S&P 500 Board Diversity Falls to Decade Low Amid Anti‑DEI Shift

Research by executive search firm Spencer Stuart shows that appointments of women and racial minorities to S&P 500 boards have dropped to their lowest level since 2014. Of the 364 new independent directors named during the year ended April 30, only 40 % were women or minorities, down from a peak of 72 % in 2021‑2022. Overall, diverse directors hold 49.3 % of board seats, a slight decline from the record 49.6 % in 2024‑2025.

The decline coincides with heightened political pressure from the Trump administration’s campaign against diversity, equity and inclusion programs. Recruiters say firms are favoring current and former CEOs for board seats—37 % of new directors this year, the highest share in 15 years—while the CEO talent pool is less diverse. Analysts warn that the reduced flow of new diverse appointees could erode recent gains in corporate boardroom representation.