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Editorial: Companies with greater gender and ethnic diversity at board level perform better financially, consultancy McKinsey has shown. It seems the 2014 research has now filtered down to investors.

The Environment Agency Pension Fund and several fund houses have vowed to exercise their voting power to push companies on gender diversity, a development that is to be welcomed.

But while the goal is admirable, two questions arise. Firstly, why should diversity only include gender, rather than ethnic and cultural background, class, sexual orientation, religion etc? The need for diversity goes beyond gender. 

Others have pointed out that it is diversity of experience that matters, often linked to gender and ethnic background, but which can also stem, for example, from having a different work history, education and so on.

The other question is, will having 30 per cent women at board level effect any change in a company’s culture and pave the way for more women to get there – or will they be ‘token’ women, a PR tool for the business?

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Let's not fool ourselves: company culture can override what it publicly commits to. When my husband requested to work from home one day a week, he was told that the flexible working policy had been designed for women. His employer has won awards for its ‘family friendly’ policies. The gap between theory and practice is vast.

It also highlights that perhaps the greater part of women's career problem – seldom talked about and much feared by employers – is flexibility for men. Women will always struggle to rise through the ranks without partners who are, and are actively encouraged to be, flexible.

My husband eventually applied for part-time work, something the company could not refuse without taking a legal risk. He is the only man in his department to do so. 

Cultural norms are deep-seated but not impossible to change. In Sweden, paternity leave only took off when the government allocated part of the paid leave specifically to dads. I hope our daughters will see this one day in the UK. At the moment, they just thoroughly enjoy their ‘daddy day’. 

Sandra Wolf is editor at Pensions Expert. You can follow her on Twitter @SandraCWK and the team @pensions_expert.