(Reuters.) – The number of women on the boards of Britain’s largest 100 corporations has increased to nearly 40%, compared to just 12.5% a decade earlier. There are recommendations that can be made to increase female representation in senior management positions, according a government report.

Researchers looked into the gender representation in around 24,000 roles in companies on Britain’s blue chip, mid-cap, or indices.

The report places Britain second globally after 2020, when it was fifth. It is just below France, which boasts a near 44% representation.

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It also included four recommendations that increased the board size and the leadership number of women at FTSE 350 companies up to 40% by 2025.

The British financial regulator stated in July that at least 40% should be female board members of blue-chip businesses.

According to the latest report, female representation on boards in 2021 for FTSE 350 and FTSE 250 grew roughly by 37% and 38%, respectively.

Kwasi Kwarteng, British Business Secretary, praised the achievements, but noted that there is still much to do, as many businesses have yet to meet the 33% goal set in previous reviews.

Kwarteng stated that only one third of the leadership positions and approximately 25% of all Executive Committee role are held by women, and very few women are in the CEO position.

It was also reported that the number of female chair positions across the FTSE 350 increased to 48 by 2021 from 39 a prior year.

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