Business secretary Vince Cable said in response to the publication of the review of women in business:
"I strongly welcome Lord Davies' report and am committed to promoting gender equality on the boards of UK listed companies. We will therefore seriously consider its recommendations.
"The report is clear that a business-led approach is the best way to increase the number of women on company boards, and we will therefore engage with business in considering his recommendations. Likewise we encourage regulators, investors and executive search firms to take forward those recommendations that fall to them."