50/50 Women on Boards First Quarter 2022 Gender Diversity Index Reveals Women Now Hold 27.3% of Board Seats

Forty-Two Percent of Newly Appointed Corporate Board Directors in Q1 2022 Were Women

LOS ANGELES, June 9, 2022 /PRNewswire/ -- 50/50 Women on Boards™ (50/50WOB), the leading non-profit education and advocacy campaign driving the movement toward gender balance and diversity on corporate boards, announced that as of March 31, 2022, women hold 27.3% of the Russell 3000 company board seats. The year-over-year increase from 2021 is 2.9%. 42% of the 667 directors who joined boards in Q1 2022 were women, a decrease from 48% in Q3 and Q4 of 2021, but slightly higher than 41% in Q1 2021. 

Using the data provided by Equilar, other significant key findings include:

• With Russell 3000 Index companies, 265 (9%) have gender-balanced boards, 1,217 (42%) have 3+ women on boards and 1,394 (49%) have 2 or less women on boards.
• 86% of the seats gained by women directors were added to a board rather than waiting for a man to retire.
• 26% of directors reported their race and ethnicity, up from 21% in Q4 2021, with 5% identifying as Asian / Pacific Islander, 7% as Black / African American, 3% as Hispanic / Latino and 1% as Indigenous People, Middle Eastern / North African, Multiracial, or Other.
• Of the 25 states with over 20 companies, 21 have greater than 25% women on the boards, up from 17 states in Q4 2021. The states that newly exceeded 25% are Colorado, Maryland, Tennessee, and Texas. California with 32.5% and Washington state with 30.5% are the two states with over 30% women.
• Sectors that exceeded the national average of women include utilities (31.9%), consumer defensive (30.7%), consumer cyclical (30.3%), and real estate and technology (28%).

In Q1 2022 in California, women only gained 25 seats, a dramatic difference from 100 or more seats gained between Q3 and Q4 2021, when companies had a deadline to meet to comply with SB 826. With SB 826 and AB 979 deemed unconstitutional in May 2022, the slower pace could reflect companies taking their foot off the pedal.

"The recent ruling that SB 826 is unconstitutional, only reinforces the critical need for 50/50 Women on Boards to continue our mission to educate women on how to obtain board seats and collaborate with corporations to drive the business imperative of gender-balanced and diverse boards," said Betsy Berkhemer-Credaire, CEO of 50/50 Women on Boards. "The LA County judge's decision to overturn SB 826 is in process of being appealed by the State of CA, and we are confident it will be reinstated by higher courts."

To read the full report, please visit https://5050wob.com/reports/.

To further educate and advocate for women, 50/50 Women on Boards facilitates a series of educational board workshops that provide women the steps to pursue a board position at any stage in their career. To register, visit https://5050wob.com/workshops/.  

50/50 Women on Boards™ (50/50WOB) is the leading nonprofit 501(c)3 education and advocacy campaign driving the movement toward gender balance and diversity on corporate boards. Since 2011 the campaign has published its 50/50 Women on Boards Gender Diversity Index™ directory and research reports to track the gender and racial diversity of Russell 3000 company board directors by board size, state, sector, and rating. Public awareness campaigns and educational programs produced by 50/50WOB include The Global Conversation on Board Diversity™ and its series of workshops designed for women or corporate groups of women striving to advance as leaders or pursue a board seat. For more information, visit www.5050wob.com.

SOURCE 50/50 Women on Boards