GENDER DIVERSITY INDEX™
Fourth Quarter 2023 Key Findings
SLOWED PROGRESS IN ADVANCING GENDER DIVERSITY ON U.S. CORPORATE BOARDS
Women now hold 29.4% of board seats in the U.S., marking only a 0.2% increase from the previous quarter, according to data provided by our partner Equilar.
On a positive note, 39% of the 404 new director appointments were women, reflecting progress similar to the first quarter in 2023, and significantly higher than Q2 and Q3 when the percentage of women appointed to boards was 38% and 37% respectively.
Achieving our goal of 50% women and 20% women of color on public company boards requires continued efforts to ensure equitable inclusion, particularly concerning race and ethnicity.
PROGRESS OF WOMEN ON RUSSELL 3000 COMPANY BOARDS
of women holding board seats as of December 31, 2023, marking a 0.2 percentage point increase from Q3 2023, and a one percentage point increase from the previous year.
of the 404 new directors who joined boards in Q4 were women, an improvement from the previous two quarters. The percentage of new women directors in all of 2023 was 38%, which is lower than all of 2022 and 2021 when the percentage was 39% and 45% respectively.
of the seats gained by women were added to a board and not replacing or waiting for a man to retire — which is typical when looking at one quarter. This declines to about 60% when comparing year-over-year.
The number of gender-balanced boards increased by 8 companies from the previous quarter, and boards with three or more women increased by 2 companies. The number of companies with zero women on boards decreased by 3 companies, while the number of companies with 1 woman or 2 women both decreased by 19 companies. These decreases indicate that companies with less diverse boards have a greater tendency to fall off the Russell 3000 list due to sales, mergers, or bankruptcy.
353 companies have gender-balanced boards, up by 8 companies since Q3 2023, and the highest number to date.
1,320 companies have three or more women, up by 2 companies from Q3 2023.
810 companies have 2 women, 374 companies have 1 woman, and 61 companies, have 0 women on their boards.
RACE & ETHNICITY
Board diversification increased slightly, based on those who self-identify. 37% of all directors disclosed their race & ethnicity, and of those who self-identified their race & ethnicity, women and men of color now hold 19.2% of board seats, up from 18.1% in Q3 2023. Women of color hold 7.7% of board seats, while men of color hold 11.5%, indicating that men of color are gaining more seats than women of color.
Asian / Pacific Islander
Asian / Pacific Islander
Asian / Pacific Islander
The “Other” category includes Indigenous People, Middle Eastern / North African, and Multi-Racial
WHEN WOMEN LEAD
Of the 203 Russell 3000 companies whose CEOs are women, the percentage of women on those company boards is 41%, and 35% of those companies are gender balanced.
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Companies By Sector
The sector data provides a snapshot of gender diversity in various industries, showcasing the percentage of women in each sector, along with the corresponding percentage of Gender-Balanced (GB) boards. Notable findings include higher representation of women in the Consumer Cyclical, Consumer Defensive, and Utilities sectors, all exceeding 30%, while Financial Services and Energy sectors lag around 26%. The data underscores variations in gender-balance across industries, shedding light on areas where improvements are needed.
UTILITIES
CONSUMER DEFENSIVE
32.8% Women on Boards
18% Gender-Balanced Boards
CONSUMER CYCLICAL
32.1% Women on Boards
16% Gender-Balanced Boards
REAL ESTATE
30.7% Women on Boards
17% Gender-Balanced Boards
HEALTHCARE
30% Women on Boards
14% Gender-Balanced Boards
TECHNOLOGY
29.6% Women on Boards
11% Gender-Balanced Boards
INDUSTRIALS
29.2% Women on Boards
10% Gender-Balanced Boards
BASIC MATERIALS
28.9% Women on Boards
10% Gender-Balanced Boards
COMMUNICATION SERVICES
28.3% Women on Boards
14% Gender-Balanced Boards
FINANCIAL SERVICES
26.6% Women on Boards
7% Gender-Balanced Boards
ENERGY
26.5% Women on Boards
9% Gender-Balanced Boards
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