Latinos are the second largest population group in the United States, but according to a new report from the Latino Corporate Directors Association, they are vastly underrepresented on corporate boards.
“Sixty-five percent of Fortune 1000 companies have no Latinos, and Latinos see the least growth of all other groups,” LCDA CEO Esther Aguilera told TAUT during this week’s L’Attitude conference.
It is even worse for women. Latinas hold just 1% of board seats in Fortune 500 companies, according to the report
Latinos make up nearly 20% of the U.S. population and were responsible for $2.7 trillion in economic output in 2020.
We contribute 25% of the country’s GDP and will contribute 78% of net new workers to the workforce this decade. This has to change,” Elizabeth Oliver-Farrow, president of the Latino Corporate Directors Association, said in a press release.
The Latino Corporate Directors Association, a membership-based organization of American Latinos at the highest levels of corporate leadership and corporate governance, was established to increase representation of American Latinos on boards of directors by raising the profile of Latin American talent ready for to enlarge the boardroom.
“These are extremely talented individuals, who have led and grown business internationally at the corporate level and bring added value and insight to new markets,” said Aguilera.
While companies still have a long way to go, she said, they have seen success recently.
Nike announced Wednesday that Monica Gil, chief administrative and marketing officer of NBCUniversal Telemundo Enterprises, would join its board of directors.
“We had American Airlines, Apple and a lot of companies started to understand. So the question becomes, ‘Hey, these companies are ramping up,’ Aguilera said. ‘Where’s the rest?’
Disclosure: NBC Universal is the parent company of TAUT.