With clients getting offers and other movement in the executive job market. But this week, we're going to focus on corporate board trends because, as a nerd, I couldn't wait to dig into Spencer Stuart's latest Board Index Report. 

In the publication's 40th year, they have tracked the evolution of boardroom practices, composition, and priorities across all S&P 500 companies. It's a must-read for our team every year, so we stay on top of emerging trends and share the latest insights with our board candidate clients. 

This issue focuses on what their insights mean for you as a board candidate. 

Key Takeaways from the 2025 Spencer Stuart Board Index Report

The 2025 U.S. Spencer Stuart Board Index gives a powerful insight into the latest data and trends in board composition, board governance practices, and director compensation among S&P 500 companies. 

Whether you are pursuing your first board seat or are a sitting corporate director, the trends in this year's report give you an inside look into where corporate boards are focusing their attention right now. And while these are macro trends for publicly traded companies, they can lend insight into how U.S. companies of all sizes are looking at governance right now. 

Here are the top five takeaways that matter for board candidates pursuing a seat right now. 

1. Boards are doubling down on bringing on  experienced operators with strategic and financial expertiseBoards continue to prioritize directors with CEO experience, financial depth, and meaningful P&L leadership. Technology backgrounds remain highly attractive (and even more so this year over 2024). First-time directors and next-generation candidates (directors under 50) saw a noticeable decline in appointments, signaling that boards want battle-tested leaders to navigate uncertainty. If your background includes operational excellence, transformation work, financial acumen, or tech-enabled strategy, lean into this. These strengths are now central to board recruitment.

2. Skills-based governance is rising, and boards expect clear, measurable value from each director

Nearly every S&P 500 board now conducts annual evaluations, and the use of director skills matrices has more than doubled over the past five years. If you've ever attended one of my presentations for prospective board directors, you'll know I'm a huge fan of board skills matrices as a board candidate's secret weapon.  

Boards are sharpening their assessment processes and looking for candidates who can clearly articulate how their expertise aligns with the company’s most pressing needs. This shift underscores the importance of having a tight, board-ready narrative that highlights your specific value, your strategic acumen, and the governance lens you bring.Great news! We're launching a virtual masterclass on this very topic in January.

3. Board turnover is slow, but succession planning conversations are gaining momentum

Director turnover remains low, with only modest increases over the past two decades. At the same time, mandatory retirement ages are rising, meaning fewer natural openings. The result is that the need for clear board succession planning and a fresh mix of skills is more critical than ever. Boards are increasingly expected to have more intentional conversations about relevance, contribution, and long-term board composition.

For candidates, this means it's important to build long-term visibility and nurture relationships with decision makers years before you may be ready to take a board seat. Launching your board career is often a long-game activity. 

4. Agility is becoming a core governance expectation

Boards are facing unprecedented complexity fueled by AI, cyber risk, regulation, and global volatility. High-performing boards expect directors to be active learners who can navigate emerging risks and contribute to scenario testing, strategic evaluation, and cross-functional insight. This means candidates who demonstrate curiosity, adaptability, and a clear understanding of present-day disruptive forces will stand out.

5. A new reality for ESG, diversity, and women in the boardroom

One of the clearest shifts in this year’s data is the slowing momentum (and even backslide) behind ESG experts and the appointment of diverse candidates and women on boards.  After several years of accelerated progress, the pendulum has begun to swing back. This does not diminish the importance of representation or responsible governance, but it signals that boards are placing greater weight on functional, operational, and financial expertise when filling seats.

For female leaders and candidates whose experience includes ESG, sustainability, or DEI, this creates a need to reposition those strengths within a broader business narrative. Your ability to drive strategy, manage risk, influence culture, lead P&L decisions, or guide transformation will carry the most weight in today’s selection process. 

What this means for you as a board candidate

Boards want strategic thinkers who bring both operational depth and a forward-looking view of risk and opportunity. As you position yourself for board service, focus on the intersection of your expertise and the challenges your ideal companies face today.

Highlight your strategic impact, governance mindset, and ability to navigate complexity with clarity and confidence. That combination is what today’s highest performing boards are seeking and what will help you stand out in a competitive landscape.

See the full report here, including downloadable guides covering new director recruitment trends, director compensation data, and comparison charts by industry.