Survey of S&P 500 Boards Notes Declining Turnover, Fewer Women Directors Added

An annual survey of corporate directors in S&P 500 firms shows a slowdown in board refreshment and fewer younger directors and diverse directors added to boards over the last year. Some highlights from the Spencer Stuart survey:

• 364 new independent directors were appointed to S&P 500 boards in 2026 — the lowest number of new directors since 2016.
• Boards are appointing fewer first-time directors and younger directors. First-time public company directors account for 24% of the class of 2026, down from 31% last year and 34% in 2024. New directors aged 50 or under represent 10% of the incoming class, down from 11% in 2025.
• Board diversity held steady in 2026; 49% of S&P 500 directors identify as diverse, as defined by the former Nasdaq Board Diversity Rule, down marginally from 49.6% in 2025 to 49.3%.
• The share of new director appointments filled by diverse executives declined six percentage points to 40%. Women accounted for 29% of new directors — a decline from 38% in 2025 and 32% a decade ago. The share of new directors who self-identify as underrepresented minorities increased by one percentage point to 18%.

Click here to read the survey on corporate directors.