AL DÍA issues groundbreaking report on Latino representation on boards in Philadelphia
PHILADELPHIA -- AL DÍA News released the first Latinos on Boards Annual Report on Nov. 4, 2015. The report—which took several weeks of planning and roughly two months to put together—surveyed the boards of the top 40 companies in Philadelphia across four categories: publicly-traded companies, government-related institutions, arts and culture, and eds and meds.
By the numbers:
- 13 percent. The total number of Latinos in Philadelphia.
- 2 percent. The number of Latinos on boards across the top 40 boards in Philadelphia.
- 13 Latino men and 7 Latino women sit on boards in Philadelphia.
The stats are sobering, but we’re hoping that these annual reports will raise awareness and encourage local companies to show measurable changes with regards to implementing diversity initiatives.
On putting together the report, lead reporter Max Marin explains, “While we have a wealth of diversity reporting on the executive ranks of both the public and private sectors, nothing to date has looked at the makeup of local boards. We wanted to start the conversation, and started by focusing just on Latinos.”
AL DÍA News also hosted a follow up event at The Union League of Philadelphia with Cid Wilson, current President & CEO of HACR (Hispanic Association on Corporate Responsibility), as part of the National Speaker Series. During his talk, Wilson emphasized that because of the purchasing power of Latinos, “having a diverse board is not just the right thing to do, it's also good business.”
Board appointments are usually awarded within very closed networks and turn over is very low. Wilson also explained that, “60 percent of appointments are attained via in-network referrals versus 40 percent attained via recruitment agencies.” In addition, he called for diversifying recruitment efforts in order to tackle pipeline issues with regards to increasing diversity on corporate boards.
The report concludes with proactive advice from actual Latino directors on how young Latinos can work their way up into the boardroom, including volunteering for-profit and nonprofit institutions that have boards, and building their business and management experience.
AL DÍA News has brought this conversation and its challenges to light, we invite you to read and share our coverage of Latino representation on boards:
Available for comment: Hernan Guaracao, AL DÍA News CEO
Contact: Swabreen Bakr / 215-789-6969 / [email protected]
AL DÍA News Media is a dynamic news organization based in Philadelphia, with an increasingly national scope and reach. Our multi-platform news media organization showcases the fullness of the Latino experience in the United States — fostering engagement and driving a new American narrative. AL DÍA empowers Latinos to write their own story and is the only news media organization that defines the Latino experience proactively.
AL DÍA offers readers a unique perspective in the midst of the cluttered media landscape with its national news website available in English and Spanish, a newspaper, English-language events including media panels, political conversations, and other ambitious content initiatives. Our print product has a 96 percent reach in the Latino market and is the only audited and only award-winning publication for the Latino audience in the Greater Philadelphia region. Visit aldianews.com for more information.