
Young directors face fight to get on board at London-listed firms
Of the 305 new directors hired by FTSE 350 companies last year, only 12, or 3.9 per cent, were under 45, according to research from Heidrick & Struggles, the executive headhunter, which called on businesses to 'bring in more fresh faces'.
'Boards should reflect the world their businesses operate in, and this can be achieved through a broader mix of people and experience,' Kit Bingham, head of UK board practice at Heidrick & Struggles, said.
• 'Wrong lanes' hold up boardroom progress for women and minorities
More than half, 57 per cent, of those joining the board of a FTSE 350 company last year were retired and the average age of new appointees increased to 58, the highest in six years.
Heidrick & Struggles' research showed that London-listed companies 'remain slower to look to younger appointees' when compared with other countries. In Ireland, for example, 21 per cent of board directors hired by Dublin-listed businesses were younger than 45. In Germany the proportion was 8.2 per cent and it was 5.4 per cent in France.
'Times are tough and have been for a few years, so what I think we're seeing is a default to experience,' Bingham said. 'Equally, at a time when companies are trying to keep costs down, chairs are very careful to keep the board lean and don't want to expand the board just to give different individuals their first taste of board life.'
He added: 'It is important that boards hear from a whole range of different voices; how different generations are thinking, acting and buying.'
UK companies are, however, faring better when it comes to recruiting more female board directors. Half of last year's appointees on the FTSE 350 were women, compared with just 36 per cent of Fortune 500 companies in the US and 46 per cent in Germany.
Heidrick & Struggles said there had now been 'five years of strong gender balance', even if last year's percentage was down on the high of 58 per cent set in 2022.
The research shows that 21 per cent of new UK directors last year identified as non-white. The Parker Review suggests that FTSE 350 boards should have at least one director from an ethnic-minority background, although Bingham cautioned against adopting a 'one and done philosophy'.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Independent
16 minutes ago
- The Independent
Connection times to be cut ‘by more than half' via new security rules for London-US flights
Travellers on connecting flights from London to the US will soon be able to avoid rechecking hold luggage and skip standard airport customs. Starting this month, US Transportation Security Administration (TSA) pilot programme One Stop Security (OSS) plans to streamline terminal security steps to speed up connections for air passengers. Some American Airlines passengers flying from London Heathrow airport with connecting journeys through Dallas Fort Worth International (DFW) will now be able to clear US Customs at the arrival gate. From here, customers can directly board their connecting flight without reclaiming and rechecking hold luggage or clearing TSA security. Typically, travellers must clear customs, claim checked bags, recheck bags and then again go through security. With OSS, checked bags are automatically transferred to the connecting flight. The pilot system is a partnership of the TSA, US Customs and Border Protection (CBP) and the UK Department for Transport (DfT). According to American Airlines, the new process is expected to cut airport connection times by 'more than half'. American is the first US airline to pilot the scheme on select routes at DFW. Some Delta passengers are also trialling OSS on routes from Heathrow to Hartsfield-Jackson Atlanta International Airport. Travellers with Delta will be processed in a dedicated customs area and will not have to claim and recheck their bags. However, only those who are registered in Global Entry, a 'trusted traveller programme', or have the Mobile Passport Control app, will be able to bypass TSA screening, reported the NY Times. To apply for Global Entry, British passengers are required to apply for a background check by the UK government (£42), then the US government (£90). Upon passing, passengers are subject to an in-person interview. Once completed, Global Entry is valid for five years. The introduction of the security system in the US follows a successful pilot in February for travellers connecting to international destinations from London Heathrow. David Seymour, COO at American Airlines, said: 'One Stop Security is one of the most forward-thinking enhancements we can bring to international travel — and importantly, to our customers — as it delivers a level of convenience and time-savings that's never been available before to customers connecting from international flights. 'Customers will spend significantly less time worrying about an onerous connection process and more time enjoying their travel journey.' TSA deputy administrator Adam Stahl told Fox News Digital that OSS could be expanded to other airports in the next month. He said: 'It really is a common sense security approach for us to streamline security from abroad to the United States.'


The Independent
16 minutes ago
- The Independent
STV warns over profits as advertising market slumps and TV projects delayed
Scottish media firm STV Group has downgraded its sales and profit outlook as 'deteriorating' economic conditions squeeze advertising revenues and push back TV projects. Shares in the London-listed business plunged by about a quarter on Monday morning following the update. STV said it was now expecting full-year revenue and adjusted operating profit to be 'materially below' a consensus of analysts. Revenues are predicted to range between £165 million and £180 million for 2025. The company said it was now targeting £2.5 million worth of cost savings this year – higher than the £1.7 million outlined in March – having launched a significant savings programme last year, including across its broadcast operations. STV blamed worsening conditions in the commissioning and advertising markets in recent months for the profit and sales downgrade. Advertising revenues for the period between July and September is forecast to decline by 8%, lower than previously expected, driven by a sharp 20% drop in July, it told investors. The year-on-year decline is set to be impacted by particularly strong sales this time last year, due to the men's Euro football tournament being broadcast on TV. It follows a 10% fall in advertising revenues over the first half of 2025. A number of businesses, including WPP and S4 Capital, have flagged a worsening advertising market as more challenging economic conditions prompt clients to reign in marketing spending. Furthermore, STV warned the uncertainty was causing significant deterioration in the commissioning market. It said projects within its unscripted labels were being impacted with some in advanced development not getting the green light, and others being delayed into 2026. Nevertheless, it highlighted strong progress within its scripted labels with current projects including for Netflix, Apple, Sky and the BBC. Rufus Radcliffe, STV's chief executive, said: 'The deteriorating macroeconomic backdrop continues to lower business confidence impacting both markets in which we operate. 'STV Studios' delivery schedule for the remainder of 2025 has been impacted by the UK commissioning market, which has further weakened at the end of H1 (the first half of 2025) and into the second half of the year.' But he said production had finished on 'key titles with international appeal, including high-end drama Amadeus for Sky and a third series of Blue Lights for BBC One'. 'We are proactively responding to market conditions through a combination of investing in targeted future growth initiatives aligned with our long-term strategy and identifying efficiency and cost saving opportunities across the business,' Mr Radcliffe added.


Reuters
17 minutes ago
- Reuters
Novo Nordisk faces 'show me' moment to boost Wegovy growth after US copycat ban
LONDON, July 28 (Reuters) - A U.S. ban on copycat versions of Novo Nordisk's ( opens new tab Wegovy has begun to lift use of the weight loss drug, but the company will need to show more robust growth in the months ahead to bolster market confidence, investors and analysts say. New Wegovy prescriptions have increased by about 33% since May 22, when a U.S. Food and Drug Administration ban on so-called compounded versions of Wegovy took effect, amounting to 181,200 in the week ended July 18, according to data from IQVIA that was shared with Reuters by industry analysts. Total Wegovy prescriptions have also increased, narrowing the lead for Eli Lilly and Co's (LLY.N), opens new tab Zepbound. In the week ended May 23, U.S. Zepbound prescriptions exceeded Wegovy by nearly 175,000. By July 18, the gap was about 133,000. Early signs of a shift come at a critical juncture for Novo. After Wegovy's initial stunning success, investor confidence was rattled when Zepbound and compounders started to slow the drug's growth. And then in May, the Danish company cut its full-year sales and earnings forecasts and announced the surprise exit of Chief Executive Lars Fruergaard Jorgensen, citing market challenges and a stock price nearly 60% below its 2024 peak. Jorgensen said at the time he expected the FDA compounding ban to lift sales in the second half of this year. Investors are keen to hear whether that is still likely when the company reports quarterly earnings on August 6. That leaves the drugmaker in what Barclays analyst Emily Field called a "show me" phase - no longer buoyed by optimism about a turnaround but under pressure to deliver. She has an "overweight" rating on Novo's shares. "We thought this trajectory change (in new prescriptions) would get the shares moving, but not so far," Berenberg analyst Kerry Holford told Reuters. "I suspect investors are now waiting for the (second quarter) update - will they/won't they trim guidance range? I think they will trim the top." Berenberg has a "hold" rating on Novo. Novo did not respond to a request for comment. Investors and analysts note that the IQVIA prescription data is incomplete, because it does not capture sales of Wegovy through the company's direct-to-consumer platform, NovoCare, launched in March. They estimate the channel is still a small slice of overall Wegovy volume. "We would hope to see strong growth from the NovoCare channel but are cognizant that this may come at initially lower prices" due to discount offers, said Marcus Morris-Eyton, a portfolio manager at Alliance Bernstein, whose fund holds Novo shares. "Sentiment towards Novo Nordisk is currently exceptionally weak, but given low expectations, the low valuation and hopefully accelerating prescription data in (the second half of 2025) we believe the market is underestimating Novo's long term growth potential," he said. Booming sales of Wegovy catapulted Novo to become Europe's most valuable listed company, peaking in June 2024 at about 615 billion euros, after the weekly injection became the first highly-effective obesity treatment approved in the U.S. in 2021. But supply disruptions and gaps in health insurance coverage for Wegovy helped fuel the market for cheaper compounded - or copycat - versions, which are allowed under U.S. law when drugs are in shortage. Investor sentiment on Novo soured after the company lost ground to U.S. rival Eli Lilly, which launched Zepbound in late 2023. In its first full-year forecast downgrade since Wegovy's launch, Novo said in May it expected local-currency sales growth of 13–21%, down from a previous forecast of 16–24%. Operating profit growth is projected at 16–24%, versus 19–27% previously. Capturing more of the patients who had turned to compounded drugs is key to meeting those targets. The FDA determined that Wegovy was no longer in shortage in February, leading to the ban on compounded versions. Novo has rolled out new tactics to bring patients back, including a limited-time discount for one month's supply, and secured better coverage from insurer CVS Health. Analysts at Berenberg and UBS are sceptical these moves will provide enough momentum and expect that Novo will reduce or narrow its full-year guidance ranges, according to research notes. TD Cowen said the outcome was hard to predict due to limited visibility on NovoCare. Bank of America and Guggenheim said they did not expect another guidance cut and Barclays said it was unlikely. ($1 = 0.8513 euros)