The number of women on boards in the energy industry stands at 12.5% – in line with global trends, new research claims.
It found that in the last five years, there has been a 50% increase in the percentage of female directors on boards across all regions. The energy sector is believed to be performing well, with the number largely in line with the average overall proportion of women present (12.8%).
The report also found the energy sector has, on average, only 10.7 directors on a board compared to the global average of 11.6, with nearly all board directors (93%) believing an “effective board” should have less than 12 members. The sector prefers board members with expertise from within the industry, the report claims, with 41% of non-executive directors (NEDs) having energy sector experience.
Paul Wootton, partner and head of energy and natural resources at law firm Eversheds, which conducted the research said: “Taking the constantly evolving nature of the energy sector across the globe into account, coupled with increased regulation in the sector, it is not surprising to see this reliance on energy industry experience within the boardroom.
“However, the report shows that companies in the energy sector are not afraid to revise their board composition to get a fresh perspective and have a shorter than average length of director tenure.”
The boss of Good Energy called for the need to get more girls to study science and maths to get senior roles in the energy sector last year.