WASHINGTON, PRNewswire/ — The Latino Corporate Directors Association (LCDA) announces the release of its groundbreaking report, “Latino Board Monitor: Latino Representation on Illinois Corporate Boards.”
This report sheds light on the critical issue of Latino representation in Illinois corporate boardrooms, revealing nearly 80% of Illinois-based public companies lack Latino representation.
Latinos constitute nearly 20% of the US population and wield significant economic influence, while Latinos in Illinois contribute approximately 10% of the Gross Domestic Income (GDI) or nearly $93 billion. It is a business imperative that corporations actively incorporate the Hispanic/Latino perspective within corporate boardrooms and the C-suite.
However, recent trends in board representation have brought to light a troubling reality. Hispanic/Latino directors continue to be significantly underrepresented in Illinois corporate boardrooms. Although Latinos currently constitute 18% of the Illinois population, their representation on Illinois-based public company boards falls far short of reflecting this demographic holding just 45 of 1,437 available board seats.
Key findings from the report include:
Nearly 80% of Illinois-based public companies lack Latino representation.
Latino board seat representation on Illinois-based public company boards stands at only 3.1%.
With Latinos accounting for $660 billion dollars of unlocked and untapped spend, the Hispanic/Latino perspective is invaluable for gaining insights into the evolving mainstream economy and ensuring that businesses remain competitive and relevant. Yet, despite some progress, Latino representation on Illinois boards still lags behind that of other racial and ethnic groups. Furthermore, Latinos and Latinas face the greatest underrepresentation when it comes to access and visibility to the tremendous amount of Latino board talent, further exacerbating the existing disparity.
LCDA Acting President and CEO, Ozzie Gromada Meza, stated, “The release of LCDA’s ‘Latino Board Monitor: Latino Representation on Illinois Corporate Boards’ report serves as a clarion call for change in Illinois corporate boardrooms. It is time for companies to acknowledge the multicultural business perspectives that Latino directors can provide. By embracing inclusivity as a competitive strategy at the highest levels of decision-making, businesses can thrive in an increasingly dynamic and global economy.”
LCDA serves as a solution, offering access to board-proven and board-ready Latino talent. Visit LCDA’s Member Directory.
About the Latino Corporate Directors Association (LCDA): The Latino Corporate Directors Association (LCDA) brings together accomplished and respected Hispanics/Latinos in corporate leadership and corporate governance committed to paying it forward. Our mission is to develop, support, and increase the number of Hispanics/Latinos on corporate boards. LCDA’s strategy to accelerate Hispanic/Latino placements on corporate boards is focused on three areas: grow demand, grow supply, and raise awareness. LCDA serves as an advocate and resource to corporate boards, search firms, private equity, and institutional investors interested in gaining access to exceptional Hispanic/Latino board talent. Together with our foundation (LCDEF), our program areas also focus on growing the supply of high-caliber boardroom candidates and providing quality corporate governance programming for experienced and aspiring directors.