(Bloomberg) -- Women hold more than a quarter of board seats among the biggest companies for the first time, an analysis by executive recruiter Spencer Stuart found.
A record number of women of all races and non-white men joined boards at S&P 500 companies in the last year. Among new directors, 46% were female and 23% were minorities. Women of color made up 10% of new board members. Combined, women and minority men hold 59% of new seats, and all boards have at least one woman, as of this summer.
This year, a record 432 seats changed hands, opening up more spots than ever for new, diverse candidates.
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Turnover is the biggest impediment to adding more women and people of color to boards.Directors most often leave because they are at or approaching a mandatory retirement age, and only about 15% of current board members will reach that point in the next three years, Spencer Stuart found.
To contact the reporter on this story: Jeff Green in Southfield, Michigan at jgreen16@bloomberg.net
To contact the editors responsible for this story: Janet Paskin at jpaskin@bloomberg.net, Rebecca Greenfield
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