Today’s #ThursdayThoughts come from some troubling data I’ve been reviewing.

The case for women on boards has rarely been stronger. And yet progress is stalling. From 2024 to 2025, the rate of newly appointed women directors in the Russell 3000 dropped from 42% to 33%. Perhaps more troubling, disclosure of board gender diversity among S&P 500 companies collapsed from 91% to 60%.

Companies are slowing their progress, and some are choosing to stop reporting it altogether. Evidence of board diversity continues to grow. A comprehensive 2025 study synthesizing more than 500 research articles found that the 30-33% threshold for women on boards has a meaningful impact on corporate social responsibility and firm transparency. This validates what I’ve long called the Power of Three: one woman in the boardroom is a token, two is a presence, and three is a voice.

Companies with at least 30% female directors achieved cumulative returns 18.9% higher than those without women on their boards over a five-year period ending in September 2024, according to an MSCI Inc. analysis. Research published in 2025 by the University of Notre Dame found that boards with higher female representation foster safer workplaces with fewer accidents and injuries. Women directors are more likely to request management reports on safety protocols and to consider broader stakeholder perspectives.

Women board chairs drive 10.2 percentage-point improvements in leadership team gender diversity during their tenure, compared with 6.7 points under male chairs. Leadership begets leadership. Qualified women are abundant. What we’re witnessing is a commitment problem, compounded by “diversity fatigue” and the persistence of the Merit Myth, which too often masks reliance on closed networks rather than deliberate board renewal.

For companies serious about performance, this moment is a critical opportunity. When some players abandon a proven strategy, competitive advantage shifts to those who remain committed. Deliberate board succession planning and sponsorship, in which leaders actively use their influence to place deserving candidates, become essential tools for change.

At Women Get On Board Inc. (WGOB), we’ve spent 10 years getting more women on boards, one woman at a time. The work continues. I remain committed to achieving gender parity, defined as 50% women across all industries. We are not there yet.

For those who share this commitment, I encourage you to consider sponsoring a board-ready woman in your network.