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Diversity on corporate boards has been proven to be good for business and, with Latinos numbering nearly 20% of the US population, it makes sense for boardrooms to include Latinos, to offer insight into the New Mainstream Economy.
Unfortunately, LDCA‘s annual report, the 2022 Latino Board Monitor, reveals a lack of US Hispanic/Latino representation on the largest company boards in the country. Latino directors are missing on 47% of Fortune 100 boards, while the Fortune 1000 fares worse with 65% of companies lacking the Hispanic/Latino perspective.
However, the percentage of board seats held by Latinos has increased, to 4.4% on F500 companies and 4.1% on F1000 companies, an increase from 3.7% and 3.2% in 2020, reflecting the work LCDA has done to influence board placement.
As was reported in 2021, there has been no change on Fortune 100 company boards, with just 53 Fortune 100 companies having Hispanic/Latino boardroom representation. LCDA‘s report includes the full listing of Fortune 1000 companies with and without Hispanic/Latinos on the board.
US Latinos are the second largest US population group totaling 62.1 million, but have the widest representation gap to close in the boardroom. The 2022 findings confirm Hispanic/Latinos have been left out of Fortune 1000 boardrooms for decades.
This report is based on data from the Latino Board Tracker developed by the LCDA to evaluate, identify, and measure Latino/a directorship representation on companies ranked on the Fortune 1000 list annually. The report is current as of August 31, 2022.