NEW YORK, April 17, 2024 – More than half of Fortune 1000 boards will still have a It still didn’t have a single Asian board member. KPMG LLP, a network of business professionals and executives working to advance workplace inclusion in the Asia Pacific Islands (API), and audit, tax and advisory firm.
Ascend Foundation, Ascend Pinnacle, and KPMG Board Leadership Center (BLC) launched the first study on Asian (1) directors on public Fortune 1000 boards in 2020, and this latest report reflects incremental progress I’m doing it.
While the overall proportion of board seats held by Asian executives remains low (6.9%), this is an improvement from 2020, when Asians held just 4.1% of board seats surveyed. . 46% of Fortune 1000 boards now include API board members, up from just 31% in 2020. However, for 54% of Fortune 1000 companies, many APIs still experience hidden caps that keep them away from the upper API tier. corporate world.
Asians remain the fastest growing demographic in the United States, with a population growth rate of 103% from 2020 to 2023. The purchasing power of Asian Americans increased by 111% between 2010 and 2020. And with approximately 59% of Asian Americans having a college degree (compared to 38% of the general population), companies looking to expand their reach are looking to develop, support and manage API talent. It’s better to focus on promotion to executive positions and corporate boardrooms. As Asia’s purchasing power increases, forward-thinking organizations will need leaders who understand the API community’s experiences, values, and priorities.
“In the last 10 years alone, we have made tangible progress in terms of visibility,” says Ascend President Anna Mok.・Asia’s presence has drastically decreased. Companies still have a long way to go to leverage the potential of API talent and the market. ”
“Diverse voices on the board are essential as business leaders develop strategy and strive to attract and retain talent, customers and suppliers to drive growth,” said the KPMG Board of Directors. said Susan M. Angell, Senior Advisor, Leadership Center. “The API community provides an important business lens and a rich pool of boardroom talent. The data in our report drives visibility, and visibility drives participation on America’s corporate boards. It helps to promote.”
The full report is available here.
(1) As used herein, the term “Asian” includes the geographic regions of the Far East, Southeast Asia, the Indian subcontinent, Hawaii, Guam, Samoa, and the Pacific Islands.
