Latino directors are still missing from 69% of Fortune 1000 boards, according the latest data from the Latino Corporate Directors Association (LCDA), released during Hispanic Heritage month.
In fact, LCDA’s latest 2021 Latino Board Monitor reveals the names of some of the largest company boards in the country that continue to lack US Latino representation. Surprisingly, big household names such as Amazon, Costco, Berkshire Hathaway, AmerisourceBergen, Microsoft and Alphabet Inc are some of the 47 Fortune 100 companies without US Latinos on their boards, according to the LCDA report; released at this year’s L’ATTITUDE business conference. The report includes the full list of Fortune 1000 companies with and without Latinos on their boards.
VALUING THE LATINO PERSPECTIVE
That said, 53 Fortune 100 companies do have US Latino boardroom representation; which indicates that a majority of the nation’s largest corporations value a US Latino perspective in the boardroom, noted LCDA.
“In a country where the US Latino GDP is $2.7 trillion and accounting for 28% of GDP volume growth, every company should want this perspective in their governance responsibilities,” stated Sol Trujillo, Chairman of Trujillo Group Investments and Co-Founder of L’ATTITUDE and Latino Donor Collaborative. “If companies want to grow even faster in the new mainstream economy, every board should begin immediately placing Latina(o)s on their board and c-suite positions… because we all know, no one wants to be seen as leaving money on the table.”
WHY LATINO REPRESENTATION MATTERS
“A commitment to diversity and inclusion is incomplete without Latinos who are two in 10 Americans and control over $1.85 trillion of the US purchasing power,” added Roel Campos, LCDA Board Chair and Former Commissioner, US Securities and Exchange Commission. “Investors understand the business value and want corporate boards to better reflect their customers, employees, and community base.”
US Latinos are the second largest US population group totalling 62.1 million; yet have the widest representation gap to close in the boardroom. State-by-state, the gap is even wider. California, Texas, New York and Illinois, respectively, have the largest number of Fortune 1000 companies headquartered in their state and some of the largest Latino populations in the country, but the great majority of companies in each state lack US Latinos on their boards.
| HQ State | # Fortune 1000 Companies | % with Latinos | # without Latinos |
| California | 131 | 31% | 69% |
| Texas | 97 | 35% | 65% |
| New York | 81 | 32% | 68% |
| Illinois | 62 | 24% | 76% |
SUPPLY NOT THE ISSUE
The 2021 findings confirm Latinos have been left out of Fortune 1000 boardrooms for decades. LCDA is working to change the misperception that Latino business leaders are hard to find, by providing corporate boards with a trusted talent resource for experienced Latino board directors and executives primed for the boardroom.
“Supply is not the issue. Despite a strong qualified pool, Latinos have long been systematically bypassed. This is unacceptable in 21st Century America,” pointed out Esther Aguilera, President and CEO of LCDA. “There’s ample Latino board talent with extensive business experience from all industries.”
Every year, LCDA will release a board audit of Latino representation on Fortune 1000 companies in conjunction with the L’ATTITUDE business leaders conference. To search an up-to-date database of Fortune 1000 companies by state and sector, visit LCDA’s Latino Board Tracker at www.latinoboardtracker.org; the first publicly available search tool tracking US Latino representation on Fortune 1000 corporate boards.
The National Association of Corporate Directors (NACD), the US authority on boardroom practices, has launched the Center for Inclusive Governance to improve boardroom inclusion. Click here to read more.
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