in the chamber, and that’s just a straightforward human explanation, common sense explanation.”
The family and friends of Diogo Jota and his brother Andre Silva have been joined by Liverpool stars past and present and other Portuguese players at the pair’s funeral near Porto.
Pictures below show the funeral at the Igreja Matriz de Gondomar church in the town of Gondomar near Porto. Click here for our liveblog coverage of the day’s events.
Image: Diogo Jota’s wife Rute Cardoso arrives for the funeral of him and his brother Andre Silva. Pic: Reuters
Image: Liverpool players Virgil van Dijk and Andrew Robertson arrive for the funeral. Pic: Reuters
Image: Van Dijk carried a wreath with Jota’s number 20 while Andrew Robertson’s had a 30 for Andre Silva. Pic: Reuters
Image: Liverpool captain Virgil van Dijk. Pic: Reuters
Image: Portugal player Ruben Neves arrives at the funeral. Pic: PA
Image: Liverpool’s Joe Gomez and manager Arne Slot arrive at the funeral of Diogo Jota and Andre Silva. Pic; PA
Image: Liverpool’s Ryan Gravenberch and Cody Gakpo (right) arrive at the funeral of Diogo Jota and Andre Silva
Image: Manchester City and Portugal player Bernardo Silva arrives at the funeral. Pic: AP
Image: The coffins are carried to the church. Pic: PA
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2:27
Miguell Rocha played with Jota for around ten years with Gondomar Sport Clube in Portugal.
Image: People line up to enter the church. Pic: AP
Image: Pallbearers carry the coffins of Diogo Jota and his brother Andre Silva
Image: Pic: Reuters
Image: Pic: AP
Image: People gather outside the Chapel of the Resurrection. Pic: Reuters
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The former captain was seen wiping away tears as he read messages and laid his tribute down.
Image: Fans pay their respects outside Anfield in Liverpool. Pic: Reuters
Image: A board with a picture of Diogo Jota outside Anfield Stadium. Pic: PA
Image: The coffins are carried to the church. Pic: PA