The number of chief executives of FTSE 100 companies that are “knights” has fallen to just 5 from 32 in 1984, according to a report in the Financial Times.
In 1984, when the FTSE was created, 40 per cent of the British CEOs of companies on the index used the feudal title. Now only 8.6 per cent do so.
Almost 79 per cent of the British CEOs belonged to a London club in 1984. Now only 31 per cent are members of the clubs long associated with prominence in Britain’s class system. Just two belong to the two most aristocratic of the clubs. In 1984 17 were members of these clubs.
In 1984 41 per cent had been educated at the elite universities of Oxford and Cambridge. Today the figure is 28 per cent.
The number of female CEOs is still only 2, having risen from 0 in 1984.
Richard Boggis-Rolfe of the head hunting firm that produced these encouraging figures told the Financial Times that it would be wrong to think that past chief executives were appointed because of their class rank rather than on merit. Traditional industries have been replaced on the index by natural resources, media and professional services companies.
The FTSE 100, known as the “Footsie”, is a share index of the 100 most highly capitalised companies listed on the London Stock Exchange.