Cranfield Female FTSE Board Report 2016

ENDNOTES 1. The Female FTSE Report is independently calculated by its authors. The Female FTSE Report is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”), the London Stock Exchange (“the Exchange”), The Financial Times (“FT”) (together the “Licensor Parties”) and none of the Licensor Parties makes any claim, predication, warranty or representation whatsoever, expressly or impliedly in relation to the Female FTSE Report or related material. FTSE® is a Trade Mark of the Exchange and the FT and is used by FTSE under licence. Cranfield School of Management has been licensed as a Trade Mark by FTSE for use in the Female FTSE Report and related material. 2. The ’25 by 25’ initiative was launched by Egon Zehnder in 2014. The firm believes that the ambition to have 25 female chief executives of FTSE 100 companies by 2025 is achievable if one in six of new CEOs appointed over the next decade to the FTSE 100 are female, averaging three a year. 3. Vinnicombe, S., Doldor, E., Sealy, R., Pryce, P. & Turner, C. (2015) “The Female FTSE Board Report 2015: Putting the UK progress into a Global Perspective.” 4. Davies (2015) “Improving the Gender Balance on British Boards: Women on Boards Davies Review Five Year Summary October 2015.” 5. Terjesen, S. & Sealy, R. (2016) “Board Gender Quotas: Exploring Ethical Tensions From A Multi- Theoretical Perspective”, Business Ethics Quarterly, vol. 26, no. 1, pp. 23-65. 6. Davies (2015) “Women on Boards Davies Review: Five Year Summary. 7. Vinnicombe, S., Doldor, E., Sealy, R., Pryce, P. & Turner, C. (2015) “The Female FTSE Board Report 2015: Putting the UK progress into a Global Perspective. 8. Equality and Human Rights Commission (2016) “An inquiry into fairness, transparency and diversity in FTSE 350 board appointments.” 9. Equality and Human Rights Commission (2014) “Appointments to Boards and Equality Law.” 10. Terjesen, S. & Sealy, R. (2016) “Board Gender Quotas: Exploring Ethical Tensions From A Multi- Theoretical Perspective”, Business Ethics Quarterly, vol. 26, no. 1, pp. 23-65. 11. Employer’s Network for Equality and Inclusion (2015) “Board Diversity - Targets vs quotas.” 12. Coleman, J., Marinez, C., Rohsler, E., Turnbull, J. (2013) “Board minimum quotas for women: Where would male gender discrimination start?” Discrimination and Equality Law Committee Newsletter, International Bar Association. 13. Workplace Gender Equality Agency (2013) “How to set gender diversity targets: Guidelines for setting and meeting targets to increase gender diversity in the workplace”, Commonwealth Government of Australia. 14. Employer’s Network for Equality and Inclusion (2015) “Board Diversity - Targets vs quotas.” 15. Doldor, E., Sealy, R. & Vinnicombe, S. (2016) “Accidental activists: Headhunters as marginal diversity actors in institutional change towards more women on boards”, Human Resource Management Journal (in press). 16. VirginMoney (2016) “Empowering Productivity.” 17. Vinnicombe, S., Doldor, E. & Turner, C. (2014) “The Female FTSE Board Report 2014: Crossing the Finish Line.” 18. VirginMoney (2016) “Empowering Productivity.”