Transparency around directors’ race and ethnicity has plummeted in the latest U.S. reporting season. According to a report by The Conference Board, the proportion of companies disclosing this information fell by 40% in the Russell 3000 and 32% in the S&P 500 between 2024 and 2025. The main cause is the court ruling that struck down Nasdaq’s diversity disclosure rule, along with a broader retreat from DEI policies amid legal and political pressures.
On gender, although overall female representation remains at record highs, momentum is slowing: the appointment of women directors declined from 42% to 33% in the Russell 3000 and from 43% to 36% in the S&P 500 since 2022.
The report also shows a shift in age structure. The presence of directors aged 66 to 70 is increasing in both indexes, indicating that companies are prioritizing continuity and experience in a volatile environment. At the same time, mandatory retirement policies are losing ground.
In terms of expertise, boards are strengthening technology and risk-related profiles: experience in technology, cybersecurity, and human capital has seen double-digit growth since 2021, while traditional areas like strategy and law have slightly declined.
Turnover is also cooling. In the Russell 3000, the proportion of new directors dropped from 13.3% to 8.6% between 2022 and 2025, and the S&P 500 shows a stable trend, with minimal variation. Nevertheless, overboarding policies continue to expand, reaching 85% in the S&P 500.
The study was conducted in collaboration with ESGAUGE, Russell Reynolds Associates, KPMG, and the Center for Corporate Governance at the University of Delaware.
