Boards of directors are older, have more male appointees, and less turnover | Fortune

"For one thing, the U.S. Court of Appeals for the Fifth Circuit overturned Nasdaq's disclosure and diversity rules last December, which meant Nasdaq-listed companies were no longer required to meet or disclose board diversity targets. President Donald Trump also came to the White House this year with a vow to "end the government policy of trying to socially engineer race and gender into every aspect of public and private life," issuing a raft of executive orders aimed at dismantling diversity, equity and inclusion programs."

"Some other trends have emerged from the Conference Board analysis: Fewer women appointees: From 2022 to 2025, the share of newly elected women directors on Russell 3000 boards fell from 42% to 33%; among S&P 500 boards, the share fell from 43% to 36%. (Side note from another study: more than 40% of AI startups in California have no women on their boards.)"

"Some other trends have emerged from the Conference Board analysis: Older Directors: The number of directors aged 66 to 70 grew from 19% in 2021 to 22% in 2025 in the Russell 3000 and from 22% to 26% in the S&P 500. About 16% of directors across both indices are 56 to 60, down from 19% in 2020, and the number of those under 55 are stagnant or declining."

A Conference Board analysis shows a sharp drop in disclosed director race and ethnicity: 45% of Russell 3000 companies disclosed in 2025 versus 85% last year, and S&P 500 disclosures fell to 66% from 98%. The U.S. Court of Appeals for the Fifth Circuit overturned Nasdaq's disclosure and diversity rules, and executive actions from the White House encouraged dismantling DEI programs, prompting companies to remove DEI references. Newly elected women directors declined from 42% to 33% in the Russell 3000 and from 43% to 36% in the S&P 500, while directors aged 66–70 increased.

Read at Fortune