Latinos are the second-largest demographic in the United States, yet they are grossly underrepresented on corporate boards, according to a new report from the Latino Corporate Directors Association.
“Sixty-five percent of Fortune 1000 companies are lacking Latinos, and Latinos are experiencing the lowest growth of any other group,” Esther Aguilera, CEO of LCDA, told CNBC at The Attitude of this week.
It’s even worse for women. Latinas have just 1% of board seats at Fortune 500 companies, report finds
Latinos make up nearly 20% of the US population and were responsible for $2.7 trillion in economic output in 2020.
We contribute 25% of the country’s GDP and will bring 78% of net new workers to the workforce this decade. This needs to change,” Elizabeth Oliver-Farrow, president of the Latino Corporate Directors Association, said in a statement.
The Latino Corporate Directors Association, a membership-based organization of American Latinos at the highest level of corporate management and governance, was created to increase the representation of Latinos Americans on corporate boards by increasing the visibility of Hispanic talents prepared for the boardroom.
“These are extremely accomplished individuals, who have led and grown enterprise-level activities internationally and are adding additional value and insight into new markets,” Aguilera said.
Although the companies still have a long way to go, she said, they have seen some success recently.
On Wednesday, Nike announced that Monica Gil, administrative and marketing director of NBCUniversal Telemundo Enterprises, will join its board of directors.
“We had American Airlines, Apple, and many companies starting to get it. So the question becomes, “Hey, these companies are stepping up,” Aguilera said. ” Where are the others ?
Disclosure: NBC Universal is the parent company of CNBC.