The biggest U.S. companies sharply increased the number of new Black and Latino directors named to their boards this spring, a step toward diversifying boardrooms, a new study found.
S&P 500 companies tripled the share of new directors who are Black and more than doubled the share who are Latino. The shift leaves nearly 80% of the companies’ board seats occupied by white directors and about 70% by men.
S&P 500 boards added 456 new independent directors—those without strong ties to management—over the past year, many this spring, the highest number since 2004, according to an analysis of corporate proxy filings from Spencer Stuart, an executive and board recruiting firm.
Nearly three-quarters of the new directors are women or belong to a racial or ethnic minority, up from about 60% last year and 31% a decade ago. A third of the total are Black, up from 11% last year, and 7% are Latino, up from 3%.
S&P 500 companies adding one or more Black board members in the past year include insurer Allstate Corp. , retail giant Target Corp. and automotive supplier BorgWarner Inc.
