THE former bank chief charged by the Government with getting more women serving on company boards has signalled that he is unlikely to recommend fixed quotas for female directors.

Lord Davies, the former trade minister and ex-chief executive of Standard Chartered, said while he had not ruled out quotas, he was “not convinced” that they represented the best solution.

Instead, he suggested that opening up the recruitment process for senior appointments, making it more transparent, could be a better option.

Lord Davies is due to deliver his final report to Business Secretary Vince Cable in February.

He said: “Quotas have proved successful in some countries, but many of the women I have spoken with are against these.

“I have not ruled them out as a recommendation but at the moment I am not convinced that they are the right method to encourage progress.”