Methodology
What we measure, where the data comes from, and what the labels mean.
Lineage
Out Leadership launched OutQuorum in 2015 to advance LGBTQ+ representation on corporate boards. Our first full study, "Visibility Counts" (2021/22), established the baseline for LGBTQ+ board disclosure among major US companies. The OutQUORUM 2026 report cycle dataset — which reads 2025–26 filings — extends that work to 10 stock indices worldwide and 7 diversity dimensions, covering 8,130 index constituencies. Earlier published reports and guidelines are collected on the research page.
What we measure
For every company we record whether its public filings and governance disclosures report board-level data on each of seven dimensions: Gender, Race, Ethnicity, LGBTQ+, National Origin, Age, and Veteran Status. We measure disclosure — whether the company tells its shareholders — which is a prerequisite for accountability. A "No" means the dimension is not disclosed at board level, not that the board lacks diversity.
Veteran status was added for the 2025–26 cycle and has no 2024 baseline.
Sources and process
- 2024 baseline: hand-verified company-by-company review of proxy statements, annual reports, and governance disclosures.
- 2025–26 detection: a validated automated pipeline reads each company's most recent filings (e.g. DEF 14A, 10-K, 20-F, annual reports for non-US issuers) and classifies disclosure per dimension. Each company page shows an "as of" date taken from the primary filing read.
- Evidence verification: detections are spot-checked against source documents, and every year-over-year gain is audited to separate genuine disclosure changes from measurement differences.
- Community input: LGBTQ+ director nominations submitted through this site are verified against public evidence before entering the dataset.
Status labels
| Status | Meaning |
|---|---|
| Disclosing | Filings were read and at least one specific board-diversity dimension is disclosed. |
| General Only | Filings discuss diversity in general terms without board-level, per-dimension data. |
| No Disclosure | Filings were read and contain no board diversity disclosure. |
| Not Verified | Filings could not be read this cycle (not in a covered registry, no filings located, or text unreadable). No claim is made either way. |
Classification labels
Each company also carries a finer-grained classification: MATRIX (full board diversity matrix), SPECIFIC DEMO (specific demographic disclosure), RACE ETH (race/ethnicity only), AGE VET ONLY, GENERAL ONLY, NO BOARD DIVERSITY, and the non-read categories NOT IN SEC, NO FILINGS, NO TEXT READ.
Honest limitations
- Disclosure practices differ by jurisdiction; cross-index comparisons should account for local regulation (e.g. FTSE 350 companies report under UK Listing Rules; US companies' SEC matrix disclosure changed after 2023).
- The 2024 and 2025–26 collections used different methods (hand review vs validated automation). Single-cycle deltas can include measurement effects; audited gain/loss labels on each company page reflect our best determination.
- LGBTQ+ representation itself is undercounted everywhere: a director must be publicly out, or the company must disclose, for us to record it.
Questions about the methodology or a specific company record? Contact us or submit a correction — every submission is verified before publication.