Diversity among new S&P 500 board appointments is declining.
The “2026 Spencer Stuart Board Index New Director Snapshot” has been released, a more than 40-year effort to track board composition, governance practices, and director compensation trends, the index reads.
Overall, 364 independent directors were newly appointed to S&P 500 boards this year. This figure is the lowest in the past decade, but turnover remains low. Per the report, 49.3% of the directors were identified as diverse. This marks a decline from 49.6% in 2025. Additionally, diversity among newly appointed S&P directors in 2026 declined by six percentage points to 40%. Black directors accounted for 4% of new S&P 500 director appointments, down 50% from a decade ago, according to the index.
“We were making such progress,” Kristin Hull, chief investment officer of Nia Impact Capital, said, according to Reuters. “Now the bro culture is alive and well.”
Still, the share of underrepresented minority directors increased one percentage point to 18%, per the index.
“Today we hear more about ‘the best person.’ There’s less currency for being a person of color than there once was,” said Jeff Christian, CEO of executive headhunting firm Christian & Timbers, according to Reuters.
Co-leader of Spencer Stuart’s North American Board Advisory Practice George Anderson also told the outlet that declines in diverse appointments are a result of current and former CEOs being recruited. In fact, they made up 37% of director appointments in 2026, a peak not seen in 15 years, notes Reuters.
The 2026 Spencer Stuart Board Index also reports that many boards are shifting away from disclosing diversity policies and prioritizing diversity and inclusion when appointing new directors. As such, only 12% of boards are upholding inclusion policies, a decline from when President Donald Trump took office for his second term in 2025 (58%).
As AFROTECH™ previously reported, the Trump administration has been a major advocate for dismantling diversity, equity, and inclusion initiatives, programs, and roles.
