The share of board seats held by women fell from 33.1% in 2025 to 32.6% this year, a half-percentage-point drop. The report also found that women's share of executive-level roles has eroded, though the census focuses primarily on board composition.

Researchers say it is too early to tell whether the decline marks a turning point or a temporary stall, similar to a pause seen in 2011. "We got to see that progress after that stall," said Alia Crocker, an associate professor at Babson College and co-author of the report. At the time, about one in nine board seats were held by women; now it is roughly one in three. "Hopefully, it's just a pause," Crocker said during a panel previewing the findings Tuesday.

The findings come amid a sharp drop in corporate transparency. Fifty-four Massachusetts-based companies declined to disclose the gender, racial or ethnic makeup of their boards this year, up from 42 in 2025 and just eight in 2024. The report attributes the plummeting disclosure in part to a 2024 federal court ruling that struck down Nasdaq's board diversity disclosure rules, as well as the Trump administration's targeting of law firms and companies that promoted DEI-related initiatives.

Trish Foster, executive director of The Boston Club, said the drop coincides with heightened federal scrutiny but may also reflect concerns about actions by activists and shareholders. "The Boston Club stands by our historical support for companies to disclose," she said. "It's an established best practice that can help increase the number of women on boards."

Despite the overall decline, the census found some signs of progress. There are now 10 women CEOs at these companies, two more than last year. Six boards have achieved gender parity, up from three. Twelve other boards have at least one woman, up from eight. However, the number of boards with three or more women fell from 68 to 65.

Crocker pointed to another factor that may be limiting progress: companies often tap the same small pool of women leaders for multiple roles, and some firms replacing outgoing CEOs are seeking candidates who have already served as CEO, narrowing the talent pool further. "So if we're just going off of that screener and saying we want a CEO, it's almost like we're silently saying we want a man because that's what's going to happen," she said.

The report's authors say the incomplete data makes it difficult to paint a full picture of women's representation in the state's corporate leadership. The Boston Club has tracked board diversity for decades and advocates for greater disclosure as a best practice.