Preface 3

Executive summary 4

1 Introduction 5

2 The state of play 5

2.1 Overall representation 6

2.2 Representation in the C-suite 10

2.3 Representation on boards 13

3 Factors shaping gender gaps at the top 17

3.1 Non-linear career pathways 17

3.2 Professional networks and sponsorship 19

3.3 Career breaks and care penalty 21

3.4 Evaluation systems 22

3.5 Institutions, policies and laws shaping leadership pathways 22

4 A future-fit framework for senior leadership parity 24

Conclusion 35

Appendix 36

Contributors 38

Acknowledgements 39