This sentiment was echoed in the report, which stated that only 1.3% of the companies had a female founder, 6.5% had a female CEO, and 20% had one or more female C-level executives, most commonly in sales and marketing roles - accounting for 27% of the total population sample.

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Although the reforms so far have created more work for finance departments, as well as higher accounting expenses, the direct impact on executives and directors hasn't been particularly troublesome.

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After questioning Citi for, among other things, its accounting pratices Mayo was blackballed by the bank which denied him access to executives.

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