50/50 Women on Boards™ Annual Gender Diversity Index™ Report Reveals First Decline in the Share of Board Seats Held by Women in More Than a Decade

LOS ANGELES, Oct. 6, 2026 /PRNewswire/ -- 50/50 Women on Boards™, the leading global nonprofit advancing the business case for diverse boards, today announced the findings of its annual Gender Diversity Index™ report, 2026 State of Board Leadership.

As of Q2 2026, women hold 29.2% of Russell 3000 board seats, down from 30.1% a year earlier. This marks the first annual decline in more than a decade. Using data provided by its Exclusive Data Partner, Equilar, the report examines the board composition, selection, succession and leadership decisions shaping future board composition.

The clearest pressure point is director selection. Russell 3000 companies made 2,440 new board appointments during the July 2025–June 2026 reporting period, up 4.1% from the prior year. Women received 553 of those appointments, or 22.7%, down from 29.1% in 2025, and nearly half the 40% share they received in 2022.

"This research is a call to action," said Heather Spilsbury, CEO of 50/50 Women on Boards. "Merit is the standard; access is the issue. Our role is to influence the decision-makers shaping board composition—particularly Nominating and Governance Chairs—connect them with exceptional talent, and strengthen succession and director-selection practices."

The findings are not uniformly negative. Gender-balanced companies held steady at 13.5%, and companies with women serving as CEO, Board Chair or Nominating/Governance Chair continued to show diverse board composition, nearing gender parity. Larger Russell 3000 companies also tended to have more women on their boards.

Key Findings

• National Trend: Women held 29.2% of Russell 3000 board seats in Q2 2026, down from 30.1% a year earlier, marking the first annual decline in more than a decade.
• Board Rankings: Gender-balanced companies held steady at 13.5%, while companies with three or more women declined from 44.0% to 40.2%. Companies with one or no women both increased.
• Race & Ethnicity: People of Color held 18.4% of Russell 3000 board seats, compared with 18.7% a year earlier. Women of color declined from 7.4% to 7.1%, while men of color remained at 11.3%.
• Sector: Women's share of board seats declined in nine of 11 sectors. Utilities increased from 35.5% to 37.1%, while Consumer Cyclical remained unchanged at 32.7%.
• State: Women's share of board seats declined in 17 of the 25 states with at least 20 Russell 3000 companies, while eight states increased. Fourteen states moved by less than one percentage point.
• Company Scale: Median market capitalization was $6.1 billion for companies with three or more women and $3.0 billion for gender-balanced companies, compared with $0.5 billion for companies with no women.

“Despite downward pressure on many governance fronts, women’s board leadership is imperative. We continue to work with firms that advocate for change and engage those still on the sidelines,” said Cynthia E. Clark, Professor of Governance at Bentley University.

The report identifies four actions board leaders can take now: make succession planning continuous, measure the outcome of board change, widen the candidate pool before a search begins and hold Nominating/Governance Chairs accountable for the future board.

To read the full report, please visit: https://5050wob.org/annual-reports/.
To support 50/50 Women on Boards in advancing women into corporate board leadership worldwide, please visit: https://5050wob.org/donate/.

About 50/50 Women on Boards

50/50 Women on Boards™ (50/50WOB) is the leading global nonprofit advancing the business case for diverse boards. Through research, education, and advocacy, 50/50WOB cultivates a pipeline of board-ready candidates and engages the companies and governance leaders who shape board appointments and succession planning. Since 2010, 50/50WOB has published its Gender Diversity Index™ and research reports tracking the composition of Russell 3000 company boards. The organization's educational programs, Global Summit, and strategic convenings provide aspiring and experienced directors with the insights, networks, and resources to advance their board journeys. For more information, visit www.5050wob.org.

SOURCE 50/50 Women on Boards