2025 Proxy Season Disclosure Trends
Culled from the world’s most comprehensive database of human capital benchmarks, this report examines 6 years of board of director disclosure trends among S&P 1500 and Russell 3000 companies, and delivers detailed breakdowns by index, exchange, and sector.
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Here’s a brief overview of what you can expect:
Over the past several years, there was a steady and significant rise in the number of companies disclosing detailed demographic information about their board members. This progress peaked in 2023–2024, driven by mounting pressure from investors and regulators to improve transparency and representation. However, 2025 has seen a sharp and sudden pullback, reversing much of the momentum gained since 2021 and returning disclosure levels to early-pandemic norms.
In this report, we provide a detailed look at 6 years of trends in how companies communicate the demographic makeup of their boards. Here are a few of the unbeliable stats contained in the report:
- The share of Russell 3000 companies disclosing any quantitative measure of board diversity rose from 45.1% in 2020 to 93.3% in 2024. In 2025, that share fell to 58.6%, below where it stood in 2021 (63.3%)
- Disclosure of aggregate racial/ethnic composition by Russell 3000 companies was just 19.3% in 2020; by 2024, 26.1% Russell 3000 companies were disclosing the race/ethnicity of each individual director in 2024.
- 79.1% of Nasdaq-listed companies decreased their level of disclosure from 2024, while only 1.2% increased transparency
- The share of S&P 1500 companies disclosing the aggregate share of LGBTQ+ directors fell from 30.4% in 2024 to just 8.6% in 2025
