Today’s corporate boards look like the past: older directors, more male appointees, and less turnover

Core Insights - Corporate boards are experiencing a significant decline in diversity disclosures, with only 45% of Russell 3000 companies and 66% of S&P 500 companies disclosing directors' race and ethnicity in 2025, down from 85% and 98% respectively in the previous year [1][2] Group 1: Changes in Board Diversity - The U.S. Court of Appeals for the Fifth Circuit's decision to overturn Nasdaq's diversity rules has led to a reduction in board diversity targets and disclosures [2] - The share of newly elected women directors on Russell 3000 boards decreased from 42% in 2022 to 33% in 2025, while S&P 500 boards saw a drop from 43% to 36% [3] - The number of directors aged 66 to 70 increased from 19% in 2021 to 22% in 2025 in the Russell 3000, and from 22% to 26% in the S&P 500 [3] Group 2: Skills and Expertise Demand - There is a growing demand for directors with expertise in technology, cybersecurity, and human capital, with tech expertise among directors rising to 30% in the Russell 3000 and 44% in the S&P 500 from 2021 to 2025 [4] Group 3: Board Structure and Governance - The trend of limiting the number of boards a director may serve on is increasing, with 56% of Russell 3000 boards implementing such restrictions, up from 44% in 2020, and S&P 500 boards increasing from 68% to 85% [5] - The number of boards with mandatory retirement policies has declined, and overall turnover among directors has decreased [3][5]