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The Modern Board 25 features the most innovative boards of directors among S&amp;P 500 companies. It’s based on the belief that in a rapidly changing business climate, board innovation—and the high performance that comes with it—is predicated on who's in the room. As companies seek to drive change in talent strategy, diversity, sustainability, and social issues, they’ll need more diverse leadership at the very top. But they’ll also need the insight and strength that come with experience. With that in mind, Fortune collaborated with <a href="https://www.diligent.com/?utm_campaign=DIL-GL--NL-2023-Fortune&amp;utm_medium=content-syndication&amp;utm_source=fortune%E2%80%8B&amp;utm_content=MB25US">Diligent</a>, a SaaS solution provider across global corporate governance, to develop the ranking—based on criteria that include the expertise, independence, diversity, and tenure of board membership. See our methodology <a href="https://fortune.com/franchise-list-page/modern-board-25-2023-methodology/">here</a>.

F5, a Seattle-based cyber security and application delivery firm, took the top spot in this year’s Modern Board ranking on the strength of its board independence, age dispersion (its youngest director is 45), and performance. CEO François Locoh-Donou sits on the board, but its chair is longtime director Alan Higginson, CEO and chair of Hubspot. Other heavyweight directors include Marie Myers, the chief financial officer of HP Inc.; James Phillips, who once led Microsoft’s Digital Transformation Platform Group and advised Microsoft CEO Satya Nadella; Sri Shivananda, chief technology officer of PayPal Holdings; and Peter Klein, who has held the CFO role at WME and Microsoft. Despite a challenging environment, F5 saw revenue rise 11% year over year in the second quarter of 2023, bringing in $703 million in revenue. The company also recently inked a deal with Visa to offer merchants a personalized and secure payment app. But like most of its tech brethren, F5 has conducted mass layoffs. In April, it announced it would cut 9% of its staff globally and offer “generous” severance packages. Locoh-Donou’s CEO bonus was also a victim of the firm’s cost-cutting measures.

The U.K.-based industrial gas and engineering company rose from No. 8 in the 2022 Modern Board 25 index to second place this year. Linde—whose ubiquitous products include gases used in manufacturing and across the cold chain—also recently won accolades for its climate efforts, landing a spot in S&amp;P Global’s Sustainability Yearbook for the 20th consecutive year. Linde’s 10-person board includes several international directors and executives with deep expertise in the chemical sector. Last year, the company brought in $33 billion in sales, very little derived from its Russian market. Following the invasion of Ukraine, Linde deconsolidated its Russian operations. It also contributes to international crisis relief agencies.

Linde

A diverse set of high-powered Wall Street players dominate the 13-person board at market information stalwart S&amp;P Global. The New York–based company employs six current or former CEOs as directors, including Douglas Peterson, the company’s chief executive, and the ex-CEOs of Bank of New York Mellon and Accenture. Gay Huey Evans, former chair of the London Metal Exchange, is among S&amp;P Global’s five female directors. Richard Thornburg, the non-executive chair of the board, was formerly the CFO and chief risk officer of Credit Suisse and a non-executive chair of the financial giant. Gregory Washington, president of George Mason University, who has also led research for the NSF, NASA, and Air Force Research Laboratory, rounds out the board’s expertise. He is one of two Black directors, along with Stephanie Hill, executive vice president of rotary and mission systems at Lockheed Martin. In December, S&amp;P Global unveiled a strategic road map for its next growth phase, revealing plans to leverage A.I. and invest in private markets, sustainability, climate, energy transition, credit and risk management, and emerging markets.

S&P Global

Gen Digital, previously known as NortonLifeLock, is one of two software companies cracking the top five of the Modern Board 25, perhaps reflecting rising awareness of the need for cyber protection. The board of the Tempe, Ariz.– and Prague, Czech Republic–based firm won high scores for industry performance and diversity of age and nationality. (Its youngest director, age 43, is also the youngest of any among the Modern Board 25.) The board’s chair is Frank Dangeard, a managing partner at Harcourt and former CEO of Thomson S.A. Other high-profile directors include a former CFO of Broadcom, a former chief sales and marketing officer for HPE, a managing partner at Paul Hasting, and a cofounder of Avast, a Gen Digital brand. One board member, Emily Heath, investigated fraud and money laundering crimes as a detective for the Cheshire Police in the U.K. before landing cybersecurity C-suite roles at companies such as United Airlines and DocuSign.

Gen Digital

Primarily an energy services provider, Baker Hughes is rooted in the fossil fuel business. Still, it sees a pivotal role for its liquefied natural gas and energy transition products in a clean-energy future as companies migrate to electric power and seek greener fuel sources. The firm’s corporate governance charter emphasizes a commitment to sustainability targets, employee engagement, and ethics, the latter value demonstrated in its 2022 decision to sell the company’s Russian properties to a local operator months after Russia’s invasion of Ukraine. Lorenzo Simonelli, a GE veteran who has led Baker Hughes since it merged with GE Oil and Gas in 2017, chairs the board. He works with lead independent director W. Geoffrey Beattie, CEO of private equity firm Generation Capital. Though lean, with just nine directors, the Baker Hughes board is stacked with former CEOs from the energy, natural resources, and industrials sectors, including Lynn Elsenhans, former chair and CEO of Sunoco; Cynthia Carroll, former CEO of Anglo American; and Nelda Connors, former CEO of Atkore International, who now runs the women- and minority-owned investment firm Pine Grove Holdings. The company reported $289 million in profits in the year’s first quarter, beating analyst estimates.

Baker Hughes

Newmont Corp., the world’s largest gold mining company, has pledged to reach gender parity in leadership roles by 2030 and announced several environmental impact initiatives—although its effort to reduce fresh-water consumption in water-stressed areas by 10% in 2022 fell short. The 12-person board, which has five female directors, is chaired by Gregory Boyce, former CEO of coal company Peabody Energy. Directors have a mix of the operations experience necessary to oversee the manufacturing-intensive mining business, including Julio Quintana, former president and CEO of Tesco Corp., which makes oil drilling equipment; and Emma FitzGerald, former CEO of Puma Energy, an oil company that services emerging markets in Africa, Central America, and Asia. Newmont tapped leaders such as Jane Nelson, a longtime corporate social responsibility advisor for companies like Exxon Mobil and GE, to help it progress on CSR goals, including mining conflict-free gold and increasing the number of local and indigenous employees at its mines. In April, Newmont submitted a reported $19.5 billion bid to <a href="https://www.newmont.com/investors/news-release/news-details/2023/Newmont-to-Enter-into-Confirmatory-Due-Diligence-on-Newcrest/default.aspx">buy its competitor Newcrest</a>.

Newmont

In 2022, HP was the only tech company to receive A ratings from the Carbon Disclosure Project for its sustainability efforts, including reaching zero greenhouse gas emissions by 2040 and counteracting deforestation for non-HP paper products used in its printers by 2030. HP jumped from No. 9 in the 2022 Modern Board 25 ranking to seven this year. Outgoing Levi Strauss CEO Chip Bergh has helmed HP’s board since 2017, bringing experience in consumer goods as the tech company doubles down on consumer electronics since its 2015 decoupling from Hewlett Packard’s enterprise tech business. Notable board members include Bruce Broussard, CEO of health care company Humana; Stacy Brown-Philpot, former CEO of TaskRabbit; and Judith Miscik, CEO of geopolitical consulting firm Kissinger Associates and former CIA deputy director of intelligence. After a 2022 net revenue drop of 0.8% year over year, the company announced a cost-cutting plan to save $1.4 billion through 2025, including <a href="https://fortune.com/2022/11/22/hp-inc-layoffs-thousands-of-employees-decling-sales-economy/">6,000 employee layoffs</a> over the next three years. Forty-six percent of HP’s 13-person board (12 of whom are independent) are members of underrepresented groups, and 46% are women.

Employment services juggernaut Robert Half International makes its debut on the list this year, coming in at No. 8. It saw strong financial performance in 2022, with $7.2 billion in revenue, up 12% year over year, and was named to Fortune’s <a href="https://fortune.com/ranking/best-companies/2023/">100 Best Companies to Work For</a> and <a href="https://fortune.com/ranking/worlds-most-admired-companies/2023/">World’s Most Admired Companies</a> lists for 2023. Most of the eight directors on the board come from the consulting and professional services sectors. Notable exceptions include Marc Morial, president and CEO of civil rights organization the National Urban League, and Marnie Wilking, chief information security officer of $17.1 billion Booking.com, perhaps an indication of Robert Half’s efforts to integrate diversity and A.I., respectively, into its various consulting practices. Wilking joined the board in August, replacing former director Barbara Novogradac who passed away in March 2022. Wilking is one of two female board members. Earlier this year, Robert Half committed to reducing Scope 1 and 2 greenhouse gas emissions by 55% and Scope 3 emissions by 62% by 2032 compared with 2019.

Robert Half International

Last year, the New York–based Bristol-Myers Squibb tied ESG initiatives to executive compensation in a first for the pharmaceutical company. That effort came after a 2022 initiative to have 25% of clinical trials in diverse communities. CEO Giovanni Caforio chairs the 11-member board, of whom 10 are independent directors. Other directors include Peter Arduini, president and CEO of GE Healthcare, and Paula Price, who most recently served as Macy’s chief financial officer. Deepak Bhatt, director of Mount Sinai Heart, is the latest board appointment, tapped for his extensive cardiovascular research and clinical trial expertise. In June, the board <a href="https://www.fiercebiotech.com/biotech/bms-strikes-roche-rivalry-41b-acquisition-turning-point">approved the acquisition</a> of cancer drug company Turning Point Therapeutics for $76 a share in a deal totaling $4.1 billion. The firm is still scouting for new M&amp;A deals, Caforio said in its latest earnings call, as the pharma giant tries to offset a sales loss from two drugs that lost patent exclusivity last year. Also in 2022, the company laid off roughly 170 employees due to redundancies from its 2019 acquisition of Celgene. Women and minorities separately make up 36% of the board. Current chief operating officer Christopher Boerner will succeed Caforio when he steps down in November.

Bristol-Myers Squibb

The parent company of drugstore chain Walgreens fell seven notches from No. 3 in 2022 to No. 10. But it still made the top 10 thanks to its keen ESG focus and gender parity. Women represent five of its 10 board members. Although CEO Rosalind Brewer sits on the board, it's chaired by Stefano Pessina, former CEO of the Illinois-based retail pharmacy company. Board members include IBM’s global chief data officer, Inderpal Bhandari; former president and CEO of Amylin Pharmaceuticals Ginger L. Graham; and the CEO of the Obama Foundation, Valerie Jarrett. For the second quarter of this fiscal year, the company’s sales increased 3.3% year over year to $34.9 billion—although its net earnings dropped to $703 million compared to $883 million the previous year, which it attributed to lower operating income.

Walgreens Boots Alliance

Schlumberger, the oil field services company, makes its Modern Board 25 debut this year thanks to its effectiveness and independence, with 10 of its 12 directors independent. But the offshore drilling company, relabeled as SLB in 2022, has garnered criticism for continuing operations in Russia after its Ukraine invasion; SLB says it has stopped new investments and new technology deployments there. The Texas-based company, led by chief executive Olivier Le Peuch, separates its CEO and chair roles. Its 12-member board, three of whom are women, includes Peter Coleman, former CEO of Woodside Petroleum; Patrick de La Chevardière, former chief financial officer of Total S.A.; and Maria Moræus Hanssen, former deputy CEO and chief operating officer of Wintershall Dea GmbH. The company says its mission is to drive high-performance sustainability by balancing the opportunities and risks associated with energy transition and climate change.

Schlumberger

Citigroup’s board boasts an impressive array of finance executives, and it scores high on gender diversity. Seven of the 13 directors are women, making it one of the most gender-inclusive boards in finance. Some of the accomplished and influential women on the board include Ellen Costello, the former CEO of BMO Financial; Grace Dailey, former deputy comptroller for Bank Supervision Policy and chief national bank examiner; former Citibank CEO Barbara Desoer; and current CEO Jane Fraser. At least two-thirds of the board is independent. Citigroup has seen solid growth this year. Its first-quarter revenue from its Asia Wealth division grew 20% because of its investment gains and new regional clients. The bank’s stock is up 20% year to date.

Citigroup

Intel made the 2023 list as a result of its age dispersion and board independence. But it’s weathered a stormy year with supply-chain snarls in the chip industry and <a href="https://fortune.com/2022/07/15/pc-prises-increasing-as-demand-falls-intel-chip-prices/">depressed demand</a> for personal computers. The company’s shares fell by about 35% from <a href="https://www.google.com/finance/quote/INTC:NASDAQ?sa=X&amp;ved=2ahUKEwiv_LyLiMH-AhU7kokEHYQrCKgQ3ecFegQIKBAa&amp;window=1Y">April</a> 2022 to 2023, and it reported a 32% dip in fourth-quarter earnings year over year. The chipmaker cut management pay in early 2023 as part of a turnaround plan—including a<a href="https://fortune.com/2023/02/01/intel-pay-cut-pat-gelsinger-samsung-amd-sk-hynix-q4-earnings/"> 25% cut</a> to CEO Pat Gelsinger’s base pay—and conducted layoffs as well. Intel has made several new board appointments over the past year, including Lip-Bu Tan, founding managing partner of Walden Catalyst Ventures; and Barbara Novick, cofounder of asset management firm BlackRock. It also tapped Frank Yeary, a managing member of private investment firm Darwin Capital Advisors and an existing member of Intel’s board, as its new chair. There are five women on Intel’s 12-person <a href="https://www.intc.com/board-and-governance/board-of-directors">board</a>.

Intel

The water and wastewater utility firm based in Camden, N.J., is led by president and CEO Susan Hardwick and chaired by Karl Kurz, former chief operating officer of Anadarko. Members include Jeffrey Edwards, COO of investment advisor New Vernon Capital; Julia Johnson, president of strategy consulting firm NetCommunications; and Kimberly Harris, president and CEO of Puget Sound Energy, Washington state’s largest utility. Last December, two independent members <a href="https://www.businesswire.com/news/home/20221208005038/en/American-Water-Appoints-Two-New-Independent-Members-to-the-Board-of-Directors">were appointed</a> to the board: Laurie Havanec, chief people officer at CVS Health, and Michael Marberry, former CEO of portfolio management company J.M. Huber. There are six women on its 11-member board, according to the company’s latest <a href="https://finance.yahoo.com/news/american-water-publishes-2022-esg-130000359.html">ESG report</a>, which also includes several short-term and longer-range sustainability goals. The utility has pledged to increase water-use efficiency and achieve net-zero absolute emissions by 2050.

American Water Works

Hasbro, the toy and games maker, joins the Modern Board 25 for the first time this year on the strength of its board effectiveness and focus on ESG. Its 13-member board includes seven female directors, making the 100-year-old company a leader in boardroom gender diversity. Several board picks—including executives from Ring, Lionsgate, and Candy Crush creator King Digital Entertainment—reflect the company’s emphasis on market tie-ins with blockbuster movies and in-house branded games as a growth source. Richard Stoddart, former CEO of marketing firm InnerWorkings, serves as board chair rather than Hasbro CEO Chris Cocks, who has no previous board experience. Earnings met analyst expectations last quarter, though the company saw a year-over-year adjusted net earnings decline of 15%. Hasbro reduced its film and TV production and conducted layoffs across its global workforce this year to cut costs.

Hasbro

Brothers Steven and Mitchell Rales sit on the board of the medical tech firm they cofounded in 1984, with Steven <a href="https://www.wsj.com/market-data/quotes/DHR/company-people">as chair</a>. The firm, based in Washington, D.C., jumped from No. 25 on the 2022 Modern Board ranking to No. 16 this year, scoring high on ESG and given the addition of senior independent nonexecutive directors. CEO Rainer Blair, who joined in September 2020, serves on the board; as do <a href="https://www.prnewswire.com/news-releases/danaher-announces-appointment-of-feroz-dewan-to-danaher-board-301578322.html">Feroz Dewan</a>, CEO of Arena Holdings Management; Linda Hefner Filler, former president of retail products at Walgreens; and Teri List, previously Gap’s CFO. The company also has a nine-member scientific <a href="https://www.danaher.com/who-we-are/leadership-team">advisory board</a>, all of whom hold a Ph.D. or are medical doctors. Danaher has been affected by slowing demand for COVID-19-related products and recently lowered its annual sales growth forecast owing to a funding crunch in its biotech business. The medical firm has committed to <a href="https://investors.danaher.com/2022-10-05-Danaher-Releases-2022-Sustainability-Report-and-Announces-New-Greenhouse-Gas-Emissions-Reduction-Target">new sustainability goals</a>, setting a 10-year target in 2022 to cut 50.4% of Scope 1 and 2 greenhouse gas emissions.

Danaher

The e-commerce juggernaut has fallen slightly in the Modern Board 25 rankings but still earned a spot for its accomplishments in gender representation and diversity. Its 11-member board includes founder and former CEO Jeff Bezos and CEO Andy Jassy, the longtime <a href="https://fortune.com/company/amazon-com/">Amazon</a> Web Services head who succeeded Bezos. The board also boasts ex-CEOs such as PepsiCo’s Indra Nooyi and MTV’s Judith McGrath; as well as Edith Cooper, a former Goldman Sachs executive and cofounder of professional coaching platform Medley; and former U.S. Deputy Attorney General Jamie Gorelick. Amazon has ramped up cost-cutting measures recently and laid off 9,000 employees <a href="https://www.aboutamazon.com/news/company-news/update-from-ceo-andy-jassy-on-amazons-operating-plan-and-additional-role-eliminations">in April</a>, following an earlier round of 18,000. It’s also dealing with unionization efforts at several of its warehouses. On the sustainability front, the retail behemoth says it’s on a path to powering operations solely with renewable energy by 2025, noting that several of its AWS data center regions are powered by at least 95% renewable energy.

Amazon

The software company earned a spot on the Modern Board 25 for its notable expertise and diversity. Members of its 11-person board range in age from 46 to 70, and four are women. In May, it added LinkedIn CEO Ryan Roslansky and Zoom CEO Eric Yuan. The board includes other current and former chief executives, including Intuit cofounder and ex-CEO Scott Cook; Ancestry.com CEO Deborah Liu; Oportun CEO Raul Vazquez; Waymo co-CEO Tekedra Mawakana; as well as directors with ties to Hearst and Amazon. Intuit has avoided mass layoffs in 2023 as other tech firms shed staff. The company aims for revenue growth of approximately 10% to 12% this fiscal year and an operating income of at least $2.8 billion.

Intuit

The IT company’s board has endured a few shake-ups in recent months. Among the changes is the appointment of CEO Ravi Kumar S, former president of Infosys and successor to Brian Humphries following his dismissal in January. Kumar has pushed for the expansion of Cognizant’s portfolio of digital services since stepping into the role. In February, Cognizant appointed former Enphase Energy CFO Eric Branderiz to its board, touting his experience in accounting, M&amp;A execution, risk management, and ESG. Maureen Breakiron-Evans, who joined the board in 2009, has said she will not stand for reelection this year. In late March, the board welcomed another new member, Abraham “Bram” Schot, who most recently served as chairman and CEO of Audi AG.

Cognizant Technology Solutions

The medical supply and lab equipment provider’s board includes highly specialized and acclaimed medical professionals, executives, and financial officers. Many members are doctors themselves, including the chair, Flemming Ornskov, CEO of dermatology health care company Galderma. Other board members include Waters CEO Udit Batra; Pearl Huang, CEO of Dunad Therapeutics; and former managing director of Bain Capital Edward Conard. In April, Waters agreed to acquire light scattering tech firm Wyatt Technology for a staggering $1.36 billion. The company’s stock is up 5% year over year.

Waters

After reaching the top spot on last year’s Modern Board 25 ranking, Microsoft has taken a steep tumble but still makes an appearance given its commitment to ESG and board expertise. Its movement on the former includes a push to be carbon negative by 2030, remove historical emissions, and build a “planetary computer” to measure, monitor, and model environmental data. The 12-member board, almost all of whom are independent, includes CEO Satya Nadella, who has been with Microsoft since the early ’90s and previously served as executive vice president of Microsoft’s cloud and enterprise group. Other CEO directors include Wells Fargo’s Charles Scharf, Padmasree Warrior of social reading platform Fable Group, and Emma Walmsley of biopharmaceutical company GSK. In April, The U.K.’s antitrust watchdog vetoed Microsoft’s $69 billion bid to acquire gaming company Activision Blizzard. The company plans to appeal, but a remedy will take time.

Microsoft

The iconic American fashion firm makes its Modern Board debut this year, receiving high marks in ESG and efficiency. But it lags on gender diversity: Just five women sit on its 14-member board. Although CEO Patrice Louvet is on the board, it’s chaired by the company’s founder, Ralph Lauren, who also serves as chief creative officer. Other members are current and former CEOs, including Linda Findley, president and CEO of Blue Apron Holdings; Michael George, former CEO of Qurate Retail; and Valerie Jarrett, CEO of the Barack Obama Foundation. Ralph Lauren’s board members are between 49 and 90 years old, with a 79% nationality dispersion. In October 2022, Ralph Lauren joined the U.S. Cotton Trust Protocol, a verification platform to promote more sustainably grown cotton. The company reported a third-quarter revenue increase of 1% to $1.8 billion.

Ralph Lauren

The health insurance provider’s board, including experts in the medical field and a who’s who of finance executives, also scores strongly in gender, racial, and age diversity. Its chair, Elizabeth Tallett, is a health care consultant and previously the CEO of pharmaceutical firm Transcell Technologies. Other board members include Elevance CEO Gail Boudreaux and Robert L. Dixon, former CIO of PepsiCo. Elevance’s stock is down 8% year to date, but the company plans to expand several care management programs and product offerings. Elevance hit a first-quarter profit of $2 billion, adding 1.3 million new members.

Elevance Health

The world’s largest tool company scores high on gender diversity. Andrea Ayers, former head of information management company Convergys Corp., was elected chair in 2022. Stanley Black &amp; Decker CEO Donald Allen also sits on the board, along with Debra Crew, COO of alcoholic beverage producer Diageo, and former CFO of 3M Patrick Campbell. There are four women on its 10-member board. The company’s stock is up 5% year to date, but it experienced some recent losses, like the recall of about $2.2 million worth of fiberglass sledgehammers in April over safety concerns.

Stanley Black & Decker

The Phoenix-based mining company supplies about 9% of the world’s mined copper and is led by CEO and board chair Richard Adkerson. FCX has <a href="https://www.fcx.com/about/board-of-directors">12 members</a> on its board, including David Abney, former CEO of UPS; Lydia Kennard, CEO of KDG Construction Consulting; and John Stephens, former AT&amp;T CFO. In February, the company appointed its president, Kathleen Quirk, to the board. FCX has grappled with an ongoing <a href="https://www.reuters.com/markets/commodities/copper-miner-freeport-mcmoran-beats-profit-estimates-2023-04-21/">labor shortage</a> in the copper mining industry in recent months. Its metals are critical to support decarbonization efforts and the green energy transition. In its 2022<a href="https://www.fcx.com/sustainability"> sustainability report</a>—its 22nd to date—the company outlined its ESG performance, covering human rights, responsible supply-chain practices, and ethics, among other matters. There are five women members on its 12-person board.

Freeport-McMoRan

The Top 25

Fortune collaborated with the Diligent Institute to rank the most innovative boards of directors among S&P 500.

Fortune Modern Board 25

The Top 25