The number of women directors on FTSE 100 boards has increased by only 5 per cent in the past ten years, according to the annual census of leading businesswomen by Cranfield School of Management.

The 2008 Female FTSE report shows that 12 per cent of directorships in the top 100 listed companies are held by women – there are 131 female directorships held by 113 women (some women hold more than one position).

This compares to 79 female directorships ten years ago when the business school conducted its first census.

There are now five female chef executives of FTSE 100 companies with three more divisional or regional chief executives, two female chairman and 17 female executives.

And it is no easier to become a director of a smaller company - the researchers found that in FTSE 250 companies just 7.2 per cent of directorships were held by women and for the smaller listings such as AIM, SmallCap, Fledgling and Techmark this fell to between 5 and 6 per cent.

One of the report’s authors, Professor Susan Vinnicombe, sweeps aside popular explanations for the low representation of women on boards including a lack of relevant experience or ambition.

She said: “Of course women have the right experience. We have nearly 2,000 women in the FTSE 350 pipeline – on corporate boards or executive committees, these are women at very senior levels. That’s without counting the senior women in the public sector, non-quoted companies and those that are significant entrepreneurs. So, I don’t buy the fact women aren’t talented.”

“And this year when we asked women on executive boards and committees 80 per cent said they would like a non-executive directorship. So I don’t buy the fact women aren’t ambitious either,” she added.

Encouragingly several companies now have multiple women on their boards – 39 companies had two or more women on their boards compared to just 13 a decade ago.

The investment company Alliance Trust tops the Cranfield index with three women on its board of seven. AMEC and Marks and Spencer came next both with 33 per cent female boards.

Disappointed by the slow pace of change the report authors have set out five recommendations: all directorships in the private sector should be advertised; companies should aim to have at least 30 per cent female applicants for director positions; search consultants should forge better relationships with senior women and discuss directorships more openly; companies should set gender targets and be open about their progress in annual reports and finally women need to be considered for the new board positions in the recapitalised banks.

The longest serving female FTSE 100 chief executive is Dame Marjorie Scardino who has been at the helm of publishing group Pearson since 1997.

Dame Marjorie was followed by Cynthia Carroll chief executive of Anglo American who was appointed the first female to head up a mining company last year.

Clara Furse of the London Stock Exchange joined the top-flight group last year when the LSE joined the FTSE 100; shortly followed by Dorothy Thompson of Drax Group which owns Drax Power Station.

The newest entrant to the club is Katherine Garrett-Cox, who was appointed chief executive of investment company Alliance Trust in August.

The Alliance Trust is also home to one of only two female chairman of FTSE 100 companies – Lesley Knox.

The only other FTSE 100 chairwoman is Baroness Hogg at private equity firm 3i.

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