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2021 Atlanta Spencer Stuart Board Index

August 2022

Atlanta Board Index

Our eighth edition of the Atlanta Spencer Stuart Board Index examines the composition and practices of 43 public company boards in the Atlanta region. Among the most noteworthy findings include the following highlights:

  • In 2021, Atlanta boards welcomed the largest number of new directors since Spencer Stuart began conducting this research in 2013 — 58% brought on at least one new independent director, for a total of 51 new directors on 43 boards.
  • More than one-third of new directors, 37%, are from historically underrepresented racial or ethnic groups — Black/African American, Hispanic/Latino/a or Asian. 41% of new directors are women, a slight decline from 43% in 2019.
  • Between 2019, when we last published the index, and 2021, 12 (28%) of the Atlanta boards expanded in size and added one or more directors from underrepresented communities, suggesting that some boards increased in size to enhance diversity.
  • Roughly 17% of all Atlanta directors are Black/African American, Hispanic/ Latino/a or Asian — more than double than in 2017. Atlanta boards still lag behind the S&P 500, where 21% of directors are from these historically underrepresented racial or ethnic groups. The percentage of women on Atlanta boards continues to rise steadily, from 14% in 2013, when we started the Atlanta Spencer Stuart Board Index, to 27% in 2021. This compares with 30% of S&P 500 directors.