More than half of Fortune 1000 boards still lack Asian representation, according to a new study.
Currently, just 46% of Fortune 1000 boards include an API board member, up from just 31% in 2020, revealed the latest report from KPMG and Ascend, a global network of business professionals and executives working to advance Asian and Pacific Islander (API) inclusion in the workplace. However, at 54% of the Fortune 1000 companies, many APIs still experience an invisible ceiling that keeps them out of the top echelons of the corporate world. While the overall percentage of board seats held by Asian executives remains low at 6.9% at the end of 2023, this is a slight improvement from 2020, when only 4.1% of the board seats studied were held by Asians.
Asians remain the fastest-growing demographic in the US, with a population growth rate of 103% between 2020 and 2023. Asian-American buying power grew by 111% between 2010 and 2020. And with approximately 59% of Asian-Americans in possession of a college degree (compared with 38% of the general population), companies hoping to expand their reach would do well to focus on developing, supporting, and advancing API talent into their C-suites and corporate boardrooms, noted the report. As Asian buying power grows, forward-thinking organisations will need leaders who are in touch with the experiences, values, and priorities of the API community.
DIVERSE BOARD REPRESENTATION MATTERS
“In the past 10 years alone, we’ve made visible strides in terms of awareness,” stated Anna Mok, President of Ascend. “But when we look at the top positions, like board seats and the C-suite, we see Pan-Asian presence drop dramatically. Companies still have a long way to go to harness the potential of their API workforce and the market.”
As business leaders develop their strategies and work to attract and retain talent, customers, and suppliers to drive growth, “it is imperative that there are diverse voices in the boardroom,” added Susan M Angele, KPMG Board Leadership Center Senior Advisor. “The API community offers important lenses on business and a large pool of boardroom talent. The data in our report promotes visibility, and visibility will help advance inclusion in America’s corporate boardrooms.”
Check out the full report here.
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