• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure

2

The Supreme Court handed Trump a Golden Chariot on tariffs — now he just has to take it

3

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

1

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure

2

The Supreme Court handed Trump a Golden Chariot on tariffs — now he just has to take it

3

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
LeadershipThe Modern Board

More than 90% of S&P 500 boards disclose racial representation. But the numbers have barely budged

By
Lila MacLellan
Lila MacLellan
Former Senior Writer
Down Arrow Button Icon
By
Lila MacLellan
Lila MacLellan
Former Senior Writer
Down Arrow Button Icon
November 2, 2022, 9:44 AM ET
A Black woman executive in a conference room meeting smiles at the camera
More companies are filing disclosures about boardroom diversity. Getty Images

A new report offers a glimmer of hope for the future of U.S. boardroom diversity.

About 93% of S&P 500 companies disclose their racial and ethnic makeup, up from 60% last year, according to a Spencer Stuart Board Index report published Wednesday.

The increase may not be that surprising considering the growing share of stakeholders pushing for transparency on boardroom diversity. A Nasdaq rule requiring listed companies to disclose board diversity also went into effect this summer. Nevertheless, the cultural change may mark a turning point in a decades-old movement to make boards more effective and equitable by making them less white and male. At the very least, racial diversity in the U.S. boardroom is now far more likely to be measured.

Compared with last year, many more S&P 500 companies also say they’ve adopted a Rooney Rule–like policy mandating that boards include executives from underrepresented groups in candidate pools. Fifty percent of companies say they now have such a rule, compared with 39% in 2021. What’s more, 15% of boards included LGBTQ+ disclosures in their company’s proxy statements, whereas only 6% did the same last year.

Still, these changes have not led to massive shifts in board composition or dramatic improvements in diversity. Board members from underrepresented racial and ethnic groups make up 72% of new directors (the same share as last year) but represent only 22% of all board members, an improvement of one percentage point year over year.

Similarly, the report found that boards continue to improve gender diversity, but only marginally; women represent nearly one-third (32%) of S&P 500 directors, up from 30% in 2021. However, women from non-white racial and ethnic backgrounds represent only 8% of all S&P 500 directors, according to Spencer Stuart’s 2022 Board Diversity Snapshot. A recent analysis by recruiting platform Mogul also found that of the 30% of women Fortune 500 directors, only 25% are from a historically marginalized racial or ethnic group.

Looking forward, progressive companies may soon face new obstacles in their slow crawl toward racial equity in the boardroom.

This week, the Supreme Court appeared ready to vote to disallow affirmative action policies in higher education. (A decision is not expected until June.) As Bloomberg points out, the conservative activists challenging affirmative action policies almost certainly won’t stop at colleges and universities. Companies that prioritize racial and ethnic diversity in their workforce—and presumably in their boardrooms—could be targeted next.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Author
By Lila MacLellanFormer Senior Writer
LinkedIn icon

Lila MacLellan is a former senior writer at Fortune, where she covered topics in leadership.

See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

Inside CEO Jane Fraser’s 5-year grind to restore Citi’s credibility
NewslettersCEO Daily
Inside CEO Jane Fraser’s 5-year grind to restore Citi’s credibility
By Diane BradyMay 27, 2026
32 minutes ago
jordan
Commentarytrust
Your company needs a Chief Trust Officer. Here’s three reasons why
By Jonathan JordanMay 27, 2026
2 hours ago
Citi’s 5-year comeback: How CEO Jane Fraser turned the bank’s chronic underperformance into decade-high revenue
MagazineCitigroup
Citi’s 5-year comeback: How CEO Jane Fraser turned the bank’s chronic underperformance into decade-high revenue
By Claire ZillmanMay 27, 2026
2 hours ago
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
MagazineSam's Club
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
By Emma HinchliffeMay 27, 2026
2 hours ago
This billionaire is capping his kids’ inheritance at 8 figures—like Bill Gates, he thinks generational wealth is bad for society
SuccessWealth
This billionaire is capping his kids’ inheritance at 8 figures—like Bill Gates, he thinks generational wealth is bad for society
By Orianna Rosa RoyleMay 27, 2026
4 hours ago
Sam Altman, wearing a suit, speaks in front of a dark red background.
AIOpenAI
Sam Altman and Dario Amodei are both walking back their AI jobs apocalypse prophecies as they eye blockbuster IPOs
By Sasha RogelbergMay 26, 2026
14 hours ago

Most Popular

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure
Travel & Leisure
The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure
By Catherina GioinoMay 25, 2026
2 days ago
The Supreme Court handed Trump a Golden Chariot on tariffs — now he just has to take it
Commentary
The Supreme Court handed Trump a Golden Chariot on tariffs — now he just has to take it
By Jeffrey Sonnenfeld and Steven TianMay 26, 2026
1 day ago
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
6 days ago
The pig in the python: Baby boomers are strangling the economy they built by refusing to move or retire
Economy
The pig in the python: Baby boomers are strangling the economy they built by refusing to move or retire
By Nick LichtenbergMay 25, 2026
2 days ago
Nvidia CEO Jensen Huang admits he criticizes everything his 42,000-plus employees show him: ‘You can’t go a day without some criticism’
Success
Nvidia CEO Jensen Huang admits he criticizes everything his 42,000-plus employees show him: ‘You can’t go a day without some criticism’
By Preston ForeMay 26, 2026
20 hours ago
Current price of silver as of Tuesday, May 26, 2026
Personal Finance
Current price of silver as of Tuesday, May 26, 2026
By Joseph HostetlerMay 26, 2026
22 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.