According to Equilar’s new Ethnicity Tracker, 14.7% of Russell 3000 board members were ethnically diverse by the end of 2021. The Ethnicity Tracker, the latest installment of The Equilar Diversity Composite, shed light on the progress public companies have made to diversify their boardrooms.

At the start of 2021, ethnically diverse individuals represented 13.7% of all Russell 3000 directors, and that figure progressed throughout the year, albeit slowly. The increases were seen across most underrepresented groups. By the end of Q4 2021, Black/African American Russell 3000 board members were the most prevalent among all ethnicities, representing 6.2% of board members, an increase from 5.6% in Q1 2021 — the largest increase among all ethnic groups.

While the progress over the last year has been promising, many advocates argue that the slow pace is simply unacceptable. “Black board directors continue to have a higher ‘recycle rate’ than white males,” said Michael C. Hyter, President and CEO at The Executive Leadership Council. “Boards tend to go to the same small pool of current board members to fill new seats rather than identifying new candidates for seats, a practice which underscores that the pool of Black board prospects is not as broad as the available number of Black executives with the skills, experience and desire to serve.”

Asian/Pacific Islander directors were the second-most represented ethnicity among the Russell 3000 at 5%. "Despite the strong movement towards a more diverse and inclusive environment for minority corporate board directors, the increase in Asian/Pacific Islander directors has been dwindling,” said Anna Mok, President at Ascend Leadership. “Equilar's latest report continues the confirmation that Asians are still often overlooked for their leadership potential despite being 12% of the American professional workforce.”

Following Asian/Pacific Islanders, Hispanic/Latino directors were the next most represented ethnic group, holding 2.7% of Russell 3000 directorships. “We commend progress that has been made, but a commitment to diversity is incomplete without Latinos, who are two in ten Americans and control over $1.85 trillion of the U.S. purchasing power,” said Esther Aguilera, President and CEO of Latino Corporate Directors Association. “Supply is not an issue. There's ample Latino board talent with extensive business experience from all industries."

The Ethnicity Tracker also examined the industries that are progressing faster on diversity in the boardroom. Leading the way in the Russell 3000 were utilities companies with 19.9% of board seats held by ethnically diverse board members, followed by technology companies (19.8%) and consumer defensive companies (18.5%).

Read the Equilar Ethnicity Tracker for more findings.

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