March 2023 Report Summary

As we begin out this year, companies continue to diversify board composition by appointing women to the board of public companies.

Companies are continuing to diversify board composition by appointing women to the board of public companies. In March, women comprised 39.1% of new appointments to the boards of public companies, which is a 10% increase from last month. Public companies appointed 118 women to boards and 184 men to their boards. The pressure to increase diversity from the C-Suite to the board level remains as the year begins. 

While only 43 of the newly appointed women board members (36.44% of new women appointments) chose to self-disclose their race, we continue to see diversification and continue to highlight the need to disclose. In March, Asian / Pacific Islander women took the lead in board appointments with 19 women being appointed to public boards, making up 16.10% of all appointments. They are closely followed by 17 Black / African American women (14.41%). Best Buy, eBay, and JPMorgan Chase & Co. are some of the companies that appointed this phenomenal group of diverse women to their boards.

Of the 118 women appointed to the boards of public companies, 63, or 53.39%, were first time board appointments. In March, consumer cyclical companies led the way in the appointment of women followed by industrials and healthcare companies; with appointed women filling 22.88% of board seats at consumer cyclical companies, 19.49% at industrials companies, and 14.41% at healthcare companies. In the consumer cyclical industry, we see strides being made by women at companies like Marriott International.

Equilar and WBC are tracking and analyzing the growth and rotation of board seats on public companies and the expanding candidate pool. We will continue to track not only the women in terms of numbers, diversity and profile; but the companies and industries in which female board members are present and how many of the overall board seats are held by women. Please join us in celebrating, tracking, analyzing, and promoting women serving on corporate boards.