Boardroom Power: Shifts in Black Representation May Foretell Future of Board Diversity

Over the past decade, BLACK ENTERPRISE has reviewed and recorded Black participation in corporate governance in the annual “Boardroom Power” package, including the 2024 BE Registry of Corporate Directors—our exclusive roster of Black Board members.

To gain a full picture of corporate inclusion and diversity—and its shifts—BLACK ENTERPRISE editors have researched the S&P 500, revealing through a series of lists the changing composition of corporate boards. On the 2024 Registry, 481 Blacks could be found versus 490 in 2013—a slight decline of roughly 1.6%.

This represents a dramatic shift from the years marked by the pandemic and the corporate commitments to racial equity sparked by global protests over the brutal murder of George Floyd by Minneapolis police officers. One measure was the significant growth in the number and percentage of Black board members. By 2022, Black corporate board members swelled to 473 or 85% of the S&P 500, up from 60% a few years prior to the pandemic.

As pockets of corporate America embraced a growing anti-DEI sentiment, shifts in Black board representation are becoming increasingly evident. In fact, the number of Black women on S&P 500 boards declined to 155 in 2024 from 185 in 2022.

Reviewing this year’s compilation of data provides a clear indication of current shifts and foretell trends. BLACK ENTERPRISE will continue to provide insight into the future of diversity in corporate governance in the months ahead through our analyses, reports, and interviews.