Leading human resources chiefs have said that promoting more women to the board is a "vast and complex" issue that goes beyond setting internal targets.

The warning came after the CBI said all listed companies should be required to measure their progress in improving diversity, but should not be subject to quotas.

The business group explained that firms should set their own targets and explain themselves if they fail – but not face any penalties.

The CBI acknowledged however that that a media firm with a high number of female staff may set a higher target than an engineering firm employing mostly men.

CBI president Helen Alexander called for "a flexible system that will allow firms to set targets that reflect the realities of their business".

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