Spencer Stuart’s “2022 S&P 500 Board Diversity Snapshot” reveals numerous noteworthy statistics on the representation of historically underrepresented groups on S&P 500 boards. For purposes of the firm’s analysis, historically underrepresented groups are defined as individuals who self-identify as a woman, a member of an underrepresented racial/ethnic group, and /or LGBTQ+.
- Historically underrepresented groups were represented by 72% of the incoming (newly appointed) S&P 500 directors (on par with last year) and represent 46% of all S&P 500 directors.
- Underrepresented racial/ethnic groups were represented by 46% of the incoming S&P 500 directors and represent 22% of all S&P 500 directors.
- Women represented 46% of the incoming S&P 500 directors and represent 32% of all S&P 500 directors. 22% of women on S&P 500 boards are from historically underrepresented racial and ethnic groups (Black or African American, Asian, Hispanic or Latino/a, two or more races/ethnicities, American Indian/Alaska Native, and Native Hawaiian or other Pacific Islander).
- Based on disclosures, LGBTQ+ was represented in less than 1% of the incoming S&P 500 directors and represent less than 1% of all S&P 500 directors.
- Board leadership diversity lags board diversity overall by a significant margin, with just 9% of S&P 500 independent chairs and 10% of lead directors representing historically underrepresented racial or ethnic groups.
Also noteworthy: Half of S&P 500 boards – compared to 39% last year - reported having a Rooney Rule policy in place to include individuals from underrepresented groups in their new director recruitment candidate pools.
The report also shares practices that purportedly leading boards have adopted to advance their board’s diversity.
Access additional resources on our Board Diversity page.
This post first appeared in the weekly Society Alert!