F5, Linde and S&P Global Top the Second-Annual Fortune Modern Board 25 Ranking

Published in partnership with Diligent, The Fortune Modern Board 25 ranks the most innovative boards of directors among S&P 500 companies

New York, May 10, 2023 –Today, Fortune revealed its 2023 Modern Board 25 ranking, recognizing the most innovative boards of directors among S&P 500 companies. Information technology company F5 tops the list, followed by Linde and S&P Global. Fortune collaborated with Diligent, GRC SaaS provider across governance, risk, compliance, audit and ESG, to develop the ranking based on criteria that include the expertise, independence, diversity, and tenure of board membership. and tenure of board membership.

Lila MacLellan, author of Fortune’s Modern Board newsletter writes, “Today, the best boards operate as an advisory team, almost player-coaches, who manage multiple pressures, including traditional expectations around increasing revenues and building strong leadership succession plans, but also newer requirements, such as shrinking a firm’s carbon footprint, boosting social equity, and complying with increased regulations.” Read more here.

The 25 companies included in the Fortune Modern Board 25 ranking were in the top quartile of the S&P 500 in board effectiveness, diversity, tenure, financial performance, and vulnerability to activism, setting them up well strategically for long-term, sustainable growth.

The top ten companies on the 2023 Fortune Modern Board 25 are:

  1. F5
  2. Linde
  3. S&P Global
  4. Gen Digital
  5. Baker Hughes
  6. Newmont
  7. HP
  8. Robert Half International
  9. Bristol-Myers Squibb
  10. Walgreens Boots Alliance

View the complete ranking here.

Fortune’s mission is to give leaders the tools to make business better and use its real-time access to the world's most influential business executives to curate regular, poignant, and action-focused discussions that confront diversity, accountability, and societal impact in corporations head on. Similarly, Diligent is committed to empowering leaders with technology, insights and confidence to create greater impact and accountability while providing a modern, holistic view of governance, risk, compliance, audit and ESG.

“Today’s business environment is more complex than ever. Financial performance always matters but now organizations are expected to quickly respond to new regulations, be aware of heightened stakeholder expectations and evaluate company performance beyond financial results. To keep up, they need access to metrics that paint a fuller picture of organizational success,” said Brian Stafford, CEO of Diligent. “As part of our mission to empower leaders with the right information to build successful, equitable, and sustainable organizations, we are proud to partner with Fortune to recognize organizations leading with purpose.”

Of the Modern Board partnership, Fortune CEO Alan Murray says, “To be an effective board member today, you must stay on top of a bewildering array of issues, from the explosive development of A.I. to rising demands of consumers and employees around environmental and social goals. Our Modern Board partnership with Diligent is designed to help boards meet those demands and to identify those boards that are developing best practices.”

Methodology for The Modern Board 25

To select the Modern Board 25, Fortune developed a ranking system in collaboration with Diligent, GRC SaaS provider across governance, risk, compliance, audit and ESG. These rankings are based on criteria that include expertise and independence of board members; diversity on the board, including gender, age, and nationality; the tenure of independent directors, financial performance; and vulnerability to activism.

In assigning scores to those criteria, we relied on corporate governance data aggregated from company reports and public filings by Diligent. We also included Environmental, Social, and Governance (ESG) scoring, relying on that data to judge whether boards had the forward-leaning mentality needed to thrive in a rapidly changing business climate.

The 25 companies listed here each ranked in the top quartile of the S&P 500 for both board effectiveness/vulnerability and ESG, by our measurements, and the company ranking determined by Fortune reflects the highest combined scores for both.

About Fortune

The Fortune mission is to change the world by making business better. We achieve that by providing trusted information, telling great stories, and building world-class communities. We measure performance by rigorous benchmarks. And we hold companies accountable. Our goal is to make Fortune a force for good through its second century and beyond. For more information, visit www.fortune.com.

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About Diligent

Diligent is the global leader in modern governance, providing SaaS solutions across governance, risk, compliance, audit and ESG. Empowering more than 1 million users and 700,000 board members with a holistic view of their organization’s GRC practices so they can make better decisions, faster. No matter the challenge. Learn more at diligent.com.

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Julia Hanbury
Senior Marketing Communications Manager, Diligent
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