The number of women directors in leading companies has topped 100 for the first time.

Two firms, AstraZenica and Marks & Spencer, each have four female directors and women comprise a third of their boards.

A further nine of the FTSE 100 businesses surveyed have up to 30 per cent female representation but 32 have no women directors.

There is only one female chief executive and one chairwoman among leading companies, according to research by Cranfield School of Management.

Trade and Industry Secretary Patricia Hewitt said: "It is obviously good news that more boards are taking on female directors but this report shows there is still much more to be done.

"Research shows that companies with a good mix at the top have better corporate governance records, and tend to be at the top in terms of market capitalisation."

Dr Val Singh, co-author of the report, said: "The increase of all these statistics is encouraging but there is still much to do to identify and deal with the barriers for women in middle management, the next generation of women business leaders.

"So many companies seem surprised that high-flying women leave or stagnate in mid-career."

Tuesday November 11, 2003