The contraction is driven by a sharp reduction in new hiring. While companies filled 2,440 board vacancies between July 2025 and June 2026, women secured only 22.7% of these positions. This figure sits significantly lower than the 29.1% share recorded in 2025 and is nearly half the 40% peak achieved in 2022. Heather Spilsbury, CEO of 50/50 Women on Boards, identified access rather than a lack of qualified candidates as the primary barrier, urging Nominating and Governance Chairs to overhaul their selection and succession practices.

Despite the broader downturn, pockets of stability remain. Companies that have already achieved gender-balanced boards held their ground at 13.5%, and organizations led by women as CEOs or Board Chairs continue to report higher levels of diversity. However, the decline is pervasive across the economy, affecting nine of 11 industry sectors and 17 of the 25 states with the highest concentration of Russell 3000 firms. Data provided by Equilar also indicates a slight retreat in racial and ethnic diversity, with seats held by women of color falling to 7.1%.