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Women Hold a Third of S&P 500 Boards Seats With Gains in June

Women Hold a Third of S&P 500 Boards Seats With Gains in June
Women’s representation provides an opportunity to truly transform what happens in government, society and business, but only if women choose to show up in their authenticity and consciously set out to effect change. (Photo: wagner.edu / Wiipedia)

Women retained control of a record high one-third of S&P 500 board seats in June as companies moved past the annual-meeting season, when departures peak.

Women gained a net two seats in June as nine women were appointed to new roles and seven women left, according to data compiled by Bloomberg. The gains pushed the share of female directors to 33.3% in June from 33.2% in May.Women have made a strong showing in the S&P 500 this year, including holding a record 41 chief executive officer jobs, even as a backlash against corporate diversity policy by key Republicans have called into question future priorities.

Boston Scientific Corp. added two new female directors and Nike Inc., Hewlett Packard Enterprise Co., and DTE Energy Co. were among companies that added a single woman to their boards. Target Corp. and T-Mobile US Inc. were among companies where women left the boards, the data showed.

The average number of female directors was unchanged at 3.6, out of an average board size of 10.9.

  • The percentage of female directorships increased to 33.3% from 33.2%.
    • That compares with 16.5% for Japan’s Nikkei 225; 19.2% for Hong Kong’s Hang Seng; and 36.3% for women on boards of Australia’s S&P/ASX 200 and 39.5% for Europe’s Stoxx 600.
  • Eight S&P 500 companies increased the number of women on their boards; the top companies by market capitalization were Nike, Boston Scientific and Biogen Inc.
  • Seven companies reduced the number of female directors; the top companies by market value were T-Mobile, Marsh & McLennan Cos. and Target.
  • Organon & Co. has the highest percentage of women on its board.
  • Charter Communications Inc. has the lowest percentage of women on its board.
  • The health-care sector led the net gain in female board members, with two women added to Boston Scientific’s board.
  • Communication Services notched a net decline of two female directors, with T-Mobile and Live Nation Entertainment Inc. losing female board members.
  • Biogen, Digital Realty Trust Inc. and Fastenal Co. are among companies that surpassed 30% female board membership for the first time since at least January 2019. The number of S&P 500 companies above this key threshold fell to 345 in June from 349 the previous month.
  • The Bloomberg Gender-Equality Index returned 5% in June, underperforming the 6.1% advance of the MSCI World Index.

S&P 500 companies with the highest and lowest percentage of female board members:

Company Top % Women on Board
Organon & Co. 77
Hasbro Inc. 64
Paramount Global 64
American Water Works Co. 60
Intercontinental Exchange Inc. 60
Omnicom Group Inc. 60
Best Buy Co. 58
Cooper Cos. 56
Insulet Corp. 56
TJX Cos. 56
Company Bottom % Women on Board
Charter Communications Inc. 7
Mohawk Industries Inc. 13
Fox Corp. 13
Brown & Brown Inc. 13
Kinder Morgan Inc. 14
Enphase Energy Inc. 14
TransDigm Group Inc. 17
Garmin Ltd. 17
International Business Machines Corp. 17
Live Nation Entertainment Inc. 18

The analysis is based on data that covers 499 companies in the S&P 500. Historical analysis may be impacted by changes to the index membership, while monthly board changes may be considered effective at month’s end.

The Bloomberg Gender-Equality Index is a modified capitalization-weighted index that tracks the financial performance of those companies committed to supporting gender equality through policy development, representation and transparency.

To see the percentage of women on a company board: {FA ESGG <GO>}

To see more on Bloomberg Gender-Equality Index: {GEI <GO>}

To see the percentage of female directors for each of the S&P 500 companies: {SPX Index GX <GO>}. In search box on top right, choose “% Women on Board.” Mouse over to get each company’s results.

To see more on Bloomberg’s ESG fields and sustainable finance solutions: {BESG <GO>}

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