QUARTERLY REPORT Q3 2024

GDI: Third Quarter 2024 Key Findings

Third Quarter 2024 Key Findings

PROGRESS OF WOMEN ON RUSSELL 3000 COMPANY BOARDS

As of September 30, 2024, our report, in partnership with our Exclusive Data Partner Equilar, shows that women hold 30.2% of Russell 3000 company board seats, a 0.2% increase from the last quarter. Women filled 30.9% of the 486 new board seats, slightly up from Q1 (30.7%) but below most quarters since 2017. Despite some gains, 41% of companies still have boards with two or fewer women. Women of color hold 8% of seats, unchanged from the previous quarter. At this rate, gender parity and 20% representation for women of color on boards won’t be achieved until 2045.

0 %

of board seats held by women.

0 %

of board appointments were women, lower than the previous 5 years.

0 %

of newly filled seats by women were seats added to boards.

COMPANY RATINGS

In Q3 2024, the number of gender-balanced boards in the Russell 3000 rose by 14, reaching 13.8% of companies. Boards with three or more women increased by 18 companies, now making up 45.3% of the index, while boards with one or two women decreased by 11 and 45 companies, respectively. However, the number of companies with zero women on their boards rose by three. Additionally, 21 companies were removed from the Russell 3000 since the previous quarter.

Our company ratings categorize public boards as Gender-Balanced, or with three or more women on board, two, one, or zero, providing a comprehensive snapshot of their gender diversity profile.

Gender Balanced Boards 14%

408 companies, up by 14 companies from Q2 2024.

3+ Women on Boards 45%

1,335 companies, up by 18 companies from Q2 2024.

2 or < Women on Boards 41%

769 companies, or 26%, have 2 women; 366, or 12%, have one woman; and 68, or 2%, have 3 women.

RACE & ETHNICITY

In the latest findings, 42% of directors disclosed their race and ethnicity, indicating continued progress in transparency. Notably, 52% of women reported their race/ethnicity, compared to only 38% of men. People of color now hold 19.1% of board seats, up slightly from 19.0% in Q2 2024 (and down from 19.4% in Q1 2024, based on the 2023 list). Women of color hold 7.7% of board seats, while men of color hold 11.4%. Although the percentage of women of color is relatively low, they represent 25% of all women’s board seats.

3.3%
4.5%

Black / African American

2.5%
3.9%

Asian / Pacific Islander

1.3%
2.1%

Hispanic / Latino

0.6%
0.9%

Other*

Companies By Sector

The Utilities sector continues to stand out with 36.5% women on boards and 26.3% gender-balanced companies. There are no utility companies with zero women and only 11 that have fewer than 3 women. The Energy and Financial Services sectors are the least gender diverse with less than 28% women and less than 10% gender-balanced boards.

UTILITIES

36.5% Women on Boards 26.3% Gender-Balanced Boards

CONSUMER DEFENSIVE

33.8% Women on Boards 18.3% Gender-Balanced Boards

CONSUMER CYCLICAL

32.7% Women on Boards 18.8% Gender-Balanced Boards

REAL ESTATE

31.3% Women on Boards 17.3% Gender-Balanced Boards

HEALTHCARE

30.7% Women on Boards 17.0% Gender-Balanced Boards

TECHNOLOGY

30.1% Women on Boards 14.0% Gender-Balanced Boards

BASIC MATERIALS

30.0% Women on Boards 11.0% Gender-Balanced Boards

INDUSTRIALS

29.3% Women on Boards 10.6% Gender-Balanced Boards

COMMUNICATION SERVICES

28.3% Women on Boards 11.7% Gender-Balanced Boards

FINANCIAL SERVICES

27.6% Women on Boards 7.4% Gender-Balanced Boards

ENERGY

27.2% Women on Boards 8.5% Gender-Balanced Boards

State Progress

Our state-level data highlights the percentage of women and gender-balanced boards. Among states with at least 20 companies, California leads with 33.8% women on boards and 22.5% gender-balanced companies, while Nevada, Utah, and Florida have the lowest percentages of women on boards. Oklahoma has recently reached 20 Russell 3000 companies, with 24.9% women on boards.

When Women Lead

Our findings continue to underscore a clear correlation that when women lead, boards come closer to gender parity, with both the percentage of women on boards and the representation of women of color exceeding national averages. Conversely, in the absence of female leadership, these metrics fall below the national average. This highlights the pivotal role female leadership plays in advancing board diversity.

Women CEO

WOB 42%
WOC 15%
GB 40%

Women Board Chair

WOB 39%
WOC 14%
GB 37%

Women Nom Gov Chair

WOB 34%
WOC 14%
GB 21%

When women hold all three positions

WOB 49%
WOC 16%
GB 64%

Women CEO + Chair

WOB 45%
WOC 11%
GB 52%

Women CEO + Nom Chair

WOB 46%
WOC 15%
GB 51%

Woman Board + Nom Chair

WOB 42%
WOC 14%
GB 44%

1 Woman Leader

WOB 35%
WOC 13%
GB 23%

METHODOLOGY

50/50 Women on Boards Gender Diversity Index ™ reports on the gender composition of corporate boards on the Russell 3000 Index. Using the data provided by our Exclusive Data Partner Equilar, we analyze, track, and publish data on our website in our Gender Diversity Directory. This report reflects data as of December 31, 2025, with 2,878 active companies on the Russell 3000 Index.

START YOUR BOARD LEADERSHIP SEARCH OR SUPPORT OTHERS ON THEIR JOURNEY

What Women Can Do

Advocate: Highlight and share your expertise for boards.

Invest: Request employer-funded programs to advance your board journey.

Network: Volunteer, join non-profit boards, attend events, and outreach to your contacts to ensure they are aware of the board opportunity you are seeking.

Be Intentional: Leverage our GDI directory to narrow down your board search.

What Women Can Do

Advocate: Highlight and share your expertise for boards.

Invest: Request employer-funded programs to advance your board journey.

Network: Volunteer, join non-profit boards, attend events, and outreach to your contacts to ensure they are aware of the board opportunity you are seeking.

Be Intentional: Leverage our GDI directory to narrow down your board search.

What Women Can Do

Advocate: Highlight and share your expertise for boards.

Invest: Request employer-funded programs to advance your board journey.

Network: Volunteer, join non-profit boards, attend events, and outreach to your contacts to ensure they are aware of the board opportunity you are seeking.

Be Intentional: Leverage our GDI directory to narrow down your board search.