Board diversity disclosures 


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Highlights of board diversity disclosure practices for the S&P 500 and Russell 3000 as of June 2023, provided via the KPMG Board Diversity Disclosure Benchmarking Tool. 

 

Board gender diversity disclosure

Nearly all S&P 500 companies (99%) and 86% of Russell 3000 companies disclose the board’s gender makeup in some form. 

Board gender diversity disclosure*

Disclosure type Example % of S&P 500 companies % of Russell 3000 companies
The gender of individual directors by name Two of our directors are women, Ms. Ford and Ms. Jones. 51% 24%
The number/percentage of directors identifying as gender diverse 30% of our director nominees self-identify as women. 92% 81%
One of our directors identifies as non-binary.
Four directors are diverse with respect to gender.
Any of the above forms (excludes duplicates) 99% 86%


 * Companies refer to gender in a variety of ways in their disclosures, such as “gender,” “gender identity,” or “gender expression.” The data in this chart does not incorporate director pronouns used in disclosures. 

Racial/Ethnic board diversity disclosure

Almost all S&P 500 companies (97%) disclose the racial/ethnic diversity of the board in some form, compared to 84% of Russell 3000 companies. 

Fifty percent of Russell 3000 companies are listed on the Nasdaq stock exchange and subject to Nasdaq’s Board Diversity Rule; this is likely why a greater percentage of Russell 3000 companies than S&P 500 companies disclose the number/percentage of directors identifying with each racial/ethnic category.

Racial/Ethnic board diversity disclosure

Disclosure type Example % of S&P 500 companies % of Russell 3000 companies
The race/ethnicity of individual directors by name Mr. Smith is Black. 42% 19%
The number/percentage of directors identifying with each racial/ethnic category Two of our board members are Asian. 45% 56%
The number/percentage of the board that is racially/ethnically diverse Thirty percent of the board is racially/ethnically diverse. 71% 39%
Any of the above forms (excludes duplicates) 97% 84%

LGBTQ board diversity disclosure

Twenty-nine percent of the S&P 500 and 40% of the Russell 3000 disclose the LGBTQ status of the board in some form; this includes those companies disclosing that they have no directors self-identifying as LGBTQ.  

Russell 3000 companies are more likely to disclose the LGBTQ status of directors in the aggregate, which is also likely a result of the Nasdaq Board Diversity Rule.

LGBTQ board diversity disclosure

Disclosure type Example % of S&P 500 companies % of Russell 3000 companies
The LGBTQ status of individual directors by name

Mr. Miller self-identifies as LGBTQ.

(This includes those companies where no director self-identified as LGBTQ in the board skills/diversity matrix.)  

10% 5%
The number/percentage of directors identifying as LGBTQ One of our board nominees is LGBTQ. 22% 37%
None of our directors identify as LGBTQ.
Any of the above forms (excludes duplicates) 29% 40%

Disclosure of diversity as a board search criterion

Since 2009, the US Securities and Exchange Commission has required public companies to describe if and how they incorporate diversity into director search criteria. All S&P 500 companies and 99% of Russell 3000 companies reference diversity generally in their search criteria. Additionally, 95% of S&P 500 companies and 82% of Russell 3000 companies specifically include a reference to gender diversity. Nearly the same percentage of companies include a reference to racial/ethnic diversity, while far fewer include a reference to diversity of sexual orientation.  

Disclosure of diversity as a board search criterion

Diversity type % of S&P 500 companies % of Russell 3000 companies
Gender diversity 95% 82%
Racial/ethnic diversity 94% 81%
Sexual orientation diversity 20% 19%
Diversity generally 100% 99%

Board seats disclosed as held by diverse directors

Seventy-one percent of S&P 500 companies and 68% of Russell 3000 companies disclose their directors’ self-identified racial categories (by name or number/percentage identifying with that racial/ethnic category).

The percentage of board seats disclosed as held by LGBTQ directors is at about 1% in both indices.

When considering the use of pronouns used in disclosures, women hold 33% of S&P 500 board seats and 29% of Russell 3000 board seats. 

Board demographics*

  % of S&P 500 board seats % of Russell 3000 board seats
Gender
Male 66.6% 70.9%
Female 33.4% 29.1%
Nonbinary 0.0% 0.0%
Race/Ethnicity
White/Caucasian 73.2% 76.0%
African American/Black 12.4% 8.2%
Latino/Hispanic 5.0% 3.7%
Asian, Hawaiian, or Pacific Islander 6.7% 7.9%
Two or more races/ethnicities 1.2% 1.5%
Did not disclose race/ethnicity 0.9% 2.1%
Other race/ethnicity 0.6% 0.5%
Sexual orientation
LGBTQ 0.9% 1.0%


*Calculation of seats held by male, female, and nonbinary directors incorporates the use of director pronouns in disclosures. Calculation of racially/ethnically diverse board seats includes only those companies disclosing racial/ethnic board diversity data. Those directors disclosed as identifying with two or more races/ethnicities may also be identified with the individual racial/ethnic categories to which they belong.

Contact us

Annalisa Barrett

Annalisa Barrett

Senior Advisor, KPMG Board Leadership Center, KPMG US



 

“Diverse boards are more effective, and disclosure drives action. As stakeholder calls continue to grow for disclosure of board diversity as well as policies and practices, this tool will help measure progress and highlight gaps.”



Susan Angele
Senior Advisor, KPMG Board Leadership Center



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