The 2013 HACR Corporate Governance Study is a census of Hispanic inclusion on boards of directors and C-suite positions at Fortune 500 companies. Now in it's 20th year, the study finds that Hispanic representation has reached a plateau—and one that is much lower than the size of the market opportunity would recommend.
Among the findings:
- Hispanics hold 3 percent of total board seats in the Fortune 500
- Only 4 percent of Fortune 500 companies have two Hispanics on their board
- 70 percent of Fortune 500 companies have no Hispanic directors on their board
- Only 2 percent of Fortune 500 CEOs are of Hispanic heritage
In an introductory essay, Korn Ferry Senior Client Partner Victor Arias, Jr., expresses optimism that diversity is returning to the board recruiting agenda, as companies shake off the lingering vestiges of the global financial crisis, which skewed directorship recruiting toward financial expertise. "The release of the 2010 census and the November 2012 presidential election were wake-up calls to many onlookers. The conclusion: the Hispanic market and voters are not to be ignored. To that end, companies recognize the competitive advantage of having board members who understand the tastes, preferences, and cultural influences of Hispanic consumers," he writes.
The census date for this report was June 30, 2013. Since then, Sprint Nextel, Target, and Time Warner, Inc., have appointed Hispanics to their boards: Sara Martinez Tucker, Ken Salazar, and Carlos Gutierrez, respectively.