Even Women on FTSE 100 Boards Face a Glass Ceiling, New Research Shows

Even when you are successful enough to be appointed to the board of directors of one of the top 100 companies listed on the London Stock Exchange, being a woman can still be an obstacle. Prestigious positions in the world’s most powerful companies are still more likely to be awarded to men, according to new research.

One thing is clear: the business world has changed significantly for women over the past two decades. Under pressure from investors, regulators, and the public, companies have increasingly appointed women to top leadership positions. Female leaders are no longer a rarity, and their presence has brought important changes to decision-making processes and the day-to-day functioning of organisations. But does this mean that the doors are now fully open to women and that the path to leadership is truly equal?

Researchers from Harvard Business Review and London Business School examined nearly 2,000 board members from the UK’s largest publicly listed companies included in the FTSE 100 index. Their goal was straightforward: to determine whether women have the same opportunities as men to secure board positions in these highly influential companies.

The study revealed a striking paradox. Women who make it to elite board positions are, on average, more likely than men to receive additional board appointments. However, they are less likely to secure positions in the most prestigious companies. In other words, reaching the top does not guarantee women the same benefits that male executives enjoy. Prestige, it seems, remains disproportionately reserved for men.

Why Doesn’t Prestige Work the Same Way for Men and Women?

Researchers sought to explain this gender gap at the highest levels of corporate leadership. The findings showed that women serving on boards of highly prestigious companies are typically more qualified than other women and, once they reach the top, are often more qualified than their male counterparts as well. They tend to have more board experience, stronger educational credentials, and richer professional backgrounds.

Membership on a prestigious board therefore sends an even stronger signal of competence when the board member is a woman rather than a man. The gap cannot be explained by women’s unwillingness to take on additional roles or by excessive workloads, the researchers found. So, what is happening?

Once again, women appear to be paying the price of societal expectations.

Just as they do at lower management levels, female leaders often face lower levels of trust, higher performance expectations, and additional responsibilities that are rarely recognised or rewarded. Serving on a highly prestigious board is not simply a mark of expertise; it also comes with unique demands. Board members in these positions are subject to greater public scrutiny, their decisions are more closely monitored, and the consequences of those decisions are often more significant.

As a result, female leaders experience greater pressure. They are expected to demonstrate a higher level of preparation and performance, forcing them to invest more effort to prove their competence. In addition, women are more likely to take on extra, informal responsibilities, such as mentoring, representing the organisation publicly, or leading diversity and inclusion initiatives.

These tasks are rarely formally recognised, yet they accumulate over time. They influence how female leaders are evaluated and how their capabilities are perceived, while also affecting their willingness to pursue additional opportunities. This may explain why, for women, a prestigious appointment can sometimes become a constraint rather than a stepping stone to further advancement.

The researchers’ conclusion is clear: appointing women is not enough. What matters just as much is how organisations support them after those appointments are made.

In an effort to help women establish authority, board chairs often assign them to lead highly visible committees, such as audit or compensation committees. At first glance, this appears to be a positive development, as women gain formal power and greater influence. However, these roles also bring additional work, increased scrutiny, and numerous informal expectations, ranging from stakeholder communication to public representation.

For this reason, the authors argue that organisations must do more than place women in prestigious positions. They must ensure that prestige and visibility genuinely serve as stepping stones for future career advancement, rather than becoming yet another bottleneck on the road to the top.

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