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December 2020
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Message from Roel Campos, Board Chair, and Esther Aguilera, President & CEO:
Gratitude and Perseverance
TIME cover story this month is titled, 2020 Tested Us Beyond Measure. Where Do We Go From Here? It is a fitting way to capture what many of us are feeling about 2020, with optimism for 2021.
Despite difficult circumstances, what defined LCDA in 2020 was our resiliency and resourcefulness to press ahead with new research-driven tools, to grow our social media presence, and to elevate our communications reach with tier one business outlets. Plus, in partnership with leading national organizations, we launched Latino Voices for Boardroom Equity to raise awareness about the supply and the business value that Latinos bring to the boardroom.
In a country in which nearly 25% of the GDP is driven by Latinos, no company headquartered here can be effectively governed without Latinos at the decision-making table.
- Latinos number 60 million, or over 18% of the US population, and growing on average by 1.2 million a year over the next decade.
- The Latino GDP totals $2.6 trillion and grew 72% faster than non-Latino GDP from 2010-2018.
- Plus, in 2019, 82% of new entrants to the US labor force were Latino.
In sum, Latinos are the economic engine of the country and driving consumption growth for all mass consumer categories. The Latino Donor Collaborative 2020 report states, “From 2010 to 2018, Latino real consumption grew 133 percent faster than non-Latino consumption, with no sign of slowing, driven by gains in person income, educational attainment, and enterprising strength."
The next two years present great opportunities for LCDA to substantially move the needle, made possible by California’s passage of AB 979, Nasdaq’s board diversity requirement, ISS’s call-out of Russell 3000 Index companies that lack Latino and other racial and ethnic directors, as well as efforts by other institutional investors.
Also, we believe that Nasdaq's proposed new rule requiring its listed companies to have, or explain why they do not have, at least two diverse directors is a great development for our cause. We will submit to the SEC a comment letter in support of the Nasdaq rule proposal. We also believe Goldman’s threat of not underwriting companies who have no diversity will also add ammunition to our efforts.
Deepest gratitude for the support of our membership, board, corporate, search firm, private equity, and research partners. We had a great year of growth and achievement in the midst of a once a century occurring pandemic.
We wish you a safe and healthy start to the holidays and to the New Year. With your help, 2021 will be amazing for LCDA and its members and our Latino community.
Stay safe and healthy,
Roel Campos
Chair
Esther Aguilera President and CEO
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On December 6, 2020, Nasdaq filed a proposal with the Securities and Exchange Commission (SEC) to adopt new listing rules related to diversity and inclusion. If approved, the new rules would require all companies listed on Nasdaq’s US exchange to publicly disclose consistent, transparent diversity statistics regarding their board of directors. Additionally, the rules would require most Nasdaq-listed companies to have, or explain why they do not have, at least two diverse directors, including one who self-identifies as female and one who self-identifies as either an underrepresented minority or LGBTQ+.
Our Chair, Roel Campos, former SEC Commissioner, will lead a team of lawyers from his law firm Hughes Hubbard & Reed on a pro bono basis to prepare and submit to the SEC a comment letter in support of Nasdaq on behalf of Latino Corporate Directors Association (LCDA).
To learn more about the Nasdaq’s Board Diversity Proposal, the following resources are available:
Congratulations to Rebecca O'Mara Martinez on being named President of newly formed Industrial Services division for Stanley, Black & Decker.
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Congratulations to Dr. Esteban Lopez, M.D. on being named Market Lead of Healthcare and Life Sciences, Americas-Google Cloud at Google.
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Congratulations to Julio Ramirez on being named Chief Financial Officer of maintenance, repair, and operations company Kimball West.
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Congratulations to Chris Lalan for being named Chief Legal and Compliance Officer of Teachers Federal Credit Union.
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Congratulations to Milena Alberti-Perez for joining Getty Images as Chief Financial Officer. >READ MORE
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Congratulations to Jose Avalos, Isaura Gaeta, Miriam Hernandez-Kakol, Enrique Lores, Roberto Medrano, and Nina Vaca recognized by HITEC as a 2020-2021 HITEC 100 Award winner. >READ MORE
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Congratulations to Gary Trujillo for being recognized in the 2020 class of “Directors to Watch" by Private Company Director magazine. >READ MORE
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Congratulations to the LCDA Director Members recently highlighted in D&B's latest story, DIRECTORS TO WATCH: New Guidance Invites Investor Action on Diversity and Inclusion. >READ MORE
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Congratulations to Ramon Baez and Carlos Amesquita for their induction into the 2020 HITEC Hall of Fame. >READ MORE
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Congratulations to Meredith Mendes for joining Gresham Partners as Principal and Chief Operating Officer. >READ MORE
Congratulations to Lisa Bacus on her appointment to the Douglas Dynamics (NYSE: PLOW) board of directors.
Congratulations to Michael Camunez on his appointment to the Amplify board of directors.
Congratulations to Maria Contreras-Sweet on her appointment to the TriNet (NYSE:TNET) board of directors.
Congratulations to Guillermo Diaz, Jr, on his appointment to the Blue Shield of California board of directors.
Congratulations to Romy Diaz on his appointment to the Federal Home Loan Bank of Pittsburgh board of directors.
Congratulations to Manny Fernandez on his appointment to the HollyFrontier Corporation (NYSE:HFC) board of directors.
Congratulations to Amb. Antonio Garza on his appointment to the Tricolor Auto board of directors.
Congratulations to Ron Menezes on being appointed President & CEO of Sientra, Inc. (NasdaqGS:SIEN) and joining their board of directors.
Congratulations to Gisel Ruiz on her appointment to the Univision Communications board of directors.
Congratulations to Felicia Thornton on her appointment to the Pactiv Evergreen Inc. (NasdaqGS:PTVE) board of directors.
Congratulations to Denice Torres on her appointment to the National Resilience board of directors.
Congratulations to Luis Ubinas on his appointment to the FirstMark Horizon Acquisition Corp. (NYSE:FMAC) board of directors.
Congratulations to Anilu Vazquez-Ubarri on her appointment to the Upwork (NASDAQ:UPWK) board of directors.
Congratulations to Geisha Williams on her appointment to the Siemens Energy, Inc. subsidiary of Siemens Energy AG (DB:ENR) board of directors.
Marisol Angelini
Board: Bush Brothers
Jim Dal Pozzo
Board: BJ's Restaurants, Inc. (NasdaqGS:BJRI); The Jacmar Companies; L-Nutra Inc.; Monrovia Nursery
Ezequiel Flores
Board: Sabrosura Super Holdings
Ron Menezes
Board: Sientra, Inc. (NasdaqGS:SIEN)
Pedro Pizarro
Board: Edison International (NYSE:EIX); Southern California Edison Co.
Lou Sandoval
Board: Wintrust Bank N.A.
Gilbert Vazquez
Board: Entravision Communications Corporation (NYSE: EVC); Manufacturers Bank
Kirk Waldron
Board: Chair-man Mills Inc., Marquee Event Rentals
M. Max Yzaguirre
Board: BBVA USA Bancshares Inc.; Forbes Bros Holdings Ltd
Please join us in welcoming our new 2020 LCDA Executive Members.
For a full list of LCDA's board-ready executives, click HERE.
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Stanford Law School’s Rock Center for Corporate Governance Conference on Racial Equity in Corporate Governance | Virtual Event
When: January 14, 2021
For insightful news and information along with valuable tools and resources, visit the California Boardroom Equity Tracker, California Boardroom Equity Scorecard, Covid-19 Board Resources, Covid-19: ESG Game Changers, CA Public Company Boards, and Latino Voices for Boardroom Equity pages on our website.
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Latino Corporate Directors Association | 1032 15th Street, NW | #1377 | Washington, DC 20005-1503
