More than half of boards are exactly half independent
Each thin column is one share of outside seats. Its height is how many boards have it. 1,827 of 3,483 sit on exactly half.
What the chart shows
1,827 of 3,483 listed boards have exactly half their seats held by independent directors. That is 52.5% of them, all on one single level. The next busiest level holds 287.
Where boards sit (share of seats that are independent, 31 Mar 2026)
| 50% | 1,827 boards |
|---|---|
| 57% | 287 boards |
| 67% | 203 boards |
| 60% | 196 boards |
| 33% | 142 boards |
| 56% | 121 boards |
| 43% | 105 boards |
| 40% | 91 boards |
| 63% | 85 boards |
| 75% | 56 boards |
The same half, different sizes
- 6 seats, 3 independent: 945 boards
- 8 seats, 4 independent: 433 boards
- 10 seats, 5 independent: 199 boards
- 4 seats, 2 independent: 154 boards
- 12 seats, 6 independent: 64 boards
- and 32 more on bigger boards
Boards on exactly half, quarter by quarter
| Mar 26 | 52% of 3,483 boards |
|---|---|
| Dec 25 | 53% of 3,441 boards |
| Sep 25 | 49% of 3,386 boards |
| Jun 25 | 51% of 3,318 boards |
| Mar 25 | 51% of 3,241 boards |
| Dec 24 | 52% of 3,241 boards |
Half is also a level the listing rules ask for, so a board on exactly half is meeting a floor, not falling short of one. 142 boards sit at one seat in three and 63 sit lower. 3 boards are entirely independent. This counts seats as filed, not how a board behaves, and no company is named or ranked.
How it is measured
Every listed company files a report on how its board is run each quarter (the corporate-governance report). This counts one filing per company for the quarter ended 31 Mar 2026: board size and how many of those seats are held by independent directors (outsiders with no business or family tie to the company or its owners), both as filed. The level is independent seats divided by board size, so it can only take the values a board of that size allows. 3,483 of 3,502 filings are included; the rest are left out as gaps in the filing rather than facts (12 reported no independent director; 3 reported a board of under three seats; 4 gave no figure).
It counts seats, not how any board behaves, and no company is named or scored.
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MarketPing. (2026, October 7). More than half of boards are exactly half independent [Chart]. https://marketping.in/charts/board-line
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More on owners and boards
Facts from public exchange data and company filings. Not investment advice, and not a recommendation about any security. For frozen, citable findings with a full method, see our studies.