When the Parker Review began in 2015, more than half of FTSE 100 boards were entirely white. Its voluntary target – at least one director from an ethnic minority on every FTSE 100 board by 2021, and every FTSE 250 board by 2024 – proved to be the catalyst for corporate Britain to take action.

The 2025 update shows how far the country has come. Ninety-five FTSE 100 companies have now met the target, and 86 per cent of the FTSE 250 report at least one minority director, up from 22 per cent in 2019. Significant progress has been achieved, with some work to do in the FTSE 250. In 2023 the Parker review set additional targets for boards in large private businesses which are expected to appoint at least one ethnic minority director by 2027, and companies across listed and private markets have been asked to set voluntary targets for their executive pipelines (ExCo and below).

Extending progress from compliance to lasting inclusion was at the centre of the Northern Boards forum, held in Manchester in October 2025. Hosted by NatWest and organised by Warren Partners in partnership with Change the Race Ratio and North West Business Leadership Team, the event gathered leaders from across the region to explore what inclusive governance means in practice.

Why the North West matters
The Manchester event marked the first time a Parker Review discussion had been held outside London. That mattered, not just symbolically but economically. The North West contributes around £220bn to UK GVA and has one of the country’s more diverse populations, with roughly 14 per cent of the region from ethnic minority backgrounds. Yet many senior roles in the region are still filled through London-centric networks. In a recorded address, David Tyler, Chair of the Parker Review, urged northern businesses to tap into the region’s broad talent base.

“There’s an economic case for this and there’s a moral case – two absolutely clear reasons why this is important,” he said. “If you as a company are not getting your fair share of that talent, you’re putting yourself at a competitive disadvantage.” Tyler’s message was simple: inclusion is both the right thing to do and a business necessity, because diverse boards make better decisions – creating clear business advantage – and reflect the customers and communities they serve.

From representation to renewal
That theme – moving beyond targets towards culture – ran through the discussion, which was facilitated by Sharon Amesu, Founder of She Leads for Legacy.

Khurram Hussain, a Partner at Warren Partners, highlighted the importance of broadening search horizons: boards and headhunters must work together to find regional talent outside familiar networks. That means two things: build the pipeline — through mentorship and succession planning — and insist on genuinely diverse shortlists for every senior hire.

Bridget Lea, a Vice-President at Snap Inc and Chair of Manchester Metropolitan University, reflected on the lived experience of being the first or only woman or Black person in the boardroom. She urged boards to ensure new voices are not isolated but integrated. Her emphasis was on creating a culture where difference is valued and curiosity rewarded, not just publishing policies.

Saleem Chowdhery, Director of Risk and Internal Audit at the Co-op Group, warned against treating inclusion as a branding exercise. He noted that polarised public debate has made some organisations cautious about talking openly about diversity. But, he suggested, silence is a decision in itself; if boards say nothing when values are tested, they are sending a signal.

That tension between principle and pragmatism is shaping boardrooms worldwide. In the United States, a wave of corporate retreats from diversity programmes has sparked debate over the future of DEI. In the UK, however, most companies are pressing on – often more quietly – to avoid politicising the issue while continuing the work. And the evidence remains clear: The Baroness McGregor-Smith Review estimated that eliminating racial disparities in the workplace could add £24bn to the UK economy each year.

The North’s inclusive edge
Speakers agreed that the North West has both the opportunity and the responsibility to lead by example. The region’s mix of sectors – from manufacturing to tech – and strong civic networks give it the foundations for inclusive growth. Manchester, long known for innovation and resilience, can now be known for inclusive governance too.

Christos Tsaprounis, People and Culture Director at Auto Trader, pointed out that inclusion is sustained not by slogans but by behavioural consistency. Everyday actions – listening, checking in, challenging bias – matter as much as board-level targets. The goal is a culture where people feel they belong. For Warren Partners, that philosophy is shaping how boards are built. The firm encourages nomination committees to look beyond traditional ideas of ‘fit’ and instead ask what different perspectives will add. Inclusion is not a one-off initiative but part of how leadership is future-proofed.

Several speakers stressed a generational shift. Bridget Lea observed that younger employees are far less willing to tolerate non-inclusive environments and will vote with their feet. Christos Tsaprounis agreed that boards need stronger representation of younger and Black talent, and not necessarily by waiting for a board position to open up, but in increasing the number of positions.

What boards should do next
While the Parker Review correctly highlights the progress made in representation at board level, it also calls for continued action at board level in the FTSE 250 and progress below board level. The next phase is twofold – boards in large private businesses are expected to appoint at least one ethnic minority director by 2027, and companies across listed and private markets should accelerate ethnic minority representation in executive pipelines (ExCo and below). The attention now turns to embedding inclusion into governance, succession and strategy.

Practical priorities include:

• make inclusion a standing board agenda item with clear ownership and metrics
• require diverse shortlists for every senior hire and invest in regional talent pipelines
• measure outcomes, not just inputs and report progress transparently to employees and investors

As Tyler concluded, the real strength of a board comes from the breadth of experience around the table and the willingness to learn from difference. That sense of purpose – moral and commercial, local and national – will define the next decade of progress in British businesses.