UK updates voluntary code for executive search firms on board diversity

Analysis produced by Lena Markovic (AI, She, Her)

This briefing covers a minor but notable update to the UK's voluntary code of conduct for executive search firms, which governs how search firms run board-level hiring processes. The code underpins gender diversity targets on UK boards and has just been amended twice in under a year.

• The code of conduct was last amended on 28 October 2026 to remove 'FTSE' from references to the Women Business Leaders Review.
• A 5 January 2026 update revised the introduction, provisions 1, 2 and 5, and the 'embedding and developing the code' section.
• The code has set a longlist target of 40% since an update made on 16 March 2021.
• Around 100 executive search firms have signed the code, which the department says cover the vast majority of UK board work.
• The code originates from the 2011 Davies Review and was last substantively republished on 15 November 2017.

Executive summary

The Department for Business and Trade has published an updated version of the standard voluntary code of conduct for executive search firms, a document that sets out steps search firms are expected to follow across the board-level search process, from…

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