May 2023 Report Summary

Companies continue to diversify board composition by appointing women to the board of public companies. In May, women comprised 33.4% of new appointments to the boards of public companies. Public companies appointed 112 women to boards and 223 men to their boards. The pressure to increase diversity from the C-Suite to the board level remains focused. 

While only 32 of the newly appointed women board members (28.57% of new women appointments) chose to self-disclose their race, we continue to see diversification and continue to highlight the need to disclose. In May, Black / African American women took the lead in board appointments with 13 women being appointed to public boards, making up 11.61% of all appointments. They are closely followed by 9 Hispanic / Latino women (8.04%). The Hershey Company, Southwest Airlines, and Cedar Fair  are some of the companies that appointed this phenomenal group of diverse women to their boards. 

Of the 112 women appointed to the boards of public companies, 60, or 53.57%, were first time board appointments. In May, Financial Services companies led the way in the appointment of women followed by Healthcare, Industrials, and Consumer Defensive companies; with appointed women filling 20.54% of board seats at Financial Services companies, 16.96% at Healthcare companies, and 11.61% at both Industrials and Consumer Defensive companies. In the Financial Services industry, we see strides being made by women at companies like Discover Financial Services. 

Equilar and WBC are tracking and analyzing the growth and rotation of board seats on public companies and the expanding candidate pool. We will continue to track not only the women in terms of numbers, diversity and profile; but the companies and industries in which female board members are present and how many of the overall board seats are held by women. Please join us in celebrating, tracking, analyzing, and promoting women serving on corporate boards.