Women are even less likely to be appointed to the board of an AIM-listed company than a FTSE 100 firm, according to the business advisory firm Deloitte.
Women make up only 3% of board members in companies listed on AIM, which is the stock exchange with no minimum size requirements for growing companies.
Companies listed on the FTSE 100 - the country's biggest listed companies - have 10% women on their boards.
The figure is 5% for FTSE SmallCap companies and 6% for the FTSE 250.
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