NORTHAMPTON, MA / ACCESSWIRE / June 15, 2023 / Hispanic Association on Corporate Responsibility - Hispanic inclusion rates on Fortune 500 boards increased imperceptibly in the past two years, according to the 7th edition Missing Pieces report: A board diversity census of women and underrepresented racial and ethnic groups on Fortune 500 boards. The report was released today by the Alliance for Board Diversity (ABD). The Hispanic Association on Corporate Responsibility is one of four leadership organizations that comprise the ABD. The other three are Catalyst, The Executive Leadership Council, and Leadership Education for Asian Pacifics. Diversified Search serves as an advisor. These groups share the goal of advancing the inclusion of women and underrepresented racial and ethnic groups on corporate boards. In collaboration with Deloitte, the ABD conducts bi-annual research to assess the status of board diversity.
Hispanic board representation has remained relatively flat since 2004. By 2060, the Hispanic population will be almost 30% of the nation's population, yet fewer than five percent of corporate board positions are held by Hispanics.
"There's enormous potential for Corporate America to diminish the gap between Hispanic representation and population size," said Cid Wilson, President & CEO of HACR. "This lack of representation is a missed opportunity for companies to drive greater innovation and business growth for an influential global economic force, as we are the fifth largest economy in the world."
The report is the culmination of research into board participation on Fortune 500 boards in 2022. The members of the ABD have collaborated on this bi-annual research since 2004. In addition to statistics on Hispanic inclusion, the report includes data on racial and ethnic groups by gender and looks at overall female inclusion on corporate boards. It also takes a deep dive into participation and leadership on board committees. Here are some high-level statistics on Latino participation specifically.
- In 2021, Hispanic buying power was 1.9 trillion, up 87 percent since 2010.
- In 2022, Hispanics made up 18.4 percent of the population, but only 4.7 percent of Fortune 500 board seats.
- The rate of Hispanic inclusion on Fortune 100 boards was only slightly higher than the Fortune 500 inclusion rate at 4.9 percent. This was consistent with an overall higher inclusion rate for underrepresented racial and ethnic groups and all women on Fortune 100 companies compared to all companies listed in the Fortune 500.
- In 2022, Latinas represented 1.2 percent of Fortune 500 seats, up from 1.0 percent in 2020.
"HACR will continue to urge companies to make greater progress on Hispanic board representation and Hispanic inclusion overall in Corporate America," concluded Wilson.
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About HACR
Founded in 1986, the Hispanic Association on Corporate Responsibility (HACR) is the nation's leading corporate advocacy organization, representing 14 national Hispanic organizations in the United States and Puerto Rico. Its mission is to advance the inclusion of Hispanics in Corporate America in the areas of employment, procurement, philanthropy, and governance. Through our corporate leadership advancement programs, best-practice conferences, research initiatives, and public engagements, HACR is illuminating The Power of Hispanic Inclusion throughout Corporate America.
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SOURCE: Hispanic Association on Corporate Responsibility
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