Latinas, Time to Get on Board
By Gloria Romano-Barrera
Having a gender diverse board is not only good for business but good
for diversity of thought. While many reports and corporations have
captured the importance of a diverse board, women, specifically
Latinas remain underrepresented in the C-suite and the boardroom.
According to data from the "Missing Pieces Report," a multiyear study
published by the Alliance for Board Diversity (ABD), in collaboration with
Deloitte, Fortune 500 key findings show Hispanic/Latino men gained 21
seats in 2018, an increase of 14.3 percent from 2016. Hispanic/Latina
women gained only four seats in 2018, an increase of 9.8 percent from
2016. Though there have been gains, the board turnover remains slow.
“According to McKinsey, Latinas represent only two percent of boards,
two percent of the C-suite, and two percent of senior management ranks.
Given these low figures, to prepare the next generation of Latinas for
corporate board positions, we must significantly increase the number of
Latinas in senior management and C-level positions, which starts with
hiring and advancing more Latinas from the beginning of their careers,”
states Nina Vaca, CEO & Chairman of Pinnacle Group and Presidential
Ambassador for Global Entrepreneurship. “It is important for boards to reflect
the diversity of their customers and employees, and including Latinas is an
obvious need. It's not just about inclusion or diversity for its own sake -- this
is smart business! Studies indicate that diverse boards are more effective
boards and companies that value diversity perform better financially. Latinos
also represent the fastest-growing consumer segment for a large number of
corporations and to not have input from this demographic at all levels,
including at the board level, is short-sighted and will likely result in missed
opportunities and sub-optimal financial performance.”
Vaca is Chairman and CEO of Pinnacle Group, one of the fastest-
growing woman-owned companies in the country and one of the few
Latinas in the nation serving on the boards of publicly-traded companies
such as Cinemark and Comerica Bank.
Vaca believes boards should represent a wide set of diverse
perspectives to help ensure there are no blind spots in the corporation's
strategy or governance. By providing their experience and perspective, board
members help ensure that corporations are responsibly governed, have a
sound strategy, and are well-positioned to execute on that strategy.
“Directors impact their boards via their collective experiences over a
wide range of subjects and perspectives,” she shares. “Collectively, directors
must understand all the issues a company will face, including financial
issues, risk, environmental, social, and governance factor, sustainability,
compensation, strategy, technology, to name a few.”
While Latinas such as Vaca have achieved a board seat, Sara Tucker,
Former Chairman, University of Texas Board of Regents, and board member
of American Electric Power, Nationwide, and Service Corporation,
International, believes Latinas bring a unique point of view and voice that
are needed in the corporate boardroom.
“Not only do we have insights into a major U.S. demographic, our
collective skills and experiences can help companies unlock their potential
for growth,” she shares. “I would hope my board colleagues would say that
I bring a diverse perspective, not only as a Hispanic female but also
someone shaped by a wide variety of deep experience in corporate
Nina Vaca, CEO & Chairman of Pinnacle Group.
America, at a large, national not-for-profit organization and in the
administration of a President of the United States. All of these help me see
board governance through a variety of lenses.”
Previously serving as Chairman of
the Academic Affairs Committee and on
the Audit, Compliance, and Risk
Management Committee; the Finance
and Planning Committee; and the Health
Affairs Committee. She also served on
the Board for Lease of University Lands
and the Special Advisory Committee on
the Brackenridge Tract.
Another Latina working to make
great strides in changing the status quo
is Esther Aguilera, CEO of the Latino
Corporate Directors Association (LCDA).
LCDA is a community of U.S. Latinos at
the highest levels of corporate leadership
that are committed to paying it forward.
The mission is to develop, support, and
increase the number of U.S. Latinos on
corporate boards. LCDA's strategy to
accelerate Latino placements on
corporate boards is focused on three
areas: Grow Demand, Grow Supply and
Raise Awareness.
Sara Tucker, Former
Chairman, University of
Texas Board of Regents,
and board member of
American Electric Power,
Nationwide, and Service
Corporation, International.
16 www.latinastyle.com LATINAStyle V ol. 26, No. 5, 2020
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