‘Women wreck their careers by taking a year’s maternity leave’

Women are wrecking their chances of making it to the top by taking their full 12 months maternity leave, a high-flying female financier has warned.

Mother of three Nichola Pease, deputy chairman of City firm JO Hambro Capital Management, said excessive red tape intended to protect women in the workplace was preventing them seizing the top jobs in business and finance.

The 48-year-old told a Commons hearing on sexism in the City: "I think we have got too long maternity leave. A year is too long and sex discrimination cases that run into tens of millions are ridiculous."

In the US maternity leave is only 12 weeks while some Far Eastern countries do not provide any. Ms Pease said: "We have got to be realistic and make sure the protection around women does not end up backfiring."

The fund manager, who with her hedge fund boss husband Crispin Odey is said to be worth more than £200 million, said women were no longer being held back by old fashioned sexism but often felt senior jobs were not compatible with family life. She told MPs on the Treasury select committee: "I would love to give everyone flexible working practices but there are certain jobs which have unsocial hours."

Ms Pease, who has worked a four-day week in the past, also urged the committee not to recommend legislation that could give businesses quotas for women. Norwegian companies are required to give 40 per cent of their board seats to women.

Emily Thornberry, Labour MP for Islington South and Finsbury, said: "I am absolutely horrified to hear such an old-fashioned view expressed by someone who should know better."