Despite director support remaining strong during the 2026 proxy season, new analysis from ISS-Corporate shows investors continue to apply greater scrutiny to certain board roles, particularly governance chairs and directors with multiple board commitments.
According to ISS-Corporate's latest Proxy Season Pulse report, median support for all directors in the Russell 3000 reached 98 percent year-to-date in 2026, up from 97.8 percent in 2025 and above the recent low of 97.3 percent recorded in 2023.
Despite the broader recovery, governance chairs remain the least well-supported directors. Median support for governance chairs stands at 94.1 percent in 2026, almost four percentage points below the Russell 3000 average and the lowest among all board leadership positions tracked by ISS-Corporate.
Support for governance chairs fell from 94.3 percent in 2022 to 92.4 percent in 2023 before recovering to 93.1 percent in 2024 and 94.2 percent in 2025 respectively. This year's figure (year-to-date) suggests support has stabilized but remains notably weaker than for other directors.
By comparison, audit chairs and non-employee directors each received 97.9 percent support in 2026, while board chairs and compensation committee chairs recorded 96.9 percent. Lead directors received 96 percent support and sustainability chairs 95.3 percent.
The data shows how investors continue to hold governance committee leaders to a higher standard given their responsibility for board composition, nominations and governance oversight.
Director workload also remains a key concern. ISS-Corporate's analysis found support levels generally decline as directors take on additional public company board roles, with the effect most noticeable among CEOs.
CEOs serving on one board received median support of 98.73 percent in 2026, while those holding two board seats received 98.80 percent. Support then dropped to 96.16 percent for CEOs serving on three boards and fell further to 94.46 percent for those with four or more board commitments.
Non-CEO directors experienced a similar, although less severe, reduction in investor backign. Median support stood at 97.93 percent for directors serving on one board and 98.03 percent for those on two boards. Support fell to 97.86 percent for directors serving on three boards and 96.67 percent for those holding four or more positions.
The data suggests that investors remain wary of overboarding as boards deal with increasingly complex oversight responsibilities, such as evolving regulatory requirements and cyber-security risks.
Board independence continues to move gradually higher, although larger companies remain ahead of the broader market. According to findings, independent directors accounted for 84.81 percent of S&P 500 board seats in 2026, compared with 78.47 percent across the Russell 3000.
The Russell 3000 has recorded steady progress, rising from 77.15 percent in 2022 to 78.47 percent in 2026. Independence levels within the S&P 500 have remained relatively stable over the same period, staying around 85 percent.
The report also points to continued growth in the adoption of independent board chairs. While Russell 3000 companies remain ahead overall, the gap with the S&P 500 is narrowing.
In 2026, 44.96 percent of Russell 3000 companies had an independent board chair, compared with 39.51 percent of S&P 500 companies. The Russell 3000 figure has remained largely unchanged since reaching 45.39 percent in 2024, while the S&P 500 has continued to make steady gains from 33.73 percent in 2022.
Altogether, the data indicates that investors continue to support directors overwhelmingly, with median backing for all directors reaching 98 percent in 2026. However, shareholders are increasingly selective in where they direct scrutiny.
Natalie Bannerman
Natalie is a former telecoms and infrastructure journalist, a role she held for nearly seven years. Before this, she worked in the B2C startup space, covering lifestyle, arts and culture reporting. As senior reporter for Governance Intelligence she...
