Over the past year, 26pc of all non-executive director appointments in Britain's biggest 100 companies were female. In contrast, just 9pc of executive posts went to women, a report by Norman Broadbent found.
In the FTSE 250, those figures are 24pc and 7pc respectively.
Neil Holmes, of the search firm, said: "We are finding that women are appearing on shortlists, but the supply on the executive side is still lower than it should be and this requires companies to invest in long term cultural changes.
"This must be about quality derived from retention and experience, and not about tokenism."
The study also warned FTSE 100 companies will fail to meet Lord Davies' targets for getting more women on boards by 2015, just a year after they were introduced.
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