Bloomberg reported on the rise in directors aged 66-70 and concurrent decline in directors aged 56-60 and in their 40’s among S&P 500 boards over the past five years. Directors aged 66-70 comprise more than 24% of S&P 500 directors now, compared to just over 20% in 2019, while directors aged 56-60 declined from about 20% in 2019 to 17% in 2023, as shown here:
Directors aged 41-50 and 40 and younger have declined from 5.7% and 0.5%, respectively, of S&P 500 directors in 2019, to 4.6% and 0.3%, respectively, in 2023.
Board refreshment policies reflect or support the changing demographics, with mandatory retirement ages (for those companies with such policies) trending up and the prevalence of such policies trending down.