Ethnic diversity still lacking in boardrooms as FTSE 100 and S&P 100 fall behind public institutions

New analysis from INvolve has revealed a persistent lack of ethnic diversity at the highest levels of corporate leadership, with only 6% of FTSE 100 Chairs and 13% of S&P 100 Chairs coming from ethnically diverse backgrounds.

The figures were published alongside the release of the 2025 Empower Role Model Lists, supported by YouTube, which recognise individuals opening up opportunities for people of colour in the workplace.

According to the UK Census, 18% of the population identify as non-white, while in the US that figure is 42% based on data from the US Census Bureau.

Comparisons with elected officials further highlight the gap: 14% of UK MPs and 26% of US voting members of Congress come from ethnically diverse backgrounds, both significantly ahead of representation among company Chairs.

INvolve said this gap matters because Chairs have a defining role in guiding corporate strategy, culture and decisions around diversity, equity and inclusion (DE&I).

The organisation warned that despite broader progress in leadership and public life, those at the very top of company boards remain “one of the final frontiers” for meaningful change.

Suki Sandhu OBE, founder and CEO of INvolve, said: “The harsh truth is that the people deciding whether DE&I stays on the agenda are, in far too many cases, not diverse themselves. Chairs are some of the most powerful figures in business, yet across major indexes they remain overwhelmingly white.

“This lack of representation at board level can have a direct impact on how seriously companies invest in building inclusive cultures, how they succession plan for key roles, and how decisions are made that affect people of colour at every level.

“We cannot afford for initiatives supporting equity to be seen as optional or to be rolled back by those who already hold power.”

This year’s Empower Role Model Lists showcase those working to challenge bias and champion diversity across the business landscape.

Featured leaders include Belinda Brown, CFO at Sephora UK; Afua Kyei, CFO at the Bank of England; and John Hope Bryant, Chair and CEO of Operation Hope.