WASHINGTON, Nov. 19, 2020 /PRNewswire/ — The Latino Corporate Directors Association will launch via Facebook Live the first of its kind California Boardroom Equity Scorecard and Tracker, a valuable resource for stakeholders and shareholders and the only publicly available tool that tracks the number of Latino/as on public company boards in California.
Developed as part of the Latino Voices for Boardroom Equity initiative, the Scorecard and Tracker will report the progress of over 650 California public companies and their board composition on a quarterly basis—providing the transparency needed to hold California public companies accountable for the inclusion of Latinos in the boardroom. This September, LCDA launched Latino Voices for Boardroom Equity in partnership with a growing list of national Latinos organizations including League of United Latin American Citizens (LULAC), UnidosUS, the Mexican American Legal Defense and Educational Fund (MALDEF), the United States Hispanic Chamber of Commerce (USHCC), the Association of Latino Professionals for America (ALPFA), and the National Hispanic Media Coalition (NHMC).
“The US Latino community accounts for 18.5% of the nation’s population or 61 million, with projected growth, on average, of 1.2M per year between 2017 and 2060. US Latino consumers are the economic engine of the country, commanding $2.6T GDP and driving consumption growth in every mass consumer category. Companies who want to attract Latino consumers, need to have a Latino on their board,” stated Roel Campos, LCDA Board Chair and former SEC Commissioner.
The Scorecard indicates, at 2.1%, Latinos are the least represented on California public company boards, while White/Caucasians comprise 84% of board seats, Asian/Pacific Islanders hold 9.7%, and Blacks/African Americans have 2.9% of boardroom seats. Even more alarming, new appointment trends reveal that Latinos continue to fall behind by any measure. Recent LCDA analysis reveals that 37% of California companies have all-white boards of directors.
“In California, where nearly 40% of the population is Latino, it is shocking to learn that 86% of California public company boards headquartered in the state lack a Latino or Latina,” said California State Senator Maria Elena Durazo. “California is home to over 15 million Latinos, including 800,000 Latino business owners, with purchasing power of $320 billion annually. Corporations must do better.”
LCDA’s exclusive Tracker provides stakeholders and stockholders with information about the state of Latino/a composition on California corporate boards. Presently, the tracker shows that only 14% of CA public companies have Latinos on their boards.
“We made a commitment to board diversity and today have the most diverse board in the U.S. technology sector,” stated Enrique Lores, CEO, HP Inc. “Our company and stakeholders benefit from Latinx board leadership and we applaud the efforts of LCDA to connect companies with top Latinx talent.”
“Supply is not the issue. Despite a strong qualified pool, Latinos are the least represented at the executive level and on the boards of California public companies. The Latino Voices initiative will target and engage with US public companies with the goal of connecting them to Latino talent,” said Esther Aguilera, LCDA CEO. “In response to the new California law, AB 979, Latino Voices will focus initial outreach to California companies that profit from the Latino population but lack Latino representation on their boards,” added Aguilera.
LCDA has partnered with Equilar, to monitor and report on the number of Latinos and other underrepresented groups on corporate boards. The quarterly Scorecard will report the number of diverse directors appointed to California public companies, tracking the impact of AB 979 and providing overall board composition by ethnicity and race, as well as, a list of companies that lack Latinos on their board. The Tracker will allow users to search by company name, company headquarters location, and the number of Latino/as on each board. This information will allow Latinos and other underrepresented groups to gauge the progress of their representation on California company boards.
The Latino Corporate Directors Association (LCDA) is a national organization promoting C-level and board diversity to maximize business success. LCDA serves as an advocate and resource to corporate boards, search firms, private equity, and institutional investors interested in gaining access to exceptional Latino board talent. Our program areas focus on growing the supply of high-caliber boardroom candidates and providing quality corporate governance programming for experienced and aspiring directors.
ABOUT Latino Voices for Boardroom Equity:
In September 2020, LCDA launched Latino Voices for Boardroom Equity, in partnership with a growing list of national Latinos organizations including League of United Latin American Citizens (LULAC), UnidosUS, the Mexican American Legal Defense and Educational Fund (MALDEF), the United States Hispanic Chamber of Commerce (USHCC), the Association of Latino Professionals for America (ALPFA), and the National Hispanic Media Coalition (NHMC). This initiative asserts diversity without the inclusion of Latinos is not acceptable. The objective of the Latino Voices initiative is to triple US Latino representation on public company boards by 2023 by targeting corporations with no US Latino representation and track progress through the publication of a quarterly scorecard.
SOURCE Latino Corporate Directors Association