By: Carmen T. Joge, Vice President Programs and Operations, LCDEF and LCDA

While Latinos represent the fastest growing segment of consumers and employees today and tomorrow, a vast majority of the largest corporations lack Latinos at the highest levels of corporate governance. Fortune 1000 company tracking by the Latino Corporate Directors Association (LCDA) reveals that more than 75 percent lack a single Latino or Latina director.

Latino consumers have been driving consumption and growth for all mass consumer categories for years now, but that growth has failed to translate to success in the corporate boardroom. Without Latino voices in the boardroom, companies are leaving money and opportunity on the table.

LCDA, in partnership with its foundation the Latino Corporate Directors Education Foundation (LCDEF). is working to change these numbers, by supporting its work to increase the supply of board-qualified, board-ready Latino talent.

Launched in 2017, LCDEF’s BoardReady Institute (BRI) is a comprehensive program designed to prepare and position highly qualified Latino executives and national leaders for corporate board service. The program’s tailored curriculum was developed in collaboration with the KPMG Board Leadership Center, the Rock Center for Corporate Governance at Stanford Law School, Boardspan, and LCDA’s search firm strategic partners, to support senior executives on their journey to the boardroom.

BRI is an exclusive program aimed at highly accomplished executives who are aspiring directors. There is no other programming of this scope focused on accelerating the development and placement of Latino board-qualified executives onto the highest levels of corporate governance. Candidates to the program pass through a screening process before they get in the door, so the participants are already highly qualified as prospective board members. “The program gives them the education, networking opportunities, and confidence they need to connect with board members on a peer-to-peer basis during the interview process and add value in the boardroom on day one,” stated Susan Angele, LCDEF Board Secretary and Senior Advisor for KPMG’s Board Leadership Center.

F. Daniel Siciliano, LCDA member and LCDEF board member, has taught Stanford law students and LCDEF BRI executives, and when meeting the latter, his reaction has often been, “How are they not already on boards?” Their impressive careers often make these Latino executives more than qualified; however, they don’t always perceive themselves that way. “The Latino culture allows for a conservative view of one’s own qualifications,” he explains, noting that the BRI program works to change these ideas and instead focus participants on preparing and positioning for board director roles.

Sonia Pérez, President, Southeast States, AT&T and recently appointed board member for Sanderson Farms (NASDAQ: SAFM), attended BRI in 2018. “One of the most impactful things about it for me was how personal the setting was; it gave participants the opportunity to interact with each other and with the lecturers conducting the seminars. I attended with the understanding that it would be a board governance educational program, but I did not expect the level of support, motivation, and respect that I experienced while I was there. I found it quite meaningful that everyone in the room was there to lift each other up.”

The program’s comprehensive three-part curriculum is designed to prepare senior executives for boardroom excellence.

The program components include:

Learning and preparation
Board-level networking with corporate directors, CEOs, search firms, and others that influence board placement
Exposure and marketing

“I’m really excited because we’ve turned this into a program which works on hard skills, soft skills, and self-improvement with equal weight,” added Siciliano. “I don’t, at this time, know of any other program that has a curriculum that has not only mock board meetings, but mock board interviews, and sessions on how to navigate board culture as Latinos and first-time directors. I think—in a very geeky way—that this is a breakthrough. I think we are going to be able to prove and demonstrate that the BRI program is a near substitute for corporate board experience, removing boards’ concerns about someone who hasn’t had prior board service.”

Jose A. Avalos, BRI Alumnus and Vice President of the Internet of Things Group and General Manager of Retail, Banking, Hospitality and Education Vertical Markets at Intel, is also enthusiastic about the program. “Being invited to participate in the inaugural class of the BRI was a great honor. It has been very humbling to be able to learn and work with the LCDA members – an amazing group of Latino leaders that are positively impacting American business, government, culture, and society. My program experience has given me the insight and community I needed to go into board interviews supported and prepared. It’s only a matter of time for the right board to come along.”

BRI participants are LCDA Executive Members and, as such, are able to enjoy many of the benefits of LCDA membership including attending the Annual Convening, access to board searches, and year-round learning through our webinar series. Candidates must meet criteria that prioritizes C-level executives and leaders with large company operations experience, including global or corporate-wide management experience, direct P&L ownership, and current or previous nonprofit board service. LCDA’s search firm partners help vet the candidates.

LCDEF will be accepting applications for the 2020 BRI cohort in the spring of 2020. If you’re interested in applying email cjoge@latinocorporatedirectors.org. You can also learn more online at www.latinocorporatedirectors.org.

LCDEF’s BoardReady Institute (BRI) is Increasing the Supply of Latino Board Qualified Candidates