Menendez’ Survey Highlights Corporate America’s Diversity Problem

WASHINGTON, D.C. – Calling it a "wakeup call for Corporate America," U.S. Senator Bob Menendez (D-N.J.) today released the results of his 2014 Corporate Diversity Survey which found that "women and racial or ethnic minorities remain significantly underrepresented at the highest ranks of corporate leadership and among corporate supply chains."

"Consider this a wake-up call, Corporate America. It is unacceptable that while you're reaping record profits by marketing goods and services to communities of color, women and minorities are sorely underrepresented on your boards and executive teams, and as your suppliers," said Sen. Menendez. "That is not just a glaring gap in equity, representation, and inclusion – it's a shocking business oversight that will ultimately hurt a company's bottom dollar."

Menendez said he would be introducing a legislative package in the coming months that will pave the way for greater data sharing and transparency -- particularly increasing access to demographic data for executive/senior level officials across all companies and encouraging greater spending with minority- and women-owned businesses.

Sixty-nine Fortune 100 companies participated in the voluntary and self-administered survey. Menendez released the report during a meeting with key stakeholders, including researchers, investors, government officials, and corporate leaders of Fortune 100 companies committed to increasing corporate diversity.

"The business case for having more Latino representation is irrefutable. The Latino demographic continues to grow significantly; as an example, 1 million U.S. born Latinos will turn 18 every year for the next ten years," said Victor Arias, Jr., Founding Board Member, Latino Corporate Directors Association. "Insights into how to harness the purchasing power of this demographic are an imperative for corporate America, and the first place is their respective board of directors. It is also an imperative for the US to have Latino leadership in every aspect of American life in order to continue to make our communities more effective in the very near future."

Senator Menendez's 2014 Corporate Diversity Survey focused on Fortune 100 companies to gain deeper insight into the representation of women and racial/ethnic minorities at the highest-performing companies in the United States – in leadership and in the use of minority- and women-owned businesses in the contracting and procurement process. The survey requested demographic data on each company's board of directors, executive team members and suppliers – including professional services suppliers, which are often overlooked by traditional supplier plans and internal data collection efforts.

"Center for Talent Innovation is proud to support Senator Menendez's corporate diversity efforts for inclusion," said Laura Sherbin, Executive VP and Director of Research, Center for Talent Innovation. "We feel strongly that as shifting demographics in the U.S. change the face of the consumer, today more than ever before, companies need to understand how to link innovation, diversity and market growth. These findings further support the business case for diversity and provides a compelling justification for diversifying leadership."

For more information, visit Senator Menendez's site: https://www.menendez.senate.gov/news-and-events/press/menendez-survey-highlights-corporate-americas-diversity-problem