Latino Voices for Boardroom Equity
About Latino Voices
The Latino Corporate Directors Association (LCDA) announced the Latino Voices for Boardroom Equity, in partnership with leading business and civic leaders, including:
This initiative will mobilize to target and engage with US public companies lacking Latino/a representation.
Progress will also be tracked and shared through the publication of a quarterly scorecard.
Diversity Must Include Latinos
The Latino Voices initiative asserts that diversity without the inclusion of Latinos is not acceptable:
Call to triple Latino representation on public company boards by 2023.
Act to target corporations with no Latino representation.
Track progress through publication of a quarterly scorecard.
We have already targeted California-based public companies, a state where Latinos make up nearly 40% of the population and are the key to consumer growth and economic recovery. Letters have been sent to Facebook, Netflix, PayPal, PG&E, Molina Healthcare, Ross Stores, Chipotle Mexican Grill, El Pollo Loco, and Del Taco Restaurants - all companies with no Latinos on their board of directors.
US Latinos hold a mere 2.2% of the board seats among the publicly-traded companies listed in the Russell 3000 Index, according to ISS ESG data as of August 31, 2020.
In 2019, LCDA analysis found that 76.8% of the Fortune 1000 companies do not have a Latino on their board.
Only 23.2% of the F1000 companies had one or more US Latinos on their boards, occupying only 2.7% of Fortune 1000 board seats.
LCDA CA Company Board research found that of the 662 California-based public companies, 87%, 571 corporations have no Latino representation on their board of directors.
Why it Matters
Latinos in the US are the largest racial or ethnic group in this country, totaling 58 million (18% of the population) and projected to grow, on average, 1.2M per year between 2017 and 2060. US Latino consumers are the economic engine of the country; they command $2.3T GDP and are driving consumption growth in every mass consumer category.
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