S&P 500 Industry Sector Comparison Chart: 2023 U.S. Spencer Stuart Board Index

The U.S. Spencer Stuart Board Index examines the latest data and trends in board composition, board governance practices and director compensation among S&P 500 companies.

We have compiled key data from each S&P 500 sector into our Board Index Sector Comparison Chart below, where you can compare aggregated data by sector across a wide range of measures, including board composition, independent director representation, board leadership, organization and committees.

Board composition

							Underrepresented minorities									CEO/chair/president/COO			Underrepresented minorities																		Audit committee		Compensation committee		Nominating committee

Sector	Companies	Average board size	Ind. directors	Average age	Average tenure	Women directors	Black/AA	Asian	Hispanic/Latinx	Total URM^*	Total diverse directors^**	New directors	Added >1 director	Average age	First time	Active	Retired	Women	Black/AA	Asian	Hispanic/Latinx	Total URM directors^*	Total diverse directors^**	Separate chair/CEO	Executive chair	Independent chair	Female ind. chair	URM ind. chair*	Lead/presiding director	Average board meetings	Average committees	Mandatory retirement	Average retirement age	Term limits	Average term limit (years)	Average # of committees	Average size	Average meetings	Average size	Average meetings	Average size	Average meetings
Communication Services	20	10.4	78%	61.5	8.6	34%	13%	6%	6%	25%	49%	17	10%	58.9	12%	12%	29%	41%	24%	18%	12%	53%	71%	65%	20%	30%	0%	10%	60%	8.5	3.6	36%	73	5%	15	3.6	3.4	8.3	3.9	6.8	3.8	4.5
Consumer	87	10.7	83%	62.1	7.9	37%	13%	5%	8%	27%	52%	78	25%	55.8	37%	19%	10%	50%	9%	17%	10%	36%	71%	69%	26%	36%	8%	3%	64%	7	4	68%	73.3	6%	15	4	4.3	8	4.1	5.6	4.2	4.5
Energy	23	11.1	86%	64.8	6.5	31%	10%	3%	4%	18%	42%	20	26%	59.6	5%	25%	35%	45%	25%	5%	5%	40%	70%	57%	9%	43%	13%	0%	61%	9	4.3	76%	73.9	9%	12.5	4.3	4.7	6.9	5	5.3	5	4.6
Financials	71	12	87%	63.7	8.2	34%	13%	4%	5%	23%	49%	52	20%	59	37%	13%	17%	48%	12%	13%	8%	35%	67%	42%	7%	28%	6%	1%	77%	8.8	4.8	75%	73.8	7%	14.4	4.8	5	10.1	4.8	6.4	4.7	4.9
Health Care	64	10.4	86%	63.8	7.7	34%	11%	8%	4%	23%	48%	45	11%	59	24%	9%	16%	42%	22%	18%	4%	44%	62%	53%	9%	38%	6%	5%	67%	8.3	4.3	71%	74.1	8%	14.8	4.3	4.2	8.6	4	5.6	4.3	4.8
Industrials	100	10.7	87%	63.1	7.5	31%	13%	4%	4%	21%	46%	81	15%	56.9	31%	23%	20%	42%	17%	5%	10%	32%	63%	57%	15%	39%	7%	2%	62%	6.8	4.1	86%	73.9	9%	14.1	4.1	4.8	7.3	4.5	5.5	4.8	4.4
Information Technology	64	10	86%	63.2	8	32%	9%	12%	5%	26%	50%	47	14%	58.2	26%	13%	19%	40%	15%	11%	13%	38%	64%	66%	11%	52%	8%	2%	56%	7	3.6	54%	73.9	5%	15	3.6	4	8.6	3.9	6.2	4	4.6
Real Estate	30	10.1	85%	63.6	8.5	33%	12%	5%	6%	23%	47%	23	20%	59.6	30%	13%	26%	39%	13%	9%	9%	30%	61%	77%	20%	50%	10%	3%	63%	7.1	3.7	48%	74.4	17%	13.8	3.7	4.1	7.2	4.1	4.9	4.4	3.9
Utilities	30	11.2	89%	63.9	7	35%	17%	3%	7%	27%	52%	25	20%	60.6	56%	4%	8%	64%	16%	4%	4%	28%	76%	57%	13%	37%	0%	7%	73%	8.5	5.1	89%	73.5	13%	14.5	5.1	4.8	6.9	4.6	6	4.6	5.3
Grand Total	489	10.8	86%	63.2	7.8	33%	11%	6%	5%	24%	48%	388	18%	58	31%	16%	18%	46%	15%	11%	9%	36%	67%	59%	15%	39%	7%	3%	65%	7.6	4.2	70%	73.8	8%	14.4	4.2	4.5	8.2	4.3	5.8	4.4	4.6

* Our reporting is in line with the Nasdaq Board Diversity Rule, with URM “underrepresented minority” defined to mean an individual who self identifies as one or more of the following: Black/African American, Asian, Hispanic/Latinx, Native American or Alaska Native, Native Hawaiian or Pacific Islander or two or more races or ethnicities.

** Our reporting on diverse groups is in line with the Nasdaq Board Diversity Rule, with a “diverse director” defined to include:
Female, without regard to the individual’s designated sex at birth (“female”);
One or more of: Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, Native Hawaiian or Pacific Islander, or two or more races or ethnicities (“underrepresented minority”);
Lesbian, gay, bisexual, transgender or a member of the queer community (“LGBTQ+”).