Spencer Stuart: S&P MidCap 400 Board Report

Spencer Stuart’s inaugural survey of S&P MidCap 400 companies finds significant differences between mid- and large-cap boards. Not only are mid-cap boards generally smaller in size, younger and less diverse than larger S&P 500 companies, the profiles of directors joining mid-cap boards differ. In some ways, mid-cap boards appear to be casting a wide net to identify boardroom talent, appointing more actively employed executives, first-time directors and division/functional heads compared to large-cap boards.

The article outlines the following: 

  • MidCap 400 board gender diversity lags S&P 500 boards
  • Turnover rates are consistently low across mid- and large-cap boards, but formal mechanisms differ
  • More first-time directors, actively employed executives and division/function leaders are appointed to mid-cap boards
  • New mid-cap directors come from an evenly dispersed range of industries
  • Independent chairs are more prevalent at mid-cap boards
  • Board meetings and committee structures are consistent across company size

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Julie Hembrock Daum and Ann Yerger
Thought leadership category