In recent years, there has been a growing recognition that companies benefit when their leadership reflects the diversity of the world around them. At the forefront of this shift is the increasing momentum to place more women on corporate boards. From regulatory pushes to shareholder demands, and from studies linking gender diversity to performance gains, the movement is gaining traction, but the story is far from over. So, what’s really happening with women on boards? And how can senior executives, especially women aiming for board roles, navigate and capitalize on this evolving landscape?

There’s been notable progress. According to data from Deloitte’s 2024 Women in the Boardroom report, women now hold nearly 30% of board seats globally—a marked improvement from just a decade ago. In the U.S., that number edges slightly higher, thanks in part to regulatory efforts and growing societal awareness. However, a closer look reveals a more nuanced picture. While the number of women on boards has increased, board leadership roles, such as Chair or Lead Directo, remain overwhelmingly male. And many of the gains have been concentrated in large-cap, publicly traded companies, with smaller firms and private companies, often lagging behind. The case for board diversity isn’t just ethical, it’s strategic. Multiple studies, including those from McKinsey and Credit Suisse, have found that companies with greater gender diversity on boards, tend to outperform their less diverse peers in profitability, innovation, and decision-making quality. Women bring different life experiences, leadership styles, and risk-calibrated perspectives that can help boards think more holistically. In today’s business climate, marked by rapid change, ESG scrutiny, and stakeholder accountability, those qualities aren’t just nice to have, they’re necessary.

At Chilmark Advisors, we know the truth: board seats, like executive roles, are rarely advertised. They often emerge from networks, referrals, or behind-the-scenes searches driven by people already in the room. This makes it especially hard for outsiders, including many qualified women, to break in. That’s where the reverse search philosophy becomes a powerful tool. Rather than waiting for the right opportunity to surface, we help candidates identify and pursue targeted board opportunities through curated outreach and follow-up, straight to the decision-makers. For women seeking board roles, this means understanding your unique board value proposition, what strategic, financial, or industry-specific insight can you bring? It means getting visible in the right networks, often a warm introduction or thoughtful outreach can open doors that traditional applications never could. And it means positioning yourself for the hidden market, with a compelling board bio and a sharp outreach strategy, it becomes easier to enter conversations at the right level.

One encouraging sign is the shift in how companies think about gender diversity. No longer just about “checking a box,” board composition is increasingly tied to long-term strategic value. Investors like BlackRock and State Street are pushing for more robust diversity disclosures. Nasdaq now requires listed companies to report on board diversity or explain why they fall short. These measures are slowly transforming what used to be a conversation about fairness into one about performance and governance. Still, challenges persist. Many boards claim a “pipeline problem,” struggling to find women with the right combination of experience and readiness. This is where executive candidates must take the lead in crafting a narrative that translates operational and industry experience into strategic boardroom relevance. The momentum for getting more women into boardrooms is real, but it’s not yet self-sustaining. Continued progress will depend on proactive candidates who make themselves visible, forward-looking companies willing to invest in inclusive leadership, and trusted advisors who can open doors to the hidden market and coach candidates through the process.

At Chilmark Advisors, we specialize in exactly that. Whether you’re a seasoned executive, stepping into board service for the first time or an experienced director, looking to expand your portfolio, our approach is designed to help you bypass the noise and reach the people who matter. The future of leadership is inclusive. And the future starts by knocking on the right doors, with a strategy that gets them opened.