GENDER DIVERSITY INDEX™
Third Quarter 2025 Key Findings
GENDER DIVERSITY INDEX™
Third Quarter 2025 Key Findings
PROGRESS OF WOMEN ON RUSSELL 3000 COMPANY BOARDS REMAINS STALLED
In partnership with our Exclusive Data Partner, Equilar, our latest analysis of the Russell 3000 shows that women continue to hold 30.1% of corporate board seats, unchanged from the previous quarter and slightly below the Q1 2025 peak of 30.4% (based on 2024 company data).
In Q3, the index included 2,918 active companies, reflecting a drop of 43 companies—the largest quarterly decline to date, compared to the typical attrition of around 30 companies. Of the 448 new board seats added this quarter, only 22.5% were filled by women, marking the lowest rate in the past decade. At this pace, the overall percentage of women on boards may begin to decline in upcoming quarters.
Notably, 42% of companies in the index still have two or fewer women directors, underscoring the persistent underrepresentation of women at the board level. Women of color hold 7.6% of all board seats, a modest increase from 7.4% in Q2, yet below the 7.7% recorded in Q1 2025.
of board seats are held by women.
of board appointments were women; a decline from 28.4% for the first half of 2025, and 32% for all of 2024.
of newly filled seats by women were seats added to boards.
COMPANY RATINGS
In Q3 2025, the count of gender-balanced boards declined by 12 companies, which is a slight decline in the percentage of GB companies from 13.5% of companies to 13.3%, with 43 fewer active companies due to going out of business, merging, or delisting. Boards with three or more women decreased by 6 companies, and rose in percentage from 44.0% to 44.4% of companies. The number of companies with no women on their boards remained flat at 74. Boards with 1 or 2 women decreased by 6 and 19 companies, respectively.
Our company ratings categorize public boards as Gender Balanced (GB), or with three or more women on board, two, one, or zero, providing a comprehensive snapshot of their gender diversity profile.
388 companies, down by 12 companies from Q2 2025.
1,297 companies, down by 6 companies from Q2 2025.
759 companies or 26% have 2 women; 400 or 14% have one woman; and 74, or 3% have 0 women.
RACE & ETHNICITY
In the latest findings, 42% of directors disclosed their race and ethnicity, the same as the previous quarter. It is especially noteworthy that 51% of women reported race/ethnicity while only 38% of men did. People of color hold 18.9% of board seats, up from 18.7% last quarter, but down from 19.2% in Q1 2025. Women of color hold 7.6% of the board seats, while men of color hold 11.3%.
- Women
- Men
* The “Other” category includes Indigenous People, Middle Eastern / North African, and Multi-Racial.
Companies By Sector
The Utilities sector continues to stand out with 35% women on boards and 29% gender-balanced companies. There is only one utility companies with zero women and only 13 that have fewer than 3 women. The Energy and Financial Services sectors are the least gender diverse with less than 26% and 28% women and 5% and 9% gender balanced companies respectfully.
UTILITIES
35% Women on Boards
29% Gender-Balanced Boards
CONSUMER DEFENSIVE
33% Women on Boards
20% Gender-Balanced Boards
CONSUMER CYCLICAL
33% Women on Boards
18% Gender-Balanced Boards
REAL ESTATE
32% Women on Boards
18% Gender-Balanced Boards
HEALTHCARE
30% Women on Boards
16% Gender-Balanced Boards
TECHNOLOGY
30% Women on Boards
11% Gender-Balanced Boards
INDUSTRIALS
30% Women on Boards
10% Gender-Balanced Boards
BASIC MATERIALS
30% Women on Boards
10% Gender-Balanced Boards
COMMUNICATION SERVICES
29% Women on Boards
14% Gender-Balanced Boards
FINANCIAL SERVICES
28% Women on Boards
9% Gender-Balanced Boards
ENERGY
26% Women on Boards
5% Gender-Balanced Boards
State Progress
Our state-level data reports on the percentage of women on boards and gender-balanced publicly traded companies. Of the states with at least 25 companies, Washington and Minnesota continue to lead with 33.5% and 33.3% women on boards, respectively (a .6 percentage point increase for Washington and no change for Minnesota from the previous quarter). Washington has 21.8% gender-balanced companies, while Minnesota has 17.9% gender-balanced companies. Nevada has the fewest women on boards at 23.1% followed by Utah at 26.8% and Pennsylvania at 26.9%.
WOB = Women on Boards GB = Gender Balanced
GB = Gender Balanced
- Exceeds
- Average
- Below
When Women Lead
Our findings continue to underscore a clear correlation: When women lead, boards move closer to gender parity, with both the percentage of women on boards and the representation of women of color exceeding national averages. Conversely, in the absence of female leadership, both metrics fall below the national average. This highlights the pivotal role female leadership plays in driving diversity on corporate boards.
WOB = Women on Boards POC = People of Color WOC = Women of Color GB = Gender Balanced
Women CEO:
225 Companies
Women Board Chair:
285 Companies
Women Nom Chair:
974 Companies
When Women Hold All Three Positions: 32 Companies
One Woman Leader:
1,227 Companies
No Women Leaders:
1,691 Companies
WOB = Women on Boards
POC = People of Color
WOC = Women of Color
GB = Gender Balanced
Women CEO:
225 Companies
Women Board Chair:
285 Companies
Women Nom Chair:
974 Companies
When Women Hold All Three Positions: 32 Companies
One Woman Leader:
1,227 Companies
No Women Leaders:
1,691 Companies
METHODOLOGY
50/50 Women on Boards Gender Diversity Index ™ reports on the gender composition of corporate boards on the Russell 3000 Index. Using the data provided by our Exclusive Data Partner Equilar, we analyze, track, and publish data on our website in our Gender Diversity Directory. This report reflects data as of September 30, 2025, with 2,918 active companies on the Russell 3000 Index.
START YOUR BOARD LEADERSHIP SEARCH OR SUPPORT OTHERS ON THEIR JOURNEY
What Women Can Do
Advocate: Highlight and share your expertise for boards.
Invest: Request employer-funded programs to advance your board journey.
Network: Volunteer, join non-profit boards, attend events, and outreach to your contacts to ensure they are aware of the board opportunity you are seeking.
Be Intentional: Leverage our GDI directory to narrow down your board search.
What Corporations Can Do
Career Support: Provide employee engagement programs that sponsor women’s board readiness training.
Partnership: Support organizations like 50/50 Women on Boards to advance women.
Diversity: Aim for a board with at least three or more women and leverage diverse candidate lists like 50 Women to Watch for Boards.
What Men Can Do
Promote: Mentor and recommend women for board roles actively.
Inclusive Boards: Encourage women’s contributions, especially with fewer than two women on the board.
Succession: Ensure women, including women of color, are on board candidate lists.
Code of Conduct: Governing Data & Emerging Tech
Boards are no longer observers of emerging technology; they are stewards of how it’s governed. This panel goes beyond awareness to examine how directors can structure oversight, define accountability, and measure governance effectiveness in AI, data use, and digital innovation. Panelists will share practical strategies for building governance systems that ensure transparency, ethical decision-making, and responsible innovation at scale.
Speakers include: Sita Lowman, Nithya Das, Suresh Sharma, Byron Loflin
Your First Board Meeting: A Director’s Playbook
Tactics that Work: Case Studies in Navigating Shareholder Activism
Inside the Boardroom: Resilience Planning in Action
Reputation & Response: How Boards Navigate Shareholder Activism
As shareholder activism intensifies, boards face mounting pressure to defend strategy, protect corporate reputation, and engage stakeholders with clarity. This panel brings together seasoned directors to explore how boards can respond effectively while maintaining credibility, board alignment, and stakeholder trust. Hear real-world insights on navigating activism in today’s high-stakes, high-visibility environment.
Speakers include: Gaby Sulzberger, David Cahoy, Rachael Coffey, Eduardo Gallego
Navigating Global Markets: Trade, Tariffs, and Supply Chain Strategy
As global disruptions reshape business models, this panel will explore how boards can navigate the practical complexities of trade, tariffs, and supply chain shifts across regions. Panelists will share how directors are guiding companies through regulatory changes, sourcing challenges, and new market risks, while seizing opportunities for growth and operational agility.
Speakers include: Titi Cole, Mia Mends
Strengthening Oversight: Risk Management and Board Resilience
This keynote will equip directors to think globally about risk through the lens of geopolitical foresight, cross-border tensions, and long-term instability. Learn how boards can strengthen oversight and guide enterprise-wide resilience by anticipating disruption and embedding a proactive risk culture in a changing world.
Speakers include: Rodger Baker