U.S. Senator Robert Menendez (D-NJ), Chairman of the Senate Democratic Task Force and the lone Hispanic Senator, unveiled the results of his survey on women and minority representation among the senior management of Fortune 500 companies, as well as their use of minority and women-owned businesses in the contracting and procurement process. The survey found that women and minority representation on corporate boards continues to lag far behind the national population percentages. Menendez’s survey was one of the most successful of its kind, garnering input from 219 corporations on the Fortune 500 list and 71 on the Fortune 100 list.
The study found minorities to represent a total of 14.5% of directors on corporate boards and overall have less representation on executive teams than they do on corporate boards. Hispanics are least proportionately represented on boards and fared even worse on executive teams. They compromise about 3.28% of Board members, one-fifth of the 15% they represent in the U.S. population. Hispanic/Latino-owned firms only represent 2.69% of total minority supplier purchases.
Among minority groups, African Americans have the highest representation on boards compared to their population but are in line with Hispanics only getting 2.6% of minority supplier purchases.