Minorities and women are still underrepresented in the boardrooms of Fortune 500 companies, lagging far behind the national population percentages, according to U.S. Sen. Robert Menendez, a Democrat out of Hoboken.
The chairman of the Senate Democratic Task Force released today the results of a survey on representation of women and minorities among the senior management of major firms. Survey participants represent 219 of Fortune 500 companies.
Hispanics are found to be the least proportionately represented on boards and fared worse on executive teams. The Menendez “Corporate Diversity Survey” also looked at the Fortune 500 firms practice of contracting with minority and women-owned businesses.
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“As chair of the Senate Democratic Hispanic Task Force, one of my top priorities has always been promoting and expanding diversity at all levels of our economic, political and social sectors, and the basic understanding that has resulted from this survey will help guide us in doing so,” said Sen. Menendez.
“This report clearly confirms what we had suspected all along – that American corporations need to do better when it comes to having the board rooms on Wall Street reflect the reality on Main Street, ” he said. “We need to change the dynamic and make it commonplace for minorities to be part of the American corporate structure. It is not just about doing what’s right, but it’s a good business decision that will benefit both corporations and the communities they’re tapping into and making investments in. That’s why I’m offering my recommendations and to work one-on-one with companies who want to move those numbers and company executives who want to make a difference in the community.”