Latinos are the second largest demographic population in the United States, but they are vastly underrepresented on corporate boards, according to a new report by the Latino Corporate Directors Association.
“Sixty-five percent of Fortune 1000 companies lack Latinos, and Latinos are seeing the least growth of any other group,” Esther Aguilera, CEO of LCDA, told CNBC at this week’s L’Attitude Conference.
It’s even worse for women. According to the report, Latinas are have just 1% of board seats on Fortune 500 companies
Latinos comprise 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 during this decade. This has to change,” Elizabeth Oliver-Farrow, chair of the Latino Corporate Directors Association, said in a release.
The Latino Corporate Directors Association, a membership-based organization of U.S. Latinos at the highest level of corporate leadership and corporate governance, was formed to increase U.S. Latino representation on corporate boards by raising visibility of the Hispanic talent primed for the boardroom.
“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,” Aguilera said.
While corporations still have a long ways to go, she said, they have seen some recent success.
“We had American Airlines, Apple and a lot of companies start to get it. So the question becomes, ‘Hey, these companies are stepping up,” Aguilera said. “Where are the rest?”
Disclosure: NBC Universal is the parent company of CNBC.