LCDA Releases Latest Latino Advice Monitor Revealing Latinos Are Missing From 65% Of Fortune 1000 Advice

Fortune 1000 companies lack Latin American board representation, including Amazon, UnitedHealth Group, Berkshire Hathaway, AmerisourceBergen and others.

WASHINGTON, September 23, 2022 /PRNewswire/ — As part of this year THE ATTITUDE business conference, Latin American Association of Corporate Directors (LCDA)the leading national organization promoting Hispanic/Latino representation on boards of directors, released its annual report, the Latino Board Monitor 2022, revealing a lack of Hispanic/Latino representation on the nation’s top corporate boards. Latino directors are absent from 47% of Fortune 100 boards and 59% of Fortune 500 boards, while the Fortune 1000 fares worse with 65% of companies not having the Hispanic/Latino perspective.

“In a country where the Latin American GDP is $2.7 trillion, and, over the past 2 years, has grown twice as fast as the entire US economy, companies need that perspective on their boards. If companies want to grow and keep pace with this new mainstream economy, every board should immediately start placing Latinos on their board and in C-Suite positions…because that we all know that no one wants to be seen as leaving the money on the table,” said Sol Trujillo-International Business Executive/Founder & Chairman, Trujillo GroupLLC/President of the Latino Donor Collaborative (LDC)/Co-founder of L’ATTITUDE.

As reported in 2022, there have been no changes to the boards of Fortune 100 companies, with 53 Fortune 100 companies having Hispanic/Latino representation in the boardroom, indicating that a majority of most top companies in the country appreciate 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 Hispanics/Latinos on the board.

“A commitment to diversity and inclusion is incomplete without Latinos. 65% of Fortune 1000 boards have no Latino directors, even though 2 in 10 Americans are Latino. We contribute 25% of the GDP of the country and will bring 78% of net new workers into the workforce this decade. This needs to change,” noted Elizabeth Oliver Farrow, Chairman of the Board of LCDA; Director, Hispanic Communications Network LLC.

American Latinos are the second largest population group in the United States with a total of 62.1 million, but have the largest representation gap to close in the boardroom. Progress is being made to diversify the boardrooms of the S&P 500, with Black Americans holding 11% of total board seats and 26% of new appointments, and Asian Americans holding 6% of total board seats. Board seats and 10% of new appointments. Yet Hispanics/Latinos continue to be the least sought after for board seats, holding just 5% of total board seats and only 8% of new appointments.

LCDA continues to work to change the misperception that Latino business leaders are hard to find by providing boards with a trusted talent resource for experienced Latino directors and executives prepared for the boardroom.

The 2022 results reveal Latin American representation comprising 4.4% of Fortune 500 boards and 4.1% of Fortune 1000 boards. LCDA has influenced a rapid increase over the past two years, compared to the last decade. In the Fortune 500, the representation of Latinos increased from 0.7% over a 2-year period to 1.1% over a 10-year period.

“The number of Latinos on boards is so small, and we keep hearing that organizations can’t find qualified candidates. With our growing network of LCDA members, we’ve proven that there is enough supply, and that excuse no longer applies. Despite this qualified pool, Latinos have long been systematically excluded and bypassed. This is unacceptable in 21st century America,” said Esther AguileraPresident and CEO, Latino Corporate Directors Association (LCDA)

Each year, LCDA will release a board audit of Latin American representation at Fortune 1000 companies in conjunction with the ATTITUDE CEO conference.

About the Association of Latin American Corporate Directors

The Latino Corporate Directors Association (LCDA) is a national organization that promotes C-level and board diversity to maximize business success. LCDA serves as an advocate and resource for boards of directors, research firms, private equity and institutional investors interested in gaining access to exceptional Latino talent. Our program areas focus on growing the supply of high caliber board candidates and providing quality corporate governance programs for experienced and aspiring directors.

Contact:
Monique Navarre
(915) 790-7788
[email protected]

SOURCE Association of Latin American Corporate Directors

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