Mining and commodity trading company Glencore Xstrata, which is the only FTSE 100 firm without a woman on its board, has vowed to appoint a female director by the end of the year.
Tony Hayward, Glencore chairman and former BP boss, made the vow during his speech to the shareholders at the company's annual general meeting.
However, Business Secretary Vince Cable told ITV News' Joel Hills that Glencore "has had over three years to address the issue" of its all-male board.
Mr Cable said the mining and commodity trading company has "consistently failed to act".
He added that "it is simply not credible that one company cannot find any suitable women".
Glencore has also come under criticism from some shareholders for being the last FTSE 100 company with an all male board.
A group of British public-sector pension funds has criticised both the company and Mr Hayward for their failure to set targets for appointing women to the company's board.
Mr Hayward served a year as Glencore's interim chairman before being appointed on a permanent basis on May 8.
The British businessman left BP in 2010 after the Deepwater Horizon oil spill in the Gulf of Mexico.
An explosion on an oil rig in the Gulf of Mexico left 11 people dead and millions of gallons of oil spilled in the sea.