By Jorge Vazquez
04 Oct 2023, 07:00 AM EDT
The Latino Corporate Directors Association (LCDA) announced the results of its latest report, 2023 Latino Board Monitor, which reveals an increase in Latino representation on the boards of directors of Fortune companies.
According to the results, there was a 1% increase in Fortune 500 boards and a 0.8% increase in Fortune 1000 boards, which is considered a notable achievement and one of the most significant increases since 2020.
By 2060, Latinos are expected to represent 27.5% of the US population and only 9.2% of Fortune 500 board seats, according to the report.
In its third year, the Latino Board Monitor 2023 provides valuable information on the promising trajectory of Latino representation on corporate boards, with substantial improvements over the past three years.
As part of LCDA’s commitment to developing, supporting and increasing the number of US Hispanics/Latinos on corporate boards, the organization was instrumental in these advancements.
Among the relevant findings of the Latino Board Monitor 2023, the following stand out:
· Representation on the Fortune 500: Latinos now hold 5.4% of board seats at Fortune 500 companies, an increase of 1% from the previous year.
· Fortune 1000 Representation: Latino representation in board positions has increased to 4.9%, an increase of 0.8%.
· Company inclusion: 40% of Fortune 1000 companies include Latinos on their corporate boards, reflecting an increase of 5 percentage points from 2022, the second most notable increase since 2019.
LCDA Interim President and CEO Ozzie Gromada Meza commented: “The Latino Board Monitor 2023 reflects the progress we have made as an organization and as a community. Our commitment to serving as a strategic business partner for corporate boardrooms and advancing equity and inclusion has yielded positive results. “We celebrate the substantial progress made so far and recognize that we are responsible for the work to be done.”
The Latino Corporate Directors Association (LCDA) brings together successful and respected Hispanics/Latinos in leadership and corporate governance and aims to accelerate the placement of Hispanics/Latinos on corporate boards, focused on three areas: increasing demand, increasing supply and create awareness.
For more details about the Latino Board Monitor 2023 and its methodology, go here.
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