Latino Corporate Directors

LCDEF'S BOARDREADY INSTITUTE (BRI): PREPARING LATINO LEADERS FOR THE BOARDROOM

Carmen Joge, LCDA Vice President, Programs and Operations

The Latino Corporate Directors Education

Foundation (LCDEF), in partnership with its parent association, the Latino Corporate Directors Association (LCDA), is increasing the number of US Latinos serving on corporate boards by accelerating the development and placement of highly credentialed Latinos who are aspiring, new, and board-experienced directors from a variety of sectors and professions onto the highest levels of corporate governance.

There is ample Latino talent for the boardroom, as demonstrated by our growing membership which doubled over the last three years - and the candidate applicant pool is just the tip of the iceberg. LCDEF welcomed its largest cohort of 70+ LCDA members at its recently held Spring BoardReady Institute (BRI) hosted by Goldman Sachs in New York City.

The BRI is a comprehensive set of programs designed to prepare and position highly qualified Latino senior executives and national leaders for corporate board service. Our quickly growing membership created the demand for the expansion of BRI, which now offers all LCDA members two concurrent program tracks: the core BRI and the next-level BRINext: • The core BRI program is designed to prepare highly credentialed executives and national leaders to begin their journey to the boardroom and be best positioned to serve as a vetted talent pool for corporate board service. The program is targeted at new LCDA aspiring director members who have not completed board-ready programming or new directors who are serving on their first private board (less than 2 years).

• BRINext is the next level in programming for members interested in taking a deeper dive in corporate governance education and seeking a strategic understanding of the inner workings of corporate boards. This program is targeted at firsttime directors (less than 5 years) and aspiring director members who completed core BRI programming in previous year(s) or a board-readiness program through other sources.

JC GONZALEZ-MENDEZ

LCDA MEMBER AND FORMER PRESIDENT OF LATIN AMERICA, MCDONALD’S CORPORATION.

The program’s tailored curriculum is delivered in collaboration with the KPMG

Board Leadership Center, the University of California Hastings’ Center for Business

Law, LCDA’s seasoned directors, and LCDA’s search firm partners - like Egon Zehnder,

Heidrick & Struggles, and Diversified Search

— who instruct and coach candidates on their journey to the boardroom. Since then, our list of curriculum partners has grown to include

Equilar, Diligent, Spencer Stewart, Goldman

Sachs, Carlyle, Above Board, and many others.

LCDA Member, JC Gonzalez-Mendez, said of our recent Spring BRI programming, “THANK YOU for an outstanding event in New York. The presentations, dialogue, and networking were probably the best I have participated in. Every single topic that was discussed was relevant and well covered. I am proud to be a part of such a professional organization.”

Invaluable to an LCDA board-aspiring members’ success is the support they receive from BRI’s Partners and LCDA’s experienced Director Members who “pay it forward” by mentoring and coaching first-time and aspiring directors during their journey to and in the boardroom.

Programming, preparation, networking, coaching, and peer support all play a role in ensuring that talented, board-ready executives who complete BRI are successful when searching for board opportunities they are passionate about. Last year, 22 former LCDA board aspiring executives landed board seats. Now mid-way through 2022, there have been over 70+ Latino board appointments — LCDA is truly moving the needle for Latino board representation.

While there is no board placement guarantee — when you put talent, preparation and networks together with timing, hard work, and opportunity, you have a winning combination.

Learn more at www.latinocorporatedirectors.org.

LCDA IS COMMITTED TO PAYING IT FORWARD

REFLECTION BY ESTHER AGUILERA

AS PART OF the continuing partnership between the Latino Corporate Directors Association (LCDA) and Latino Leaders magazine, I am proud to share updates regarding the state of LCDA, its members, and Latinos in America’s boardrooms.

LCDA is a community of US Latinos at the highest levels of corporate leadership that are committed to paying it forward and which welcomes highly-accomplished leaders who have demonstrated a personal or professional commitment to the advancement of the Latino community.

Paying it forward is a key tenet of LCDA membership; being the first Latino with a seat at the table is a considerable responsibility— with the potential to pay it forward by opening doors for other board aspiring Latinos. LCDA members understand that as thought leaders and accomplished executives, they can propel the advancement of US Latino board placements.

Due to this commitment, LCDA is at the forefront of promoting qualified Latino board talent and preparing Latinos for board service with LCDA members occupying more than

LCDA Impact

Fortune Latino Representation

6.0

5.0

4.0

3.0

2.0

1.0

0

4.0

2.2

1.6

2011

2.6

2.3 4.6 4.7

3.9

2.7 4.1

3.2 5.5

4.5

3.7

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

F100 F500 F1000 Key Influencers

430+

Significant Membership Growth #1 Resource for Latino Board Talent

Letter Campaign to California and F500 Companies Expanded Research Capacity

Source: Diversified Search and Latino Corporate Directors Association

latinocorporatedirectors.org

ESTHER AGUILERA

30 percent of the board seats held by Latinos

on Fortune 1000 companies. LCDA currently boasts more than 430 members, and through its continued rapid growth, is driving forward US Latino corporate board appointments and connecting companies with Latino talent.

Just recently, two LCDA board aspiring members were appointed simultaneously to a public company board. The search for two board placements was led by an LCDA Member. Through LCDA’s network of members and search firm partners, doors have been opened to successful board appointments at companies such as — PayPal, Ulta Beauty, PG&E, American Outdoor Brands, Delta Apparel, Zion Bancorporation, and Meritage Homes, to name a few. Out of many, these are some notable instances for LCDA, where our network has lived up to the commitment of expanding opportunities and uplifting the next wave of Latino directors.

Plus, the organization is committed to providing members with high-caliber programming. This fall, LCDA members will participate in LCDA’s 7th Annual Convening—where board aspiring members are given the opportunity to network with and learn from Director Members, alongside LCDA’s Partners, Sponsors, and Search Firm Partners. As an exclusive benefit, our members are also invited to participate in LCDA’s Fall BoardReady Institute (BRI) Program, hosted by Morgan Stanley, focused on accelerating the development and placement of highly credentialed Latinos who are aspiring, new, and board-experienced directors from a variety of sectors and professions onto the highest levels of corporate governance.

As the preeminent association of US Latina and Latino corporate directors and a trusted source for US corporations and search firms seeking board talent, LCDA believes a diverse board isn’t just about fulfilling social quotas, but about creating a diverse think engine for companies. Having Latinos on corporate boards means representing the vast majority of market growth as Latino consumers contribute $2.7 trillion to the US GDP and make up nearly 20 percent of the US population.

LCDA stays committed to partnering with key organizations, like Latino Leaders, to bring awareness to the ample supply of Latino corporate board talent and the value of boardroom diversity. For more information on our work or to partner and be a part of growing this association, visit: latinocorporatedirectors.org. Together, we can ensure we are all paying it forward!

THE POWER OF TAKING ACTION:

HACR IS ELEVATING MORE HISPANIC INCLUSION IN CORPORATE AMERICA AND IN CORPORATE BOARDS

Johanna Hoyos Courtesy of HACR F. Izquierdo

DID YOU KNOW Hispanics hold 5% of the approximate Fortune 100 board seats? Latinas have 1% of Fortune 500 board seats. Latinos hold 4% of Fortune 500 board seats. Minority women hold 6.6% of Fortune 500 board seats. ¹

The voice of more than 46.6 million Hispanics in the United States needs to feel heard, not neglected!

The Hispanic Association on Corporate Responsibility (HACR), founded in 1986, has been listening and taking action by advancing the inclusion of Hispanics in Corporate America. The non-profit focuses on four areas of corporate social responsibility and community reciprocity: Employment, Procurement, Philanthropy, and Governance. To better fill this gap, the HACR organization is prioritizing working with corporations nationally and globally to create positive change for our Latino/as and Hispanic communities.

Cid Wilson, a Dominican American living in New Jersey, serves as the President and Chief Executive Officer of HACR. He is proud to be promoting Hispanic inclusivity through direct corporate advocacy by speaking with chief executive officers, board of directors, and chief diversity officers to increase the representation of Hispanics at all levels in Corporate America. Having Cid speak with the leaders that influence the appointment of board members allows for elevating more Latino/as and Hispanics to get onto more corporate boards.

In daily conversations, the most common question that comes up is, what is Corporate America doing to change the culture of the corporate board? It's not just naming a Latino/a on the board. But how can every board director be a catalyst for change in the current culture of the corporate board? "There are challenges posed for more Latino/as communities to get onto corporate boards faster, has to do with the current corporate structure in Corporate America. That is what we need to change," stated Wilson. "The misconception you hear from Corporate America that they cannot find 'qualified' Latino/as or a 'good fit' is a fallacy!"

"This means they are looking for someone open to assimilating a whitecentric board of directors rather than what Corporate America should do, acculturate to Hispanics and Latinos. The issue of 'qualification' and 'fit' completely goes away because now Corporate America is looking at this through the acculturation lens rather than the old-school assimilation lens. When Corporate America adapts acculturation in their corporate boards, you will see the numbers of Hispanics and Latinos getting on boards go up dramatically," emphasized Cid.

For Latinos and Hispanics interested in being part of a board, Cid's advice is to recognize it's all about visibility. "If you add visibility, time, and qualifications, it equates to external credibility and the notice needed for the boards. Remember that 2/3 of board seats are chosen by word of mouth and 1/3 by search firms. 60% of board seats go to current/former CEOs or other c-suite roles. The last 20% goes to everyone else. Rather than fighting the last 20%, ask yourself, how do you start thinking about your career strategy to qualify for more of the other percentages."

Cid is a propeller of Hispanic talent in the United States. During his time at HACR, he has contributed to having more than doubled the organization's size and tripled net assets. He wants people to remember his time at HACR as a catalyst of change, where Hispanics and Latino/as are visible in corporate gatherings, where they have never been before. "I want people to remember me as the leader who changed corporate culture, who created a Corporate America that is not only inclusive but also a place of belonging."

“IF YOU ADD VISIBILITY, TIME, AND QUALIFICATIONS, IT EQUATES TO EXTERNAL CREDIBILITY AND THE NOTICE NEEDED FOR THE BOARDS.”

¹Deloitte and ABD published a Missing Pieces Report, titled, “The Board Diversity Census of Women and Minorities on Fortune 500 Boards, 6th Edition”