November 2022 Report Summary
As we close out the year, companies continue to diversify board composition by appointing women to the board of public companies.
In November, women comprised 31% of new appointments to the boards of public companies. Public companies appointed 70 women to boards and 156 men to their boards. The pressure to increase diversity from the C-Suite to the board level remains as the year ends on a downward trend.
While only 14 of the newly appointed women Board members (17.5% of new women appointments) chose to self-disclose their race, we continue to see diversification and continue to highlight the need to disclose. In November, Black/African American women took the lead in board appointments with 8 women being appointed to public boards, making up 11.4% of all appointments. They are closely followed by 6 Asian / Pacific Islander women (8.57%). Lululemon Athletica Inc., Ralph Lauren Corporation, The Goodyear Tire & Rubber Company are some of the companies that appointed this phenomenal group of diverse women to their boards.
Of the 70 women appointed to the boards of public companies, 38, or 54%, were first time board appointments. In November, Consumer Cyclical companies led the way in the appointment of women followed by Healthcare Companies and Financial Companies; with appointed women filling 25.7% of board seats at consumer cyclical companies and 18.18% appointed to Healthcare Boards. In the Finance sector, we see strides being made by women at companies like IF Bancorp, Inc.
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.