50/50 Women on Boards™ Annual Gender Diversity Index™ Report Reveals Women Now Hold 30 Percent of Russell 3000 Board Seats, But Year-Over-Year Growth Slows to One Percent

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Sep 10, 2024, 09:00 ET

LOS ANGELES, Sept. 10, 2024 /PRNewswire/ -- 50/50 Women on Boards™ (50/50WOB), the leading nonprofit education and advocacy campaign driving the movement toward gender balance and diversity on corporate boards, announced that as of June 30, 2024 women now hold 30 percent of the Russell 3000 company board seats, up from 29 percent in 2023 and 28 percent in 2022.

Together with their Exclusive Data Partner, Equilar, and Strategic Research Partner, Bentley, the 50/50 Women on Boards Gender Diversity Index™ reveals that while we have broken the 30 percent barrier, growth has slowed to only one percentage point since 2023. In previous years, the rate of increase was higher, averaging two and a half percentage points from 2020 to 2022, with the highest spike of three percentage points in 2021.

Other Key Findings Include:

Race & Ethnicity: Among respondents, 19 percent identify as people of color— eight percent women and 11 percent men—reflecting a slight increase from 2023, where 18 percent of directors identified as people of color, with seven percent women and 11 percent men. The breakdown of race & ethnicity by gender can be found in the report.
Board Rankings: 13.3 percent of Russell 3000 companies have achieved gender balance, and 44.4 percent have three or more women on their boards.
States: Nine states—California, Massachusetts, Illinois, Minnesota, Washington, Connecticut, Michigan, Wisconsin, and Missouri—now have over 30 percent women on boards, up from only four states in 2023.
Sectors: All sectors have more than 25 percent women on boards, with five sectors exceeding 30 percent. The Utility sector leads with 36 percent, while Energy and Financial Services sectors remain the least diverse.
When Women Lead: Companies with women in key leadership roles (CEO, Board Chair, or Nominating Chair) show higher board diversity, correlating with a greater percentage of gender-balanced boards and increased representation of women and people of color.
Company Size: In 2024, women held 35.4 percent of board seats in the largest 100 companies, up from 23.9 percent in 2017. However, smaller companies show slower progress, with women holding 26.7 percent, up from 11.6 percent in 2017.

"Our steady progress indicates we're heading in the right direction, but significant work remains," said Heather Spilsbury, CEO of 50/50 Women on Boards. "At our Global Summit in New York, on Tuesday, September 10, we aim to drive this progress forward and engage industry leaders in building more inclusive boardrooms. Research shows that when three or more women serve on a board, their influence on strategic decisions increases. With a consistent two percent annual increase, boards could achieve—50 percent women and 20 percent women of color—within a decade."

To read the full report, please visit: https://5050wob.com/annual-reports/. To help advance the movement, please consider making a donation to enable 50/50WOB to elevate women in the pipeline to corporate board service: https://5050wob.com/donate/.

About 50/50 Women on Boards (50/50WOB)
50/50 Women on Boards™ (50/50WOB) is the leading global nonprofit education and advocacy campaign driving the movement toward gender balance and diversity on corporate boards. Since 2010 the campaign has published its 50/50 Women on BoardsGender DiversityIndex™ directory and research reports to track the gender and racial diversity of Russell 3000 company boarddirectors. Educational programs and advocacy efforts produced by 50/50WOB include its annual Global Conversation on BoardDiversity™, year-round board training programs for individuals and corporate groups, and the Networking Hub for alumni to connect to experts and corporate directors in support of their board journey. For more information, visit: www.5050wob.com.

SOURCE 50/50 Women on Boards