By Ross Kerber, Bianca Flowers and Simon Jessop July 28 As U.S.
President Donald Trump intensifies his campaign against diversity programs, appointments of women and racial minorities to S&P 500 boards have dropped to their lowest level in more than a decade, threatening to unwind years of gains in corporate boardroom diversity
The shift is evident in new research by recruiting firms that study leadership diversity and Reuters interviews with more than a dozen boardroom recruiters, investors and human resource analysts. It follows a series of Trump administration actions targeting diversity, equity and inclusion initiatives known as DEI. Across corporate America, major investors who once pressed companies to diversify their boards have retreated, while legal challenges have upended DEI policies in recent years.
RECORD DIVERSITY MASKS SHIFT IN NEW APPOINTMENTS New data released on Tuesday by global executive search firm Spencer Stuart shows diversity in board appointments has steadily declined since peaking at 72% in 2021 and 2022. Of the 364 new independent directors named to S&P 500 boards during the year ended April 30, 40% were women or racial minorities, the lowest level since 2014, when 39% of incoming directors were diverse, according to the leadership advisory firm. On S&P 500 boards today, diverse directors hold 49.3% of the seats, slightly down from a record of 49.6% in 2024 and 2025, according to Spencer Stuart.