What’s different about today’s boards? Profound shifts have taken place, such as the increase in board independence, the prevalence of non-executive chairs and the emergence of the lead or senior independent director (SID) role. Very few boards undertook an annual board evaluation 40 years ago — it’s now mandatory in many countries. And just look at the progress on gender diversity: although the percentage of women among new board members has leveled off, women now constitute more than 40% of board directors in several countries.
Here are some of the highlights from our 2025 data.
The role of the independent board chair
Over the years, the board chair has become increasingly important, influential and highly compensated, and, in many countries, the chair is the most powerful person in the company. An independent board chair is standard practice in most European countries, although there are exceptions in countries such as France, Italy and Spain where executive chairs are found at the top of some companies. In the U.S., more boards have embraced this model, yet only 41% of S&P 500 boards now have an independent chair. Across the countries we track, board chairs tend to be older on average than directors overall and also receive significantly more in compensation.
Director independence
In the 40 years since we’ve been tracking governance practices, boards in many countries have become more independent, with fewer executive directors. Among the countries we track, as many as 94% of directors are independent (Finland) and as few as 31% (Turkey).
Board recruitment and expertise preferences
Having the right people in the right place in the boardroom is critical, and boards in most countries today are thoughtful about the experience and expertise they need. Amid more complexity and the emergence of new business challenges and opportunities (such as the rise of AI), boards have to consider whether they have the most relevant mix of skills, expertise, styles and perspectives around the table.
In recent years, we have observed a flight to experience in boards across Europe and the U.S., prioritizing seasoned leaders over first-time appointees. In the UK, for example, first-time non-executive director appointments fell to just 21%, less than half the level recorded in 2022. The share of new directors serving on their first public company board also declined in the U.S. Director ages also are increasing in many countries. In Italy, nearly 50% of directors are now over the age of 60 and in Ireland, the average age of chairs is now 70.
Director tenure
Board refreshment is essential to a healthy board composition. Boards around the world take different approaches to refreshment. In some countries, directors are no longer considered independent after a certain number of years, for example, nine years in the UK. In the U.S., where term limits are rare and many boards rely on mandatory retirement, turnover remains consistently low, the turnover rate is 7% among S&P 500 companies, half the rate of the UK.
Directors in the U.S. also have among the longest average tenure across the countries we track, 7.9 years, followed by India (7.8 years) and Hong Kong (7.6). Directors in the Netherlands have an average tenure of 4.4 years, the shortest among the countries we track.
Gender diversity
Across the countries we track, boards are more diverse than in the past. Gains in diversity were achieved in a number of ways: by targets (set by reviews or governance codes), quotas (set by regulators, listing authorities or government legislation) or by shareholder pressure. Diversity occurs across many different dimensions. However, varying definitions and disclosure requirements across different geographies make statistical consistency difficult and so here we focus only on the issue of gender diversity.
France and Norway have the largest share of female directors, 47%, and women make up 40% or more of directors in six other countries. We also look at the share of boards in a country with 40% or more women. Norway leads the way, with 100% of boards having 40% or more female directors.
Men continue to hold the vast majority of board and corporate leadership roles. France and the UK have the highest proportion of women CEOs (10%), and the UK has the highest percentage of female board chairs, 17%, followed by Denmark and Italy.
Remuneration
Boardroom compensation is a topic that rarely strays far from the headlines, and it continues to generate much debate on both sides of the Atlantic. U.S. directors have the highest average remuneration package at €298,714 ($336,352), followed by Switzerland (€212,814 / $239,629). Yet, the average compensation for independent board chairs in six countries — Switzerland, India, France, Italy, U.K. and Hong Kong — surpasses the U.S. average, with compensation for Swiss chairs averaging €1,343,905 ($1,513,237), 70% more than the next highest country.