A recent analysis published on Tuesday indicates that diversity on the boards of S&P 500 companies has dropped to its lowest level in more than ten years.
The study, conducted by global executive search firm Spencer Stuart, found that the proportion of newly appointed directors from diverse backgrounds at S&P 500 firms has been steadily declining since reaching a peak of 72% in 2021.
During the 12-month period ending April 30, 2026, S&P 500 companies appointed a total of 364 new independent directors. Women and racial or ethnic minorities accounted for 40% of these appointments, the lowest figure since 2014, when the rate was 39%.
Currently, women and minority directors hold 49.3% of all board seats at S&P 500 companies, a slight decrease from the all-time high of 49.6% recorded in 2024 and 2025.
Spencer Stuart's data shows that the overall share of board seats held by directors from diverse backgrounds now stands at 49.3%, a minor dip from the 49.6% historical peak reached in 2024.
George Anderson of Spencer Stuart noted that corporate boards are adapting to shifting legal, regulatory, and political pressures.
A landmark 2023 Supreme Court ruling, which deemed it unlawful for universities to consider race in admissions, combined with the Trump administration's ongoing criticism of Diversity, Equity, and Inclusion (DEI) initiatives, has led many companies to abandon their DEI programs. A White House fact sheet from March described DEI efforts as "discriminatory" and stated they impose "real costs on the American people."
President Trump issued executive orders targeting DEI initiatives, labeling them "illegal." The orders stated that such programs "not only violate the text and spirit of long-standing federal law, they also undermine national unity" and "American values."
Under sustained pressure from the Trump administration, companies including Meta, Google, and several major Wall Street banks have halted their DEI-related projects.
The data for the Spencer Stuart analysis was collected between May 1, 2025, and April 30, 2026, drawing from the latest proxy statements of 488 corporations.