A 25% target for the number of women on FTSE 100 company boards this year is close to being met already following "enormous" progress, according to the latest figures.
The voluntary milestone was set by the former Trade minister Lord Davies in 2011 following a review.
The Business Secretary Vince Cable, who has championed the cause, said just 17 more women were needed to be appointed this year to meet the 25% figure.
Mr Cable said he expected to see further progress, with company boards made up of a third of women by 2020.
On the most recent figures he said: "We must celebrate this outstanding achievement and the change in culture that is taking hold at the heart of British business.
"The evidence is irrefutable - boards with a healthy female representation outperform their male-dominated rivals".
Lord Davies said the rate of change since his report had been "remarkable" and proved that the voluntary approach was working.
A study by the Cranfield University School of Management, published alongside the Government report, found there were 263 women directors in the FTSE 100,
Professor Susan Vinnicombe, director of the Cranfield International Centre for Women Leaders, said: "There is no doubt that the Davies review and the threat of EU-wide quotas has had a major impact on this progress.
"It is crucial that the momentum that has built up around this issue is maintained, especially with the support of whoever is in power after the general election."
Diageo, the drinks company, and Intercontinental Hotels Group topped the rankings with 45% of their boards made up of women.
The Cranfield report also said the UK was now fifth in the world in terms of female representation.
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