New Report Shows Slowest Progress for Women in Corporate Leadership in Nearly a Decade and Sharp Decline in Demographic Reporting

The Boston Club and Bentley University Annual Census Finds Corporate Transparency on the Decline as Companies Withhold Data

BOSTON, Dec. 10, 2025 (GLOBE NEWSWIRE) -- The Boston Club, the region’s top community of professional and executive women working to advance women leaders, in collaboration with Bentley University, today release their annual report, Women in Corporate Leadership and the Challenges Ahead: The 2025 Census of Women Directors and Executive Officers of Massachusetts Public Companies. The 2025 Census reveals stagnant progress for women in corporate governance and leadership, alongside a significant drop in demographic transparency among the 100 largest public companies by net revenue in Massachusetts.

Published for 23 consecutive years, the Census relies on publicly available, corporate demographic data to track the progress of women attaining corporate leadership positions. However, 42 out of 100 companies chose not to disclose board or leadership demographics, compared to just eight last year. This trend follows recent judicial and policy shifts, including the 2023 Supreme Court ruling on affirmative action and a 2024 Federal Appeals Court decision invalidating the Nasdaq’s Board Diversity Disclosure Rules.

“The ready availability of corporate demographic data has facilitated not only our work but numerous studies showing a positive correlation between the presence of accomplished women in corporate leadership and the overall financial health of publicly traded companies,” says Ann LaFrance, co-chair of The Boston Club’s Corporate Board Committee. “It remains to be seen whether there will be sufficient reliable data going forward to continue monitoring developments in these areas.”

Key Findings

This year, the available data shows that the representation of women directors and executive officers has experienced the slowest annual increase since 2017:

• 21 companies still report no women executive officers, up from 20 in 2024.
  • Women directors increased by less than a percentage point, from 32.5% in 2024 to 33.1%. ​
  • Women executive officers also rose by less than a percentage point, from 23.4% to 24.2%. ​
  • There are 653 executive officers in the 100 Census companies. Women hold just 158 of these positions.
• Data for women of color are at a near standstill.
  • Women of color account for just 8% of all directors serving on Census company boards and 3.62% of the executive officers, reflecting little to no progress.
  • Additionally, they account for 15% of all women executive officers.
• 78% of Census companies have fewer than three female executive officers.

While there are no “zero-zeros” – companies with no women directors nor women executive officers – this year, there has been little forward progress since the 2024 report:

• 68 (vs. 64 in 2024) Census companies have at least three women directors.
• 19 companies have at least three women directors and at least three women executive officers, marking no change from 2024.
• Three of the 100 companies reached gender parity (50%+ women) in the boardroom in 2025, up from two in 2024; 12 (vs. nine in 2024) reached gender parity among executive officers.
• 56 (vs. 56 in 2024) Census companies have at least one director who is a woman of color; 24 (vs. 22 in 2024) have at least one woman-of-color executive officer.

“We posited in last year’s Census that companies would not reach gender parity for another 18 years at the previous rate of growth. Even these lackluster projections now seem jeopardized,” said Kari Borroel, The Boston Club Chair. “As The Boston Club celebrates its 50^th year, this sad reality is exactly why we must continue to deliver this annual Census, educate the broader community on the state of women’s corporate advancement and work toward our vision of a future where women’s leadership potential knows no bounds.”

To read the full report, visit the website.

About The Boston Club
Founded in 1976 by bold women executives who broke down barriers to advance women leaders, The Boston Club celebrates 50 years as New England’s leading executive women’s network of top-tier, diverse women leaders. The Boston Club draws on the significant resources and expertise of its diverse and accomplished women leaders, to empower thousands through board readiness, mentoring, professional development and member-initiated programs. This 50th anniversary milestone marks more than a celebration – it’s a recommitment. Through impactful programs and events and a new focus on civic leadership and engagement, we honor the trailblazers who came before us and champion a future where women’s voices are heard, leadership is shared, and women’s potential knows no bounds. More at https://www.thebostonclub.com/

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