In April, I wrote a story for HREOnline™ about the efforts of Sen. Robert Menendez, D-NJ, to initiate a survey of Fortune 500 companies to see “if the boardrooms high atop Wall Street look like what we see every day walking down Main Street.”
Well the findings are now in—and aren’t pretty. Though voluntary, the survey reaped an impressive response of 219 Fortune 500 corporations and 71 Fortune 100 corporations. It found that minorities represent a total of 14.5 percent of directors on corporate boards and overall have less representation on executive teams than they do on corporate boards.
Hispanics, the study found, are the least proportionately represented on boards and fared even worse on executive teams. They comprise just over 3 percent of board members and just under 3 percent on executive teams.
Obviously, the findings confirm what everyone pretty much already knows: That employers still have much more work ahead when it comes to diversifying their executive ranks.
In releasing the findings, Menendez didn’t suggest a legislative response. But he did offer the following recommendation: creating a task force with select corporations, executive search firms, board members and other experts to help companies move in this direction.