The government-backed Hampton-Alexander review also highlighted five companies among the group which had all-male boards.

Two years after it was launched, the review’s annual report said progress towards the target of all FTSE 350 companies having women comprising at least a third of their board members and leadership was encouraging.

But Sir Philip Hampton, who chairs the review, said there were “some disappointments” including the fall in the number of women chief executives and the fact that the number of female chair roles remained flat at 22.

He said: “A sharper focus is needed to understand what is happening in the appointment process for these really top jobs.”

The number of all-male boards has fallen to five, but the report also highlighted a group of 75 that Sir Philip said remained “resolutely male-dominated” with only one woman.

“It is time to call out the 75 at ‘one and done’ boards that are dragging overall progress downwards,” the review said.

“The 33% target is a collective effort and it is incumbent on every FTSE 350 listed company to play their part – get with the new norm – today one woman at the table is little different to none.”

The focus of the review on so-called “one and done” companies was first reported by Sky News.

It also identified five companies with no women on the board as real estate group Daejan Holdings, hotel operator Millennium & Copthorne, lender Amigo Holdings, Herald Investment Trust and JP Morgan Japanese Investment Trust.

Since the report was compiled, Amigo has appointed a woman to its board.

Despite concerns about these companies, it was a big improvement on the 152 all-male boards in February 2011. A year ago the number was eight.

More than 100 FTSE 350 companies have now achieved or exceeded the target of having 33% women on boards, with a further 50 “well on their way”, Sir Philip said.

In the FTSE 100, four companies – retailer Next, online estate agent Rightmove, financial services firm Hargreaves Lansdown and house builder Taylor Wimpey – have 50% or more women on their boards while six FTSE 250 firms met the same threshold.

Penny Mordaunt, minister for women and equalities, said: “When women are included we know that businesses are more likely to enjoy profits above their industry averages.

“Today, we can see that the top UK companies are taking action, not just because gender equality is morally right, but also because it makes good business sense.

“But there is still more to do. By addressing their inequalities and cultures, businesses are setting an example that gives women throughout their organisations the power to reach their full potential.”

The Hampton-Alexander Review is named after Sir Philip and Dame Helen Alexander, a former boardroom heavyweight who died last year.

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