WOMEN now account for just over a fifth of directors on boards of top companies after a "culture change" in British business over the past three years, according to a new report.

Former trade minister Lord Davies of Abersoch headed a review in 2011 when the number of female board members in FTSE 100 firms was just 12.5%.

He set a target of 25% by 2015, and reported that the figure stands at 20.7%, showing "real progress", with more women than ever before in boardrooms of leading companies.

A separate report by the Cranfield School of Management confirmed the trend and revealed that just two FTSE 100 companies - Glencore Xstrata and Antofagasta - had all-male boards, compared to one in five in 2011.

Of the 1117 FTSE 100 board positions, 231 are women, while 48 new female appointments need to be made to reach the 25% target.

Lord Davies said: "The rate of change that we have seen in our biggest companies over the last three years has been impressive.

"The voluntary approach is working and companies have got the message that better balanced boards bring real business benefits.

"However, the eyes of the world are on us as we enter the home straight. They are judging us as to whether the voluntary approach, rather than regulation, will work."

Professor Susan Vinnicombe, director of the Cranfield International Centre for Women Leaders, said: "Whilst it is encouraging to see the figures moving in the right direction, the issue still remains that women are not being appointed to executive positions, despite there being a wealth of suitable candidates."