FTSE 100 companies have made “enormous progress” in getting more women on their boards, increasing gender diversity in the UK’s top companies.

Former trade minister Lord Davies said that the number of women directors in the FTSE 100 has increased to 23.5% from 12.5% in 2011 following voluntary schemes to address the balance of women and men in the top level of management.

The latest figures come from an annual report by the Cranfield University School of Management which was released alongside the Women on Board Steering Group report from the government.

Firms especially recognised for their efforts included drinks business Diageo and Intercontinental Hotels Group, which jointly topped the Cranfield ranking, with women directors making up 45% of directors on their boards.