(CNN) - Is the glass ceiling in Britain finally beginning to crack?
A new report on the gender makeup of a FTSE 100 company (the top 100 firms listed on the London Stock Exchange) boardrooms suggests that just might be the case, but not all the experts are convinced.
Women now account for 20.7% of FTSE 100 executive board members, an increase of 12.5% since 2011, according to The Cranfield School of Management's Female FTSE Board report released Wednesday.
Lord Davies, a former UK trade minister who has been tasked with improving gender equality in Britain's boardrooms, described the findings as "impressive" but only part of the journey toward gender fairness at the top of the country's leading firms.
"We are finally seeing a culture change taking place at the heart of British business," Davies said.