The idea of imposing quotas on companies to require them to have a minimum number of women at executive level has been ruled out, news which people in private banking jobs may find interesting.
Lord Davies, who was asked last summer to look into the problem of gender inequality in the workplace by business secretary Vince Cable, has instead suggested firms should set their own targets, the Guardian reports.
While currently only one in eight boardroom members of FTSE 100 companies are female, Lord Davies said he does not believe regulations to enforce diversity are the answer.
"Quotas have proved successful in some countries, but many of the women I have spoken with are against these ... I am not convinced that they are the right method to encourage progress," he said.
Last month, the French parliament passed a bill that will require firms that employ more than 500 people to have at least 40 per cent of their executives made up by women within six years.