February 2023 Report Summary

As we begin out this year, companies continue to diversify board composition by appointing women to the board of public companies.

In the month of February, companies continue to diversify board composition by appointing women to the board of public companies. In February, we saw a drop in the percentage of women that comprised new appointments to the boards of public companies. For the first time in months, we have gone below the 30% mark. Women comprised only 28.8% of public board appointments.  Public companies appointed 89 women to boards and 220 men to their boards. The pressure to increase diversity from the C-Suite to the board level intensifies as the numbers decrease.

While only 25 of the newly appointed women board members (25.84% of new women appointments) chose to self-disclose their race, we continue to see diversification and continue to highlight the need to disclose. In February, Asian / Pacific Islander women took the lead in board appointments with 13 women being appointed to public boards, making up 14.61% of all appointments. They are closely followed by 9 Black / African American women (10.11%), and 1 Hispanic / Latina woman (1.12%). Abercrombie & Fitch Co., 3M Company, and The Allstate Corporation are some of the companies that appointed this phenomenal group of diverse women to their boards.

Of the 89 women appointed to the boards of public companies, 39, or 43.8%, were first time board appointments. In February, industrial companies led the way in the appointment of women followed by technology companies and consumer cyclical companies; with appointed women filling 20.22% of board seats at industrial companies, 16.85% at technology companies, and 14.6% at consumer cyclical companies. In the consumer cyclical industry, we see strides being made by women at companies like Bath & Body Works Inc.