Latino representation on Fortune 1000 boards
LCDA and KPMG's Board Leadership Center collaborated on the study, which aims to pinpoint trends in Latino directors' gender, age, board and committee service, tenure, and tenure by industry and state of corporate headquarters.
2023 Findings
In 2023, Latino Board Seats Increased from 2.7% in 2019 to 5.0% in 2023.
Despite a steady increase in Latino board seats from 2.7 percent in 2019 to 5.0 percent in 2023, there remains a stark underrepresentation of Latino directors in Fortune 1000 companies. Gender disparities persist, with only 32 percent of Latino directors being female, a figure that has held steady over the past three years.
The leadership roles occupied by Latinos are concentrated in critical committees, particularly audit and nominating/governance committees, influencing board composition. Although the number of Latino chairs on public Fortune 1000 audit committees increased slightly from 29 to 32 in 2023, it's notable that multiple Latino directors on a board remain uncommon.
Examining specific states with the highest Latino populations, Texas and California, despite comprising nearly 40% of the Latino population, only have 6% Latino representation on public Fortune 1000 boards. In contrast, Florida, with 26% Latino residents, has 8% Latino representation. This state-specific representation gap underscores the need for targeted efforts to bridge disparities.
The study also highlights positive trends in certain industries, such as engineering, food and beverage, chemicals, and energy, where over half of the companies now have at least one Latino director. This progress is encouraging, signaling a shift towards increased inclusivity given that Latinos make up almost 1 in 5 U.S. residents. Despite these advancements, the study emphasizes the ongoing need for concerted efforts to enhance Latino representation at all levels of corporate governance.
This report is a collaborative effort between KPMG's Board Leadership Center (BLC) and the Latino Corporate Directors Association (LCDA). The primary objective of this study is to identify and analyze key trends in gender, age, board service, committee service, and tenure among US Latino directors, as well as to ascertain the prevalence of Latino directors by industry and state of corporate headquarters.
