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Methodology for Fortune Modern Board 25 (2022)

To select the Fortune Modern Board 25, Fortune developed a ranking system in collaboration with the Diligent Institute, the research arm and think tank of the global corporate-governance software company Diligent. These rankings are based on criteria that include expertise and independence of board members; diversity on the board, including of gender, age, and nationality; and the tenure of independent directors. 

In assigning scores to those criteria, we relied on corporate governance data aggregated from company reports and public filings by the Diligent Institute. 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 and ESG, by our measurements, and the company ranking determined by Fortune reflects the highest combined scores for both.