There are still few Latinos on boards of directors in the U.S.
According to a report by the Latino Corporate Directors Association (LCDA), they only represent 1% on the boards of Fortune 500 companies.
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The number is lower even though Latinos make up the second largest demographic in the United States.
Esther Aguilera, executive director of LCDA, stated at the L’ATTITUDE Conference:
Sixty-five percent of Fortune 1000 companies lack Latinos, and Latinos are seeing the least growth of any other group.
Latino Figures in Corporate America
Citing figures from the report, Latinos comprise almost 20% of the U.S. population and were responsible for an economic output of $2.7 trillion in 2020.
It's Not Positive News
LDCA's annual report, Latino Board Monitor 2022, reveals a lack of U.S. Hispanic/Latino representation on the country's largest business boards. The 2022 findings confirm that this group has been left out of Fortune 1000 boardrooms for decades.
“These are extremely accomplished individuals, who have led and grown business on the corporate level internationally and they add additional value and insight into new markets. We had American Airlines, Apple and a lot of companies start to get it. So the question becomes, where are the rest?” pointed out Aguilera.
Here are some of the highlights:
- Only 47% of Latino directors have a presence on the boards of Fortune 1000 companies.
- 65% of companies lack a Hispanic presence on their boards.
- The percentage of board seats held by Latinos has increased, to 4.4% at Fortune 500 companies and 4.1% at Fortune 1000 companies (an increase of 3.7% and 3.2% in 2020).
- Only 53 Fortune 1000 companies have Hispanic/Latino representation in the boardroom.
This report is based on data from the Latino Board Tracker developed by LCDA to assess, identify and measure the representation of Latino directors in companies ranked on the Fortune 1000 list on an annual basis. The report is current as of August 31, 2022.
To read the full report click here.