Overview
- Spencer Stuart data show that only 40% of the 364 independent directors named to S&P 500 boards in the year to April 30, 2026, were women or racial minorities, the lowest share since 2014.
- Overall board diversity remains near record levels with diverse directors holding about 49.3% of seats, a small decline from the 49.6% peak recorded in 2024–2025.
- The shift in new appointments follows executive orders and EEOC directives from the Trump administration plus enforcement actions including a U.S. Justice Department case that led IBM to pay $17 million in April to resolve allegations tied to DEI compliance.
- Major asset managers have scaled back public diversity expectations and fewer companies disclose using diversity criteria for board recruitment, while boards increasingly appoint current or former CEOs, who made up 37% of new directors and are a less-diverse candidate pool.
- Recruiters and analysts warn that if current hiring patterns persist the gains driven by movements like #MeToo and Black Lives Matter could erode over time, which would narrow leadership pipelines and reduce opportunities for women and racial minorities.