UK mid market is losing female CEOs, but investors aren’t losing interest in diversity at the top
The number of women leading UK mid-market businesses has fallen to its lowest level in eight years, according to Grant Thornton’s Women in Business Report 2026. This slowdown comes at a time when external expectations around gender balance are rising sharply, particularly from investors and regulators.
New data from the firm’s International Business Report (IBR), the world’s leading survey of mid-market companies, reveals a sharp decline in female representation at the very top of UK organisations. The findings are based on insights from 4,265 respondents globally, including more than 300 in the UK.
The research shows that the proportion of female CEOs in UK mid-market firms has fallen from 24% in 2025 to just 17% in 2026, a significant year-on-year drop and the lowest point in eight years. This contrasts sharply with global progress, where the percentage of female CEOs has continued along an upward trajectory, rising to 24% globally in 2026, up two percentage points from last year.
The decline is not limited to the top job.
The data highlights a dip in the percentage of senior management roles held by women both in the UK and worldwide:
- UK: from 36% in 2025 to 36% in 2026
- Global: from 34% in 2025 to 33% in 2026
This slowdown comes at a time when external expectations around gender balance are rising sharply.
More than a third of UK mid-market businesses (34%) report having received requests for proof of gender balance from potential new investors in the past year. Other sources of such requests include government departments (30%) and partner organisations (30%). Notably, demand from UK regulators has surged from 15% in 2025 to 29% in 2026, highlighting a strengthening compliance environment for gender balance.
Despite declining representation, UK firms report higher-than-average commitment to driving gender equality in a global context. Just under half (43%) of UK businesses say they remain committed to gender equality initiatives, above both the global average (39%) and the European averages (38%).
UK organisations are focusing their gender balance strategies on senior leadership positions (54% have a strategy in place), promotions (53%) and employee bonuses (47%).
Several areas have seen notable growth in focus over the past year, including retention strategies (up from 26% in 2025 to 32% in 2026) and senior leadership strategies (up from 43% in 2025 to 54% in 2026).
Where strategies are working – and where they’re not
Businesses are facing tougher investor and regulatory scrutiny, but the pipeline into commercial and profit and loss (P&L) roles remains stubbornly narrow. While visible role models are increasing, this is not yet translating into stronger recruitment, better decision‑making quality or improved retention.
When asked about the impact of their gender balance initiatives, UK business leaders highlighted the areas where they see the greatest gains:
- 36% of leaders say their employees feel they are treated equally
- 29% say there are visible role models within their business
- 27% say that gender balance has improved their attractiveness to investors and new clients
However, respondents also pointed to areas where current strategies are proving less effective:
- Only 14% see gender balance strategies helping attract new employees
- 17% say they see current strategies improving the quality of decision-making quality
- 20% say programmes help with retention of female leaders
Fiona Baldwin, Chief Operating Officer at Grant Thornton UK, said:
“This year’s sharp fall in the number of women in the UK mid market’s top jobs is a clear warning sign. It isn’t about capability; it’s about access. Women are often overlooked for early career sponsorship, stretch assignments and P&L experience, which means the pipeline into top jobs remains too narrow.
“If businesses want stronger leadership, better decisions and greater investor confidence, they need to act now by opening pathways into commercial roles, investing in sponsorship and creating cultures where flexible working doesn’t limit progression. Gender balance doesn’t happen by chance. But with focus and intention, it can deliver real benefits for business performance.”
Abigail Fisher, Chief People Officer, Grant Thornton UK
“Women rise when organisations recognise and actively back their strengths. If internal progression is the most dependable route to senior roles, leaders have a responsibility to broaden and accelerate that path.
“We’ve seen the results of doing so ourselves: today, five of our nine senior leaders are women. When you invest early, consistently and with intent, diversity stops being an aspiration, it becomes the natural outcome.”