Sen. Menendez Issues Third Corporate Diversity Survey on Female and Minority Fortune 100 Leadership
Survey continues effort to encourage greater inclusion of women and racial and ethnic minorities on corporate boards, executive management teams, and in procurement practices
July 16, 2014
Washington, DC – U.S. Senator Robert Menendez (D-NJ), Chairman of the Senate Democratic Hispanic Task Force and the only Latino Democrat in the United States Senate, today announced the commencement of a third survey to continue to measure the progress leading companies have made on the issue of corporate diversity. This year’s survey focuses exclusively on Fortune 100 companies to gain deeper insight of female and minority representation at the nation’s top performing companies, as well as their use of minority-owned and women-owned businesses in the contracting and procurement process.
Specifically, the survey assesses the diversity of corporate boards, executive teams, suppliers, professional services, and capital investments and capital allocations. Aggregate data compiled from companies through this survey will be publicly presented later this year. As in previous years, individual company data will not be made public.
“For the third year, I invite our nation’s major corporations and firms to participate in this important venture to assess the representation of women and racial and ethnic minorities at our nation’s top companies,” said Senator Menendez. “I believe that inclusion of women and minorities in board rooms, C-suites, and among suppliers is important not only because it is the right thing to do, but because it is good for business. In addition, the purchasing power of both Latino and Black consumers exceeds an estimated $1 trillion, making communities of color a key driver of economic influence. As the United States grows more diverse, companies that have boards and senior management reflective of today’s demographics and consumer wealth will be better positioned to compete in the marketplace.”
Full text of the letter sent to Fortune 100 CEOs and Board Chairs inviting them to participate in Senator Menendez’s 2014 Corporate Diversity Survey:
July 11, 2014
As Chair of the Senate Democratic Hispanic Task Force, I write to respectfully ask that you consider participating in my third corporate diversity survey. As with previous surveys, all individual company data will be kept confidential, and only aggregate data will be publicly released in a comprehensive report later this year. To complete the survey, please visit http://menendez.senate.gov/diversitysurvey. Please respond no later than August 10, 2014, and kindly complete all questions only in the format provided in the survey.
I believe the inclusion of women and minorities in board rooms, C-suites, and among suppliers is important not only because it is the right thing to do, but because it is good for business. It is imperative that companies assess their talent, board composition, and marketing efforts to ensure that they reflect the communities they serve. For example, women represent more than 51 percent of our population and account for as much as $15 trillion annually in U.S. consumer spending. In addition, the purchasing power of both Latino and Black consumers exceeds an estimated $1 trillion, making communities of color a key driver of economic influence. As the United States grows more diverse, companies that have boards and senior management that are reflective of today’s demographics and consumer wealth will be increasingly better positioned to compete in the marketplace.
As with previous years, I am conducting my corporate diversity survey to track the progress our nation’s leading companies have made on diversity and draw attention to areas where we can do better. This year, however, I am focusing exclusively on the Fortune 100 companies to gain a better understanding of female and minority participation among the leadership of our nation’s top companies. My first survey had a response rate of 71 percent among Fortune 100 companies – one of the highest response rates of any voluntary survey. My second survey shared a similarly high response rate, which I hope to exceed this year with your cooperation and support.
As one of the nation’s highest performing companies, I ask you to join me in calling attention to this very important issue by completing this year’s survey. Your participation will contribute greatly to our efforts to increase diversity in Corporate America. As you can see in my most recent report, released March 2013 and available at http://menendez.senate.gov/diversitysurvey, I maintain a strong commitment to keeping all results confidential. If you have any questions, please contact Monica Barrera on my staff at email@example.com or 202-224-0136.
Thank you in advance for your response.