Age Diversity Within Boards of Directors of the S&P 500 Companies

The Harvard Law School Forum on Corporate Governance and Financial Regulation 2017-04-07

Posted by Annalisa Barrett, Board Governance Research LLC, and Jon Lukomnik, Investor Responsibility Center Institute, on Thursday, April 6, 2017
Editor's Note: Annalisa Barrett is a clinical professor of finance in the University of San Diego School of Business and the founder and CEO of Board Governance Research LLC; and Jon Lukomnik is Executive Director of the Investor Responsibility Center Institute (IRRCi). This post is based on an IRRCi publication by Professor Barrett and Mr. Lukomnik.

This post examines age diversity within the boards of the companies in the S&P 500. At a time when board refreshment of public companies and director diversity, or lack thereof, is a key concern of companies, investors and others, the dispersion of age within the board has largely been ignored. Therefore, this analysis examines the age diversity of boards with analyses by industry, company size (market capitalization), and company age (years since the company’s initial public offering). We also consider the number of age groups (defined by decades) represented on each board.