Action is needed to end the "nightmare" of male-dominated leadership of major companies, Harriet Harman has said.
The minister for women told MPs it was still not totally "accepted" firms with no women on their boards were likely to be less successful than balanced ones.
A lack of women at the top of City firms was due to "institutionalised gender discrimination", she believed.
But she had to defend the under-representation of women at the Treasury, saying progress was needed.
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