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UK corporate governance watchdog wants more progress on women on boards

City workers make phone calls outside the London Stock Exchange in Paternoster Square in the City of London

LONDON (Reuters) - FTSE 350 <.FTLC> companies in Britain have been slow to develop succession pipelines to increase the number of women on their boards, and should set out how they plan to do so, a corporate governance watchdog said on Monday.

"Successful and sustainable businesses should reflect the views of shareholders and wider society, with an understanding of the value greater diversity brings at both board level and throughout the business," Jon Thompson, chief executive of the Financial Reporting Council, said in a statement.

"Given the clear benefits greater diversity brings we expect to see improved reporting going forward."

The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work.

(Reporting by Carolyn Cohn; editing by Simon Jessop)