Accelerating Latino Representation in the Boardroom in 2025

Panelists Mario Marte, Ana Pinczuk, Peggy Turner, Fidel A. Vargas, together with moderator Ozzie Gromada Meza, discussed the findings of the 2024 Latino Board Monitor report, published by the Latino Corporate Directors Association, that highlights both the challenges and opportunities that lie ahead for increasing Latino representation in Fortune 1000 boardrooms.

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Key Takeaways

LCDA Board Monitor Report 2024: Below are some key figures to consider. The data shows progress, though at a slowing pace, underscoring the need for renewed action to sustain and accelerate the positive momentum achieved in recent years.

• Latino representation on Fortune 1000 boards has increased by 1.85% over the past four years, reaching 5.05%. Although it grew this year, it’s the slowest growth in recent years.

• Despite progress, Latinas remain the most underrepresented, with only small increases in their presence on boards (the growth has been more than Latinos this year).

• 40% of Fortune 1000 boards now have at least one Latino member, though representation lags relative to population size.

• 53% of Fortune 100 companies include Latinos on boards, a number that has not increased since last year.

Changing Misconceptions with Data: The narrative about who Latinos are and what they bring to the boardroom needs to shift to reflect this diverse, capable talent pool. Fostering self-worth and directing efforts to reach Latino candidates in the right spaces can help unlock this potential. Data and facts can help break down these misconceptions, for instance:

• 95% of Latinos under the age of 18 are US citizens (and more have permanent residency).

• Two times more Latinos are enrolled in college education in the US than Asian Americans.

• If Latinos in the U.S. were an independent country, their GDP (around $3 trillion) would be the world’s fifth largest, outpacing even the United Kingdom, France and India (showcasing the importance of having representation on the board for such a huge constituent of customers).

Building a Strong Latino Community: Strengthening Latino representation requires building a supportive network and bringing as many Latinos forward as possible. This involves collaboration with organizations like LCDA and NACD, and establishing strategic partnerships with search firms to create a go-to pool of diverse Latino candidates.

• Please connect current or aspiring Latino board directors to LCDA, and NACD’s Latino Cohort.

Finding Meaningful Connections: Around 70% of board opportunities arise through personal connections, so it’s important to proactively share your profile, invite others to connect for a cafecito. Authenticity is key, and remember to pay it forward.

Your Journey: Latino professionals are encouraged to be purposeful and intentional in their journey, openly sharing their goals and interests to build visibility. Joining a non-profit board can be a great starting point for building valuable relationships, and fostering relationships with auditors and financial institutions can help build networks that may lead to corporate board positions.

Broadening the Talent Pool: A record number of Latino directors have joined boards in the last 4–5 years. As they build rapport and understand their board culture, in the next few years we will be able to see the meaningful impact they have on supporting the recruitment of more qualified underrepresented groups. It’s important for us to understand each other’s talents so we can refer when board opportunities come up and support each other this way.

Recognizing Diverse Skill Sets: It’s important that boards find the right balance of generalists and specialists on their team. Historically, CFOs and CEOs were favorites for the boardroom but this is expanding across the C-Suite as people's specialties expand to support disruptive trends. Continued education for board directors is welcomed and encouraged to give you an edge over other candidates.

Setting Audacious Goals: Establishing inspirational targets, such as increasing the number of Latino directors, provides a rallying point and motivation to drive bold action, similar to the progress seen with other underrepresented groups.

Questions for Your Next Board Meeting

• Customer Representation: “What percentage of our customer base identifies as Latino? How might we ensure our board reflects this important demographic?"

• Purposeful Recruitment: “How can we be more intentional in our recruitment processes to proactively identify and consider qualified Latino candidates?”

• Smart Sourcing: "Are we tapping into the right organizations to identify and uncover talent outside of our immediate network?”

• Network Sharing: “In what ways can we encourage current board members to share their networks and connect potential Latino board candidates to opportunities?”

• Setting a Goal: “Given the growth of the Latino population and its importance to our business, should we set a five-year goal to increase Latino representation on our board, similar to other diversity initiatives?”

Useful Resources

• 2024 Latino Board Monitor, published by the Latino Corporate Directors Association

• 2024 S&P 500 New Director and Diversity Snapshot by SpencerStuart

• 2024 Nobel Prize winner Daron Acemoglu on how inclusive institutions can drive growth by McKinsey

• 11 facts about Hispanic origin groups in the U.S. by Pew Research Center

A huge thank you to our partner, Tara Tays, and Pay Governance for generously hosting this event and her ongoing support of NACD's Latino Cohort.