Fortune 1000 companies lack Latino board representation, including Amazon, UnitedHealth Group, Berkshire Hathaway, AmerisourceBergen, and others.
WASHINGTON, Sept. 23, 2022 /PRNewswire/ -- As part of this year's L'ATTITUDE business conference, Latino Corporate Directors Association (LCDA), the leading national organization advancing Hispanic/Latino representation on corporate boards, released their annual report, the 2022 Latino Board Monitor, revealing a lack of US Hispanic/Latino representation on the largest company boards in the country. Latino directors are missing on 47 percent of Fortune 100 boards and 59 percent of Fortune 500 boards, while the Fortune 1000 fares worse with 65 percent of companies lacking the Hispanic/Latino perspective.
"In a country where the U.S. Latino GDP is $2.7 trillion, and, over the past 2 years, has grown at double the rate of the broader U.S. economy, companies need this perspective in their boardrooms. If companies want to grow and keep pace in this new mainstream economy, every board should immediately begin placing Latino(a)s on their board and in C-Suite positions... because we all know, no one wants to be seen as leaving money on the table," stated Sol Trujillo-International Business Executive/Founder & Chairman, Trujillo Group, LLC/Chairman of the Latino Donor Collaborative (LDC)/Co-Founder of L'ATTITUDE.
As reported in 2022, there has been no change on Fortune 100 company boards, with 53 Fortune 100 companies having Hispanic/Latino boardroom representation, indicating that a majority of the nation's largest corporations value a Hispanic/Latino perspective in the boardroom. Alternatively, Amazon, Exxon Mobil, UnitedHealth Group, Berkshire Hathaway, and AmerisourceBergen top the list of 47 Fortune 100 companies without Hispanic/Latinos on the board.
"A commitment to diversity and inclusion is incomplete without Latinos. 65 percent of Fortune 1000 boards have no Latino directors, even though 2 in 10 Americans are Latino. We contribute 25 percent of the country's GDP and will contribute 78 percent of net new workers to the workforce during this decade. This has to change," noted Elizabeth Oliver-Farrow, LCDA Board Chair; Director, Hispanic Communications Network LLC.
US Latinos are the second largest US population group totaling 62.1 million, yet have the widest representation gap to close in the boardroom. Progress is being made to diversify S&P 500 boardrooms with Black Americans holding 11 percent of total board seats and 26 percent of new appointments, and Asian Americans holding 6 percent of total board seats and 10 percent of new appointments. Still, Hispanic/Latinos continue to be the least tapped for board seats, holding a mere 5 percent of total board seats, and only 8 percent of new appointments.
LCDA continues to work to change the misperception that Latino business leaders are hard to find by providing corporate boards with a trusted talent resource for experienced Latino board directors and executives primed for the boardroom.
2022 findings reveal US Latino representation comprising 4.4 percent of Fortune 500 and 4.1 percent of Fortune 1000 boards. LCDA influenced a rapid rise in the last two years, versus the last decade. In the Fortune 500, Latino representation shifted from 0.7 percent, in a 2-year span, versus 1.1 percent, over a 10-year span.
"The number of Latinos on boards is so small, and we keep hearing that organizations can't find qualified candidates. With our growing LCDA network of members, we've proven there is an ample supply, and that excuse no longer applies. Despite this strong qualified pool, Latinos have long been systematically excluded and bypassed. This is unacceptable in 21st century America," said Esther Aguilera, President and CEO, Latino Corporate Directors Association (LCDA)
Every year, LCDA will release a board audit of Latino representation on Fortune 1000 companies in conjunction with the L'ATTITUDE business leaders conference.
The Latino Corporate Directors Association (LCDA) is a national organization promoting C-level and board diversity to maximize business success. LCDA serves as an advocate and resource to corporate boards, search firms, private equity, and institutional investors interested in gaining access to exceptional Latino board talent. Our program areas focus on growing the supply of high caliber boardroom candidates and providing quality corporate governance programming for experienced and aspiring directors.
SOURCE Latino Corporate Directors Association