The findings come as part of the FTSE Women Leaders Review, which is sponsored by Lloyds Banking Group and KPMG.

The report said that the findings show “steady progress” in getting women leaders to the “top table of business in the UK”.

Representation on women’s boards grew by 3% year on year in 2022.

The report said that FTSE 350 leadership positions below the board level is 33.5% and 34.4% for 50 of the UK’s largest companies. It is the first time these figures have been published.

Women also hold a third of all leadership roles in FTSE 350 companies. The next goal is to achieve 40% of women in FTSE 350 leadership teams before 2024.

Around a decade ago, 152 of the FTSE 350 board had no women at all and now there are women on every board and the vast majority having three or more women on their board.

Business and Trade Secretary, Women and Equalities Minister Kemi Badenoch said: “I’m pleased to see that FTSE 350 companies have surpassed this target, showing that change doesn’t always require top-down interventions but can occur when everyone is pushing in the same direction.

“This progress is very welcome, and I’d urge business to keep up this momentum to achieve better balance in leadership positions as well as in boardrooms.”

‘A defining moment’

Minister for Women Maria Caulfield said: “Making sure the right people are in the top roles is not just morally right, it makes good business sense. I’m delighted to see this huge progress, years ahead of when we expected it.

“By working together, industry and government can make sure inequality is a thing of the past – which is good for individuals, for businesses, and for our country.”

Nimesh Patel and Penny James, co-chairs of the FTSE Women Leaders Review, said: “Achieving 40% representation for Women on Boards is a defining moment and is testament to the power of the voluntary approach and the collective efforts of many businesses and individuals over the last decade.

“By extending the Review to include, for the first time, 50 of the largest UK private companies, our work now tracks progress of women in 30,000 leadership roles across all of big British business.”