Over the past decade, the conversation around women serving on public company boards has moved from aspiration to expectation. Shareholders, regulators and governance leaders increasingly recognize that diverse boards make better decisions. While representation has improved meaningfully, recent data shows that progress is beginning to slow and significant hurdles remain for women seeking board seats.

In the United States, women now hold just over 30 percent of board seats among Russell 3000 companies. This represents steady growth compared to a decade ago, when women occupied fewer than 20 percent of these roles. However, the pace of change has noticeably decelerated. Year over year increases have narrowed to fractions of a percentage point, signaling that many companies may be treating diversity goals as complete, rather than ongoing.

Much of the recent progress has come from adding new board seats, rather than replacing existing directors. While expansion increases representation numerically, it does not always reflect a shift in board refreshment or succession planning. As a result, many boards still include only one or two women, limiting influence and reinforcing tokenism, rather than true inclusion.

Globally, the picture is uneven. Countries such as the United Kingdom and France have made faster gains, in part due to sustained public accountability and, in some cases, formal targets. By contrast, newly public companies in the United States continue to lag, with many IPO boards including one or no women at all.

Despite growing awareness, women continue to face structural barriers to board service. One major challenge is the traditional board pipeline. Boards often recruit from a narrow set of roles, particularly current or former CEOs and CFOs. Since women remain underrepresented in these positions, the pool of candidates considered “board ready” remains artificially constrained. This overlooks the value of senior leaders with deep operational, regulatory, technology, or risk expertise.

Networking also plays a decisive role. Many board appointments emerge from personal relationships rather than formal searches. Women who are not already embedded in these networks may never learn about opportunities, let alone be considered for them. This challenge is amplified for women of color, who remain significantly underrepresented on public company boards, despite broader gains in gender diversity.

Another factor is shifting corporate priorities. In the current political and regulatory environment, some companies have scaled back public commitments to diversity initiatives. This retreat can reduce transparency and accountability, slowing momentum at precisely the moment sustained effort is required.

The case for women on boards extends beyond fairness. Numerous studies link gender diverse boards to stronger governance, improved risk management, and better long term performance. Diverse perspectives help boards challenge assumptions, identify blind spots and navigate increasingly complex business environments. From an investor standpoint, board composition is now widely viewed as an indicator of leadership quality and future readiness. Companies that fail to refresh their boards or broaden representation risk falling out of step with stakeholder expectations.

For women pursuing public company board roles, patience alone is not a strategy. Many of the most desirable board opportunities are never advertised. They are filled through informal outreach, succession planning, and trusted referrals.

This is where a proactive approach becomes essential. Identifying companies where experience aligns with strategic needs, reaching out directly to decision makers and positioning oneself clearly as a solution to board level challenges can dramatically improve outcomes. The hidden board market rewards preparation, focus and persistence.

At Chilmark Advisors, we believe that targeted outreach and disciplined follow up are critical tools for accessing these opportunities. Women executives who combine strong credentials with a thoughtful, direct search strategy are well positioned to move beyond the plateau and into meaningful board service. Progress may be slowing, but opportunity remains for those willing to approach the board search with intention and strategy.