An examination of the FTSE 100 and S&P 100 comes as INvolve releases its annual Empower Role Model Lists supported by YouTube which recognises ethnically diverse leaders and their advocates who are opening up opportunity in the workplace for people of colour.
- The FTSE 100 has just 6 ethnically diverse Chairs (6%), compared to 18% of the UK population who identify as non-white according to the most recent census.
- The S&P 100 has only 13 ethnically diverse Chairs (13%) despite U.S. Census Bureau data showing 42% identify as non-white.
- When comparing Chairs of public companies to elected public officials the difference is stark. In the UK, 14% of elected MPs are from ethnically diverse backgrounds – more than double the proportion of FTSE 100 Chairs. In the US, 26% of voting members of Congress are people of colour; again, double the representation seen in S&P 100 Chairs.
- This lack of representation leading the boardroom comes at a time when companies are making critical decisions over their longer-term strategy and investment in diversity and representation in the workplace affecting ethnically diverse employees.
New analysis from INvolve reveals that the leadership of the world’s largest companies remains stubbornly unrepresentative, with ethnically diverse Chairs still a rarity in both the UK and US. Despite years of discussion and pledges to improve diversity, just 6% of Chairs in the FTSE 100 and 13% in the S&P 100 come from ethnic minority backgrounds. This stands in stark contrast to publicly elected officials and other business leadership roles where the number of non-white representatives, although still unrepresentative of the wider population, has increased significantly both sides of the Atlantic in recent years.
These numbers expose a crucial gap at the very top of corporate power structures. Chairs play a defining role in guiding a company’s strategy, culture, and how seriously businesses prioritise diversity, equity, and inclusion (DE&I). Yet the individuals occupying these pivotal roles and the board over which they preside most often do not reflect the communities their companies serve or the diverse workforces within their own walls.
As companies face economic headwinds, shifting political climates, and at times organised resistance to DE&I efforts, it is frequently non-diverse decision-makers who are leading decisions on whether inclusion remains a priority or becomes sidelined. While there have been improvements in representation across wider business leadership and public life, the concentration of power in the Chair role remains one of the final frontiers for meaningful change that will better reflect the interests of all stakeholders including those who are ethnically diverse.
The release of INvolve’s annual Empower Role Model Lists, supported by YouTube, spotlights those leaders and advocates who are actively working to open doors, challenge bias and drive systemic change across global business for ethnically diverse employees.
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. Companies need to continue to act and invest to ensure that their leadership truly reflects the world we live in. The incredible individuals on our Empower Role Model Lists show what’s possible when leaders use their influence to champion equity and create workplaces where everyone can thrive.”
This year’s top Empower Role Models include:
• Top Empower Executives 2025
Belinda Brown, CFO, Sephora UK
Afua Kyei, Chief Financial Officer, Bank of England
John Hope Bryant, Founder, Chair & CEO of Operation Hope
Balbir Bakhshi, Group Chief Risk Officer, LSEG
Jacky Wright, Senior Partner, Chief Technology and Platform Officer, McKinsey & Company
• Top Empower Advocates 2025
Jackie Henry MBE, Managing Partner for People and Purpose, Deloitte UK
Andrew Jolly, Partner, Slaughter & May
Michelle Russell, Managing Director and Senior Partner, Boston Consulting Group
David Aldrich, Managing Director, EMEA Commercial Group, Moody’s Ratings
David Hynam, Chief Executive, LV=
• Top Empower Future Leaders 2025
Al Ramsey, Vice President, 2SLGBTQ+ & Black Customer Segments, TD Bank Group
Asavari Moon, Global AI and Marketing Leader, Future Female Marketers & FutureEdge Academy
Lily Satterthwaite, Regional Lead, Microsoft
Deon Pillay, Head of Marketing Technology, Enablement and Governance, Legal & General Group
Neha Singh, Vice President, Global Advisory and M&A, J.P.Morgan
