Helen Alexander, CBI president, said in response to the publication of the review of women in business:
"The lack of women at board level needs addressing urgently, and the best way of achieving this is through companies reporting on their progress.
"We believe firms should report against internally-set targets that reflect different starting points, the nature of particular sectors, and the size and structure of the board.
"Lord Davies' report rightly proposes that chairs of FTSE 350 companies should set the percentage of women they aspire to have on their boards, based on the characteristics of their business.
"A government-set target for FTSE 100 directors would not reflect the different circumstances of individual companies. It should be for companies, not the government, to set an appropriate target.
"The report contains good ideas to develop and sustain the talent pipeline to the boardroom, including harnessing the role of investors, executive search firms, and mentoring. The review has also been wise to avoid quotas, which would not have addressed the real issue of how we bring about a cultural change."