Despite decades of policy discourse, voluntary diversity initiatives, and growing scholarly attention, women remain severely underrepresented on the corporate boards of developed market companies, especially as a director of the corporate board or similar. Most existing research on board gender diversity draws on large-cap indices, generating a systematically optimistic picture of women's progress in accessing corporate governance roles. This study addresses that gap by providing a large-scale, cross-sectional empirical analysis of board gender diversity across four global regions (Americas, Europe, Asia, and Oceania), 35 countries, and all 11 GICS sectors, drawing on a dataset of 19,591 board director records from developed market companies compiled from LSEG Data and Analytics. The findings reveal the severity and universality of women's marginalization: female directors hold just 7.23% of board seats globally, exposing the structural distance from gender parity even in developed markets. This figure falls far below the levels typically reported. Regional differences are statistically significant but modest in effect size, reflecting the near-universal nature of gender underrepresentation rather than its concentration in specific geographies. At the sectoral level, male board dominance is not industry-neutral: women are most visible in Utilities (13.20%) and most marginalized in Energy (4.92%), patterns that invite further feminist inquiry into how sector-specific cultures and labor histories shape women's access to economic authority. Also, a significant board-executive gap is documented: female executives account for only 5.48% of officer positions indicating that gender barriers compound across hierarchical levels. These findings enrich the women's studies literature by providing a rigorous, cross-regional, multi-sector empirical foundation for feminist scholarship, policy advocacy, and corporate governance reform in order to understand how gender inequality is reproduced at the highest levels of economic power. They provide empirical grounds for prioritizing binding regulatory mandates over voluntary frameworks, for integrating board-level diversity initiatives with executive pipeline development, and for recalibrating the benchmarks against which progress is measured. Without structural intervention, gender parity on corporate boards across the developed market universe remains a distant prospect.
Herciu et al. (Mon,) studied this question.