While there is a growing number of institutional investors that are pushing for more gender-diverse boards, there is still plenty of work to be done.
According to BoardEx, a relationship mapping service of TheStreet, women make up approximately 22.2% of S&P 500 boards, which is an increase from 20.5%, as of September 2016.
However, new data shows there are five S&P 500 companies without a woman on the board, including chip maker Broadcom Ltd. (AVGO) , which has a market capitalization of approximately $104.3 billion, according to BoardEx. And, there are 87 companies, or 17.4%, with only one woman on the board, such as Chiptole Mexican Grill Inc. (CMG) and insurance giant Humana Inc. (HUM) .
Still, there are a handful of companies leading the way. There are six S&P 500 companies that have 50% or greater female representation on the board, led by American Water Works Company Inc. (AWK) , where women make up 62.5% of the board of directors.
At least two asset management firms, State Street Corp (STT) and BlackRock Inc. (BLK) , have announced their intent to pressure companies they invest in to push for gender balance in the boardroom this year.