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Welcome to the 2025 UK Spencer Stuart Board Index. This is our 30th edition — a milestone that underscores our long-standing commitment to analysing governance trends and advancing boardroom excellence.
The 2025 UK Spencer Stuart Board Index is a comprehensive review of board composition and governance practice in the largest 150 companies in the FTSE rankings, providing a valuable perspective on the health of boardrooms during 2024–2025.
What are the main findings from this year’s Board Index? This edition finds clear evidence that boards are increasingly prioritising seasoned leaders — just 21% of non-executives appointed in 2025 were first-time directors compared with 44% in 2022. Diversity also continues to be an unfolding success story: non-nationals now account for 37% of all directors, and women now account for 44% of all directors. Download the pdf to get the full picture on UK governance in 2025.
The 2025 UK Spencer Stuart Board Index, now in its 30th covers the top 150 companies with a premium listing on the London Stock Exchange, ranked by market value. It offers a clear view of the UK trends in board composition, structure and priorities. It is trusted reference that enables board leaders to benchmark their practices, structure high-performing boards and respond to changes in governance dynamics.
Boards are turning to experienced leadership in uncertain times. Eleven out of 14 new board chairs and four of the nine new CEOs are former CEOs. The remaining five new CEOs were promoted internally from CFO. Some of the largest companies are seeking to de-risk the succession process by appointing known entities in the boardroom. The same trend is found among non-executive directors, where just 78% of those appointed had experience on listed company boards compared with 56% in 2022.
Gender diversity is increasing among the top FTSE companies. Women now account for 44% of all directors and 54% of non-executive directors, as well as 56% of senior independent directors and 72% of remuneration committee chairs. 43% of new leadership appointments went to women. Boards are also becoming more international in outlook: 37% of all directors are non-nationals (i.e. a nationality that differs from that of the company).
Very few women are being appointed to the most senior roles of chair and CEO on UK boards. In 2025, three of the 15 new chairs appointed were women; none of the nine new CEOs appointed were women. Across all 150 companies, 17% of chairs and 10% of CEOs are women.
CEOs departing in 2025 served 4.5 years on average and with shorter CEO tenures, succession planning must now be a continuous consideration for boards rather than an isolated event. The CFO-to-CEO pathway is emerging as an increasingly common route in this volatile era, underscoring a greater reliance on hiring known entities with institutional knowledge into CEO roles. P&L experience is also important, so companies seeking to develop diverse CEO succession pipelines are actively identifying high-potential next generation leaders and placing them into P&L ownership roles.