Are Corporate Boards Getting More Diverse? Analysis Shows Small Gains with Gender, But Not Much with Race

Are Corporate Boards Getting More Diverse? Analysis Shows Small Gains with Gender, But Not Much with Race

New Study from Leading Diversity Recruitment Firm Mogul Shows Slow Progress

NEW YORK — Oct. 11, 2022 — Mogul, Inc. one of the world’s largest resources for diverse talent and a high-growth diversity recruitment firm, today announced that its new research report, “2022 Board Diversity: Inequalities in Race and Gender” reveals that the corporate boards of companies on the Fortune 500 list remain predominantly white and male. The report analyzes gender and racial composition of 494 companies on the 2022 Fortune 500 list.

The report’s key findings include the following:

• 68.99% of board members are male vs. 31.01% female
• 78.44% of board members are white vs. 21.56% non-white
• There are no Native Americans serving on any Fortune 500 boards
• Board chairs - the most influential roles on boards - are 91.3% white and 82.4% male
• 30% of Fortune 500 board seats are held by 746 people

Notable changes from the 2021 report include the following:

• Most new board members in 2022 are predominantly white males (68.0%)
• More companies on the 2022 list have zero ethnic diversity since last year (22 companies vs. 16 last year)
• Two companies on the Fortune 500 list have no diversity at all: no gender diversity and no ethnic diversity. This is an improvement from three companies last year.

“Many companies look for diverse talent through traditional networking channels, which are 85% non-diverse. When they can’t find diverse talent in those networks, they may mistakenly conclude that the talent simply doesn’t exist,” said Tiffany Pham, Founder, CEO, and Chairman of the Board at Mogul, “Our platform has a diverse candidate pool of 494 million individuals across 195 countries. 148,000 of them are C-suite executives and 99,000 are diverse c-suite executives. Diverse talent at all levels is plentiful if you look outside of mainstream networks.”

According to Pham, the demand for Mogul’s diversity recruitment services has nearly doubled in the past year and the firm’s new board-level and C-suite memberships have been in high demand all of 2022, with memberships sold to exceptional, diverse C-suite leaders at some of the world’s largest companies. The membership offers networking opportunities with other diverse c-suite executives and the potential for board interviews with Mogul’s Fortune 500 clients who are looking to diversify their boards.

“Diverse talent exists if you know where to look,” said Pham.

To date, Mogul has partnered with many of the world’s top workplaces to increase their diverse talent pipelines by an average of 74% per year, impacting nearly 500 million people across 195 countries and more than 30,000 cities. To learn more about Mogul’s “Build Better Boards” initiative, visit www.onmogul.com/boards.

About Mogul
An innovator in the $200 billion global recruitment market, Mogul is one of the world's largest resources for diverse talent. Mogul partners with the Fortune 1000 and the world's fastest-growing companies to attract and advance top diverse talent — from entry-level to executive and board-level worldwide — offering market-leading talent acquisition software, inclusive online communities, and executive recruitment services. Long-time clients include Fortune 1000 organizations such as Anheuser-Busch, Bain & Co., The Hershey Company, The Honest Company, Nike, Shopify, Stanley Black & Decker, and United Healthcare.

The company has been named one of the "100 Most Exciting Startups" by Business Insider, "Best Website for Finding Top Talent" by Inc. Magazine, "Top Website for Marketing Your Company" by Forbes, and "Top Online Learning Platform" by Entrepreneur.