Boards will benefit from greater diversity, says Co-op

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Boards will benefit from greater diversity, says Co-op

Tue 1st Jun 2010

The Co-operative Financial Services has supported a new proposal that will increase the number of women on company boards, with a representative from the firm suggesting businesses will benefit from such a change.

Benjamin McCarron, responsible investment analyst at the organisation's Asset Management arm, claimed having a greater female presence will ensure the widest breadth of talent is considered when hiring people for positions.

In his view, statistics show that companies are failing to nurture the whole spectrum of employees available to them.

He commented: "The revised code is a step change that will aid scrutiny and transparency as well as providing a more rounded approach to board dynamics."

These remarks follow the news that the Financial Reporting Council has updated the UK Corporate Governance Code and included gender as a consideration in board composition.

The Co-operative Bank recently announced it has committed itself to lending £200 million to the renewable energy sector this year.

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