Negocios Now

www.negociosnow.com Noviembre 2023 19 LCDA Releases Report Detailing Lack of Latino Representation on Illinois Corporate Board T he Latino Corporate Directors Association (LCDA) announces the release of its groundbreaking report, "Latino Board Moni- tor: 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 Illi- nois-based public compa- nies lack Latino represen- tation. Latinos constitute nearly 20% of the U.S. population and wield significant econo- mic influence, while Latinos in Illinois contribute appro- ximately 10% of the Gross Domestic Income (GDI) or nearly $93 billion. It is a busi- ness imperative that corpora- tions actively incorporate the Hispanic perspective within corporate boardrooms and the C-suite. However, recent trends in board representation have brought to light a troubling reality. Hispanic directors continue to be significantly underrepresented in Illi- nois corporate boardrooms. Although Latinos currently constitute 18% of the Illinois population, their representa- tion on Illinois-based public company boards falls far short of reflecting this demo- graphic holding just 45 of 1,437 available board seats. KEY FINDINGS FROM THE REPORT INCLUDE: n Nearly 80% of Illinois- based public companies lack Latino representation. n Latino board seat repre- sentation on Illinois-based public company boards stands at only 3.1%. With Latinos accoun- ting for $660 billion dollars of unlocked and untapped spend, the Hispanic perspec- tive is invaluable for gaining insights into the evolving mainstream economy and ensuring that businesses remain competitive and rele- vant. Yet, despite some pro- gress, Latino representation on Illinois boards still lags behind that of other racial and ethnic groups. Further- more, Latinos and Latinas face the greatest underre- presentation when it comes to access and visibility to the tremendous amount of Latino board talent, further exacerbating the existing dis- parity. LCDA Acting President and CEO, Ozzie Gromada Meza, stated, "The release of LCDA's 'Latino Board Moni- tor: Latino Representation on Illinois Corporate Boards' report serves as a clarion call for change in Illinois corporate boardrooms. It is time for companies to ack- nowledge 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 thri- ve in an increasingly dyna- mic and global economy." LCDA serves as a solution, offering access to board-pro- ven and board-ready Latino talent. For more information on the "Latino Board Moni- tor: Latino Representation on Illinois Corporate Boards" report and LCDA's mission, please visit latinocorporate- directors.org. ABOUT THE LATINO CORPORATE DIRECTORS ASSOCIATION (LCDA) The Latino Corporate Directors Association (LCDA) brings together accomplished and respected Hispanics in corporate leadership and corporate governance committed to paying it forward. Our mission is to develop, support, and increase the number of Latinos on corporate boards. LCDA's strategy to accelerate Hispanic placements on corporate boards is focused on three areas: growing demand, growing supply, and raising awareness. LCDA serves as an advocate and resource to corporate boards, search rms, private equity, and institutional investors interested in gaining access to exceptional 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.

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