Since 2023, 61 companies in the S&P 100 index have removed explicit diversity criteria for selecting future board members, according to an ESGAUGE analysis for Bloomberg News. Apple, Alphabet, Amazon, Starbucks and Wells Fargo are among the companies that eliminated these provisions over the past three years. Rooney Rule-like provisions have dropped from 58% to 12% in one year, while the share of women among new directors fell from 46% in 2023 to 29%. Former CEOs now account for 37% of new board appointments at S&P 500 companies, the highest level since a 42% peak in 2012.
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