Report: At Big Companies, Board Diversity Disclosure Falls by Over 30%

NEW YORK, Nov. 17, 2025 /PRNewswire/ -- Public reporting on board director race and ethnicity has seen a big drop across corporate America: From 2024 to 2025, the share of companies disclosing such information declined by 40% in the Russell 3000 and 32% in the S&P 500. That's according to a new report by The Conference Board.

"Driving the sharp reversal in standardized reporting is the 2024 court decision striking down Nasdaq's board diversity disclosure rule, as well as a broader shift away from public DEI commitments amid mounting legal and political challenges. This pullback raises questions about the durability of recent gains in board diversity," said Andrew Jones, Principal Researcher at The Conference Board and coauthor of the report.

When it comes to gender diversity, the report finds that women's representation on boards has reached record levels—but momentum is slowing. From 2022 to 2025, the share of newly appointed women directors declined by 9% in the Russell 3000 and 7% in the S&P 500.

The study was produced with ESGAUGE, Russell Reynolds Associates, KPMG, and The John L. Weinberg Center for Corporate Governance at the University of Delaware.

Director Racial and Ethnic Diversity
Transparency plummets: More companies stop disclosing data on director race and ethnicity.

• Russell 3000: From 2024 to 2025, the share of companies providing any disclosure on directors' racial or ethnic backgrounds—either at the aggregate or individual level—dropped from 85% to 45%.
  • Longer-term view: In 2022, disclosure was already high at 80%.
• S&P 500: The share dropped from 98% to 66%.
  • Longer-term view: In 2022, disclosure was 95%.

Director Gender Diversity
New appointments of women directors are declining, notwithstanding record representation overall.

• Russell 3000: From 2022 to 2025, the share of newly elected women directors fell from 42% to 33%.
• S&P 500: Share of newly elected women directors fell from 43% to 36%.
• Understanding the numbers: In a shifting environment for corporate diversity efforts and goals, some boards may also be prioritizing technical expertise or risk management experience over demographic diversification.

Director Age
Amid volatility, boards are prioritizing retention and continuity over refreshment.

• Directors under 55: Representation is stagnant or declining across both indices.
• Directors aged 56–60: About 16% of directors in both indices, down from 19% in 2020.
• Directors aged 61–65: Remain stable at roughly about a quarter in both indices.
• Directors aged 66–70: Grew from 19% in 2021 to 22% in 2025 in the Russell 3000 and from 22% to 26% in the S&P 500.
• Understanding the numbers: "This gradual upward shift may indicate that boards are more explicitly valuing experience and institutional continuity during a period of heightened geopolitical, regulatory, and market uncertainty. While older boards may offer steadier oversight and institutional knowledge, the trend raises questions about succession planning, refreshment cadence, and the cultivation of a diverse pipeline of directors," said Brian Campbell, Leader of The Conference Board Governance & Sustainability Center.

Mandatory retirement policies lose ground as boards favor flexibility over fixed age caps.

• Russell 3000: From 2021 to 2025, the share of companies with mandatory retirement ages (typically 75 years) decreased from 38% to 36%.
• S&P 500: Share decreased from 67% to 62%.
• Understanding the numbers: "This trend suggests that more boards may be relying on evaluation-driven assessments of director performance rather than rigid age thresholds to guide turnover. It may also reflect greater comfort with older, more seasoned directors, whose experience is seen as valuable in a period of complex risk oversight and leadership transition," said Annalisa Barrett, Senior Advisor, KPMG Board Leadership Center.

Director Skills and Qualifications
Reported board expertise is shifting toward tech, cyber, and human capital—and away from traditional areas like strategy and, to a lesser degree, law.

• Technology: From 2021 to 2025, disclosed tech expertise rose from 15% to 30% in the Russell 3000 and from 20% to 44% in the S&P 500.
• Cybersecurity: Grew from 8% to 17% in the Russell 3000 and from 15% to 27% in the S&P 500.
• Human capital: Increased from 17% to 28% in the Russell 3000 and from 25% to 40% in the S&P 500.
• Strategy: Dropped from 57% to 53% in the Russell 3000 and from 60% to 55% in the S&P 500.
• Law expertise: Dropped from 7% to 5% in the Russell 3000 and from 5% to 2% in the S&P 500.
• Understanding the numbers: "Boards are clearly embracing rising expertise in technology and cybersecurity, with AI likely to follow—though it's striking that few directors yet claim that skill. The growth in human capital expertise seems tied to the ESG wave, which may have crested. Strategy remains dominant by a wide margin, and while the decline in legal expertise likely reflects a deregulatory perception, that may prove transient. Overall, the data suggest a selective appetite for specialization—alongside enduring confidence in the business-judgment generalist," said Lawrence A. Cunningham, Presiding Director of The John L. Weinberg Center for Corporate Governance at the University of Delaware.

Director Turnover
Companies steady the ship by reining in board refreshment.

• Russell 3000: From 2022 to 2025, the share of new directors (as a percentage of all elected directors) declined from 13.3% to 8.6%.
• S&P 500: Share of new directors slightly dropped from 8.8% to 8.6%.
• Understanding the numbers: "The 2022 spike in the Russell 3000 reflected a deliberate wave of renewal, as companies diversified board composition and added expertise in digital, human capital, and ESG areas. The current slowdown suggests boards are consolidating those gains—either satisfied with their mix or seeking stability amid political and market uncertainty. The S&P 500 shows a similar, steadier pattern, with fewer new appointments since a 2021 peak," said Umesh Chandra Tiwari, Executive Director at ESGAUGE.

Director Overboarding Policies
Overboarding policies gain momentum, with double-digit increases in both indices.

• Russell 3000: From 2020 to 2025, overboarding policies—which limit the number of boards a director may serve on—grew from 44% to 56%.
• S&P 500: Grew from 68% to 85%.
• Understanding the numbers: "Among companies with formal limits, the prevailing standard allows service on a total of four public company boards, including the home board. Firms in more complex or regulated sectors—such as financials, utilities, and materials—often adopt stricter caps, reflecting heavier oversight demands," said Richard Fields, Head of the Board Effectiveness Practice at Russell Reynolds Associates.

About the study: Beyond board diversity, the study examines broader governance trends over time—including board composition, expertise, refreshment practices, and governance standards. Findings are based on proxy statements (DEF 14A) and public disclosures (Forms 10-K and 8-K) from Russell 3000 and S&P 500 companies filed through October 10, 2025.

About The Conference Board
The Conference Board is the member-driven think tank that delivers Trusted Insights for What's Ahead®. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. TCB.org 

About ESGAUGE
ESGAUGE is a data mining and analytics firm uniquely designed for the corporate practitioner and the professional service firm seeking customized information on US public companies. It focuses on disclosure of environmental, social, and governance (ESG) practices such as executive and director compensation, board practices, CEO and NEO profiles, proxy voting and shareholder activism, and CSR/sustainability disclosure. Our clients include business corporations, asset management firms, compensation consultants, law firms, accounting and audit firms, and investment companies. We also partner on research projects with think tanks, academic institutions, and the media. www.esgauge.com

About the KPMG Board Leadership Center
The KPMG Board Leadership Center (BLC) champions outstanding corporate governance to drive long-term value and enhance stakeholder confidence. Through an array of insights, perspectives, and programs, the BLC promotes continuous education and improvement of public and private company governance. BLC engages with directors and business leaders on the critical issues driving board agendas—from strategy, risk, talent, and sustainability to data governance, artificial intelligence, audit quality, proxy trends, and more. Learn more at kpmg.com/blc.

About Russell Reynolds Associates
Russell Reynolds Associates is a global leadership advisory firm. Our 500+ consultants in 47 offices work with public, private, and nonprofit organizations across all industries and regions. We help our clients build teams of transformational leaders who can meet today's challenges and anticipate the digital, economic, sustainability, and political trends that are reshaping the global business environment. From helping boards with their structure, culture, and effectiveness to identifying, assessing and defining the best leadership for organizations, our teams bring their decades of expertise to help clients address their most complex leadership issues. We exist to improve the way the world is led. www.russellreynolds.com

About The Weinberg Center for Corporate Governance
The University of Delaware's John L. Weinberg Center for Corporate Governance is among the longest-standing academic programs in its field, providing thought leadership through research, public programs, and advisory work. It was founded as the brainchild of Delaware Chancellor William T. Allen, its intellectual founder, and John L. Weinberg, longtime Chairman of Goldman Sachs, who was an early lead benefactor. Based in Delaware—the legal home of most US public companies—the Center offers a neutral forum for dialogue among corporate directors, investors, executives, scholars, and policymakers. Learn more at www.weinberg.udel.edu

SOURCE The Conference Board