Exclusive: Colorado boardrooms lack Latino representation
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Illustration: Gabriella Turrisi/Axios
Latino voices are largely absent from boardrooms of Colorado's leading public companies, according to a new report provided first to Axios Denver.
Why it matters: Companies with diverse boards and inclusive policies often perform better financially, innovate more and keep employees longer, research shows.
- While Latinos are the second-largest ethnic group nationwide and represent about 22% of Colorado's population, they are often excluded from decision-making positions, which can lead to blind spots and failure to resonate with the Latino community.
By the numbers: As of mid-July, 4% of board seats across 123 of Colorado's publicly traded companies were held by Latinos, according to a new analysis by the Latino Corporate Directors Association, a group that advocates for Latino representation in corporate America.
- Only 1.3% of Colorado's public company board seats are held by Latinas.
What they're saying: Shareholders and corporations in Colorado must ensure their boards mirror the diversity of their broader communities, LCDA talent director Tracy Michelle León tells us.
- If a board does not fully represent the community's stakeholders, "How can it have full representation when it's missing a critical viewpoint?"
Zoom in: Seven Colorado companies are leading the way with two or more Latinos on their board, according to LCDA's report. They include:
- Pilgrim's Pride, Frontier Group Holdings, Ball Corporation, Century Communities, Newmont Corporation, SM Energy Company and Summit Materials.
- Ninety-four publicly traded companies in Colorado have no Latino representation at the highest level, the report found.
The big picture: Nationwide, just 4.7% of Fortune 500 board seats were held by Latinos, according to the latest data from Deloitte.
- By 2060, representation is projected to barely surpass 9%, according to Deloitte.
What's next: LCDA leaders suggest companies that say they can't find qualified Latinos should look to organizations that are nurturing the pipeline.
- That includes the Association of Latino Professionals For America (ALPFA) or theBoardlist, which has a talent-search tool that highlights people of color.