WASHINGTON, Sept. 17, 2024 /PRNewswire/ — The Latino Corporate Directors Association (LCDA) announces the release of the 2024 Latino Board Monitor, highlighting incremental progress in Latino representation on Fortune 500 and Fortune 1000 boards. Over the past four years, Latino representation on Fortune 1000 boards has increased by 1.85%, rising from 3.2% to 5.05%, marking the most significant progress to date. Despite these gains, Latinos remain the most underrepresented demographic in corporate boardrooms—a concerning gap, given their rapidly growing influence in the US economy, with a GDP of $3.6 trillion.
Key Findings from the 2024 Latino Board Monitor:
- Fortune 100 Representation: 53% of Fortune 100 companies have Latino representation on their boards, a figure that has stagnated since last year.
- Fortune 1000 Representation: 40% of Fortune 1000 companies now include at least one Latino on their board.
- Persistent Gaps: Latinas continue to be the most severely underrepresented at 1.7% of seats within Fortune 1000 boards, facing significant barriers to inclusion.
The Importance Behind the Numbers:
LCDA was founded to combat the stark underrepresentation of Latinos in corporate governance and to elevate the vast pool of Latino talent ready for boardroom roles. The annual Latino Board Monitor is a crucial tool in tracking and raising awareness of Latino inclusion—or the lack thereof—on Fortune 1000 boards. By analyzing board seats held by Latinos and highlighting companies that value or neglect Latino perspectives, LCDA’s report serves as a call to action for corporate America to recognize the importance of Latino voices in their boardrooms.
“The 2024 Latino Board Monitor highlights progress, challenges, and opportunities,” said Ozzie Gromada Meza, LCDA President & CEO. “While we acknowledge the gains, Latinos—especially Latinas—remain untapped. As Latinos are projected to make up 27.5% of the US population by 2060, it’s crucial that corporate leadership includes the Latino perspective. LCDA is committed to elevating talent and increasing Latino representation on corporate boards.”
Why This Matters:
Despite comprising the second-largest population group in the US, with over 60 million individuals and consumption and purchasing power valued at $3.78 trillion, Latinos are still the least represented demographic on corporate boards. The progress seen in the 2024 report is a testament to the persistent efforts of organizations like LCDA, but there is still much work to be done. As of 2024, 6 out of 10 Fortune 1000 companies lack the Latino perspective in their boardrooms—a significant but insufficient improvement from just a decade ago, when nearly 9 out of 10 companies were without Latino representation.
“LCDA’s 2024 Latino Board Monitor reveals promising strides, yet much work lies ahead,” stated Elizabeth Oliver-Farrow, LCDA Board Chair. “As Latinos increasingly drive growth within the US economy, it is imperative that corporate boardrooms harness this perspective. LCDA is committed to growing a network of board-proven and board-ready Latino talent, providing the essential tools and resources to ensure that these leaders are primed to influence the future of business.”
About the Latino Corporate Directors Association (LCDA):
The Latino Corporate Directors Association (LCDA) is a membership-based organization that brings together accomplished US Latinos in corporate leadership and governance. LCDA’s mission is to develop, support, and increase the number of Latinos on corporate boards through strategic advocacy, development programs, and raising awareness of the exceptional Latino board talent available. Together with our foundation (LCDEF), LCDA also focuses on growing the supply of high-caliber boardroom candidates and providing quality corporate governance programming for experienced and aspiring directors.
Contact:
Monique Navarro
AVP, Marketing and Communications
(915) 790-7788
SOURCE LATINO CORPORATE DIRECTORS ASSOCIATION
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Originally published at https://www.prnewswire.com/news-releases/2024-latino-board-monitor-latino-representation-on-fortune-boards-shows-only-modest-gains-leaving-critical-gaps-302250375.html
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