Equity, Diversity & Inclusion (ED&I) is no longer just a moral imperative – it’s a business imperative. It’s been proven that diverse teams drive innovation, sharpen decision-making, and boost performance.

Organisations increasingly champion inclusive recruitment, especially at the executive level where leadership shapes both strategy and culture. Yet progress in appointing diverse CFOs – among the most influential C-suite roles – remains frustratingly slow.

Building on her blog ‘The role of allies’, whilst drawing on insights from the 2025 CFO Pathways Report and her hands-on experience delivering diverse shortlists, Martha Pierce explores what’s working and what’s not in inclusive hiring, the persistent barriers leaders face, and how rethinking recruitment can transform finance leadership to better reflect today’s world.

A snapshot of progress – and the work still ahead

According to the 2025 CFO Pathways Report, global female CFO appointments reached 26% in 2024, a modest but measurable improvement. Leading the charge are China (30%), Sweden (28%), and Canada (19%), each offering valuable lessons on how progressive hiring cultures, flexible role definitions, and systemic support can enable diversity at the top. Yet across much of the world, progress is incremental.

As someone deeply involved in CFO and finance executive recruitment, I see this paradox every day: there is increasing appetite for diverse leadership, yet hiring processes and expectations often don’t make room for the very diversity we aim to attract.

So why isn’t progress faster?

The tension between ambition and reality often comes down to this: companies want CFOs with very specific backgrounds. For example, we recently conducted a CFO search where the ideal candidate needed a SaaS background, a history of private equity exits, international experience, and leadership in a business with circa £1bn turnover – they also wanted to diversify their leadership team.

But finding candidates who both fit that exact profile and bring visible diversity proved extremely challenging, not because diverse candidates lack capability, but because systems and legacy hiring patterns have historically excluded women and minority professionals from the kinds of opportunities (sponsorship, stretch roles, P&L ownership) that feed into today’s executive searches.

This is where companies face a strategic choice – will they prioritise short-term “technical match,” or long-term leadership evolution?

Right now, most still lean toward the former – perpetuating the gap they’re trying to close.

What’s working and what we can learn

Several markets are showing that change is possible:

• Sweden is rethinking rigid hiring paths – with 28% female CFOs and more openness to external, cross-sector appointments, they’re valuing leadership potential alongside experience.
• China’s high rate of female CFOs (30%) reflects strong participation of women in professional sectors and a culture that rewards earlier career achievement.
• The UK is making real strides at the top of the FTSE – female CFO appointments in FTSE 100 companies hit 30%, thanks to stronger governance and clear accountability.

These trends aren’t random. They reflect deliberate cultural and structural shifts in how companies define readiness, promote talent, and commit to inclusive practices.

From desire to delivery: Creating inclusive recruitment

Despite good intentions, too many companies still approach ED&I as a checkbox rather than a core business strategy. Here’s how you can change that:

1 – Define what diversity means – for you

It’s not enough to say “we want more diversity.”

Ask: Why does it matter in our business? What kind of diversity are we talking about? What are we willing to trade off to achieve it?

Without these answers, strategies remain vague and execution falters. A clear, organisation-specific ED&I definition helps guide trade-offs and make intentional decisions that don’t unravel under pressure.

2 – Rethink “culture fit”

Too often, this phrase becomes a proxy for “people like us.” Instead, focus on cultural contribution – how someone might add to your team, not just blend in.

Be explicit about values and challenge your hiring managers to articulate what “fit” really means.

Even small decisions – like who’s on the interview panel – send strong signals. If you want to attract more women or people of colour, representation matters at every touchpoint.

3 – Support flexibility and accessibility

Rigid working hours, lack of remote options, or exclusionary office norms often filter out high-potential candidates – especially carers, disabled professionals, and those from underrepresented backgrounds.

Accessibility features and inclusive language in job descriptions are not “nice extras to have.” They’re signals of whether someone will feel they belong.

The critical role of recruitment strategy

If you want to build a more inclusive workforce, recruitment isn’t the endgame – it’s the launchpad:

• Start with inclusive job descriptions – neutral language, realistic requirements, and a clear commitment to flexibility.

• Ensure application and assessment processes work for everyone – including people with disabilities, neurodivergent candidates, and those who need adjustments.

• Think carefully about how you evaluate potential. Is your hiring framework flexible enough to consider transferable experience, or are you locked into narrow definitions of “CFO readiness”?

At Eton Bridge Partners, we encourage our clients to look beyond traditional success markers and consider what potential looks like when nurtured and supported.

Beware the diversity data gap

Too many businesses rely on assumptions – or partners – who can’t back up their diversity claims with verified, self-reported data. Ask for transparency from your recruitment partners: Where does the data come from? How do they measure diversity?

If they can’t answer, they may not be equipped to help you build the pipeline you need.

What needs to change now

It’s time to shift our thinking from access to equity. Diverse shortlists aren’t enough. We must design recruitment and leadership environments where everyone has a fair shot – and where inclusive practices are embedded from the start.

This might mean:

• Investing in onboarding and mentorship for first-time CFOs.

• Backing candidates with strong commercial skills who may lack one narrow line on the CV.
• Reimagining internal development programs to support underrepresented talent earlier in their journey.

Yes, this may require discomfort. It certainly requires trade-offs. But without these changes, gender diversity in CFO roles – and across the breadth of leadership – will remain a promise, not a practice.

The 2025 CFO Pathways Report offers valuable insight into where we’re making headway and where we’re falling short. But numbers alone don’t change businesses. People do – especially those in positions of influence.

For C-suite and finance leaders, now is the time to champion intentional inclusivity in every hire, every policy, and every conversation. When we shift from asking “who fits the brief” to “who could lead us forward,” we open the door to a future shaped by innovation, equity, and leadership that truly reflects the world we live in. Get in touch to discuss this further.

Download our latest CFO Pathways report