Latinos make up only 4% of corporate board seats in Colorado

DENVER, Colorado — The Latino Corporate Directors Association (LCDA) found that despite making up 23% of Colorado’s population, Latinos only account for 4% of all corporate board seats in the state. The report was recently published, showing how staggering Latino representation has fallen behind on boards. The issue will also be at the heart of a panel discussion and event put on by LCDA later this week. 

“It’s a critical gap that we are seeing in this particular space where there is very little representation, and the population specifically in Colorado is 23% of the state and 4% of the board representation happens to be of Latino origin,” said Mario M. Carrera, who is a Board Trustee with Intermountain Health. 

Carrera had a long career in Spanish-language media with Entravision before joining Colorado Latino Leadership, Advocacy and Research. He has served on two different board positions, including the one he currently holds with Intermountain Health. He is also a member of LCDA. 

“I think we need to do more for the Latino community,” Carrera said. “When you are thinking about the kinds of opportunities there are, it is an opportunity cost for corporate America. It is an area where it would be a strategic move for profitability and gaining market share.” 

The U.S. Latino GDP measured $3.2 trillion, making it the 5th largest GDP in the world. Latino household consumption grew at a 6% annual growth rate versus 3% for non-Latinos over the last decade. 

“So, this is a huge opportunity for corporate America to really leverage,” Carrera said. 

Narrowing it nationwide, there are 5,443 corporate seats within Fortune 500 companies. Fortune 1000 companies make up about 10,300 board seats. The Hispanic representation is a little over 5% despite accounting for about 19% of the population nationwide. 

For Latinas, the numbers are even lower. In Colorado, only 1.3% of board seats are held by Latinas. 

“I have held two corporate board positions, one in a private equity firm and one traded on the NASDAQ,”
Marta Ronquillo-Newhart said. “And I have also held two government board positions.”

Ronquillo-Newhart has served as CMO, CCO and as a brand officer at companies that include Boeing, Johnson Controls, Westing House and Medtronic. She currently serves on the board of Lincoln Tech, traded on the NASDAQ. 

“You want your boardroom to represent the demographic that it sells to, the customer base, the employees, the investors who invest in it and other stakeholders,” Ronquillo-Newhart said. “That’s why I think there is a discussion and a story around why Latinos are needed on corporate boards.” 

The board she currently serves on is the most diverse she has been on so far with two African American board members, two Latinas and four women. It took her a long time, however, to be in rooms where diversity was reflected. It’s a stark contrast to when she started her career. 

“So, I started my career right outside of college in a very large company, and they designated me as a high potential,” Ronquillo-Newhart said. “When they assembled all the high potentials in a room, I realized that I was the only Latino. Today, now that I’m on corporate boards, I see another room that needs to change.” 

Diverse boards, Ronquillo-Newhart said, perform better. 

“They innovate more, and they have less employee turnover,” Ronquillo-Newhart said. “So, for all of these reasons, you want somebody sitting on your board that understands 25% of the population and what that community represents.”

During her previous roles in corporate America, Ronquillo-Newhart worked with boards. Now she’s the one on the board. 

“I think what best qualified me to get there was being at a C-suite at these major companies and working with boards and understanding what’s important to them. Understanding how companies make money and how they grow,” Ronquillo-Newhart said.

LCDA will be hosting an event on Wednesday titled “Colorado Boardrooms: A Call for Latino Inclusion” to discuss the gap in representation and solutions moving forward.