Just 31 percent of board members at Fortune 500 companies are female, and that number drops to a staggering 7 percent for non-white women, new research shows.
Of 5,403 board members, 69 percent are male, and 78.5 percent are white. The lack of gender and ethnic diversity among these corporate board members is the basis for the new “Build Better Boards” campaign, launched this week by Mogul, a female, minority-owned business and one of the world’s largest recruiting platforms for diverse executives.
Mogul’s Board Diversity in 2022 report found that 16 companies within the Fortune 500 have no ethnic minorities on their boards; three have no females or minorities; and none of the boards have Native Americans on them, male or female.
Even though women’s participation in the workforce is above 50 percent, just 31 percent of board members are female. Here’s how it breaks down for non-white women:
“To date, there are not 100 diverse boards within the Fortune 500, which highlights how much work needs to be done,” said Tiffany Pham, founder, CEO and chairman of the board at Mogul. Mogul’s executive recruitment division publishes diversity-focused “Top 100” lists on a quarterly basis, she said.
“That led us to our current research and some surprising insights about leading companies, many of which need to find more diverse executives including women, persons of color, veterans and people with a disability to serve on their boards,” Pham said.
A report released earlier this year by executive search firm Heidrick & Struggles found that Fortune 500 boards appointed a record number of women in 2021. That report found that 45 percent of the 449 board seats filled last year were women directors, up from 41 percent the previous year.
