IAG had previously targeted a figure of 33% by 2025, an ambition it achieved last year, prompting an effort to accelerate its progress.
Currently, 42% of the group’s board is female. Its new target is in line with recommendations made by the FTSE Women Leaders Review.
"We have made great progress increasing female representation in recent years as part of a robust approach to diversity and inclusion,” said IAG chief executive Luis Gallego.
“Having achieved our previous target for 2025 in 2021, we are extending our ambition to 40% of senior management roles [being] held by women in the same timeframe.”
Inclusivity initiatives at IAG include a full review of its recruitment processes and implementing new mentoring schemes.
The group’s vision was set out in a video post to its LinkedIn page from Carolina Martinoli, IAG’s chief people, corporate affairs and sustainability officer.
