Diversity features prominently in the annual South Africa Spencer Stuart Board Index, which reports that women currently hold 37% of board director positions within JSE Top 50 companies, up from 35% in 2023. They also hold 40% of non-executive director (NED) positions as well as 22% of executive director (CEO/CFO) positions.
However, women are still underrepresented. In France, 95% of boards are composed of at least 40% women; in South Africa, the figure is just 40%. Nevertheless, on this measure JSE Top 50 boards compare favourably with a number of other countries such as Belgium (38%), Spain (37%), Denmark (36%), Switzerland (35%), USA (25%) and Japan (3%).
Spencer Stuart’s annual South Africa Board Index offers critical insights into governance practices and trends, providing a valuable resource for boards, shareholders, and stakeholders committed to advancing corporate excellence. It covers the 50 largest companies on the Johannesburg Stock Exchange by market cap and includes companies with primary and secondary listings in South Africa. The largest company by market cap in the sample is BHP Group (R2 775tn) and the smallest is African Rainbow Minerals (R44 390bn).
“The growing diversity amongst board members is a standout feature of this year’s report. We’re not only seeing greater female representation, but also that new board appointees are joining younger while older and more experienced board members are staying longer,” says Mpho Seboni, Board and CEO consultant at Spencer Stuart.
“This augurs positively for bringing in new perspectives and ensuring better representation of stakeholders. When boards address all aspects of diversity, including gender, ethnicity, age, skills and backgrounds, they broaden opportunities to access new markets and make technological advances. We are increasingly seeing boards prioritise diverse ideas and innovation alongside sage business acumen,” Seboni says. Board chairs and other directors must be prepared to navigate the challenges that come with increased diversity around the boardroom table, such as different communication styles and potential conflicts during decision-making. Effective facilitation is crucial, as is respect for different points of view. Overcoming dissent and forging consensus requires strong board leadership and commitment to fostering an effective and inclusive culture in the interests of enhancing organizational performance.
Other highlights from the 2024 South Africa Board Index include:
Board Composition
- Average board size remains steady at 12.2 members, with high independence levels of 83%.
- The average tenure of board members has increased to 6.4 years, with men serving longer than women (7.5 vs. 4.6 years).
- The age profile of directors continues to rise, averaging just under 60 years, while newly appointed directors average 55.7 years.
- Women non-executive directors are younger (average 57.9 years) compared to their male counterparts (62.3 years).
- 60% of boards include women in leadership roles such as chair, CEO, or CFO.
- HDSA (Historically Disadvantaged South African) directors comprise 32% of board members.
- One-third of directors are foreign, reflecting increased international representation.
Remuneration
Board Organisation & Dynamics
- The number of board meetings per year has slightly decreased to 7.7, yet attendance remains exceptionally high at 98%.
- 68% of NEDs serve on more than one listed company board.
- External board evaluations were conducted by 44% of companies, down from 55% in 2023.
- Boards typically have around 5.5 committees, including audit, nominations, and remuneration committees, with varying sizes and meeting frequencies.
The 2024 South Africa Spencer Stuart Board Index can be downloaded at https://www.spencerstuart.com/research-and-insight/south-africa-board-index
To see how South Africa’s boards stack up against the Rest of the World, please visit: https://www.businesslive.co.za/bd/companies/transport-and-tourism/2025-04-02-sun-international-flags-dearth-of-board-experience-in-sa/
About Spencer Stuart
At Spencer Stuart, we know that leadership has never mattered more. We are trusted by organisations around the world to help them make the senior-level leadership decisions that have a lasting impact on their enterprises, on their stakeholders and the world around them. Through our executive search, board and leadership advisory services, we help build and enhance high-performing teams for select clients ranging from major multinationals to emerging companies to non-profit institutions. Privately held since 1956, we focus on delivering knowledge, insight and results through the collaborative efforts of a team of experts — now spanning more than 60 offices, over 30 countries and more than 50 practice specialties. Boards and leaders consistently turn to Spencer Stuart to help address their evolving leadership needs in areas such as senior-level executive search, board recruitment, board effectiveness, succession planning, in-depth senior management assessment and development, and many other facets of culture and organisational effectiveness, particularly in the context of the changing stakeholder expectations of business today. For more information on Spencer Stuart, please visit www.spencerstuart.com.
