WASHINGTON,
D.C. – U.S. Senator Bob Menendez (D-N.J.), the highest-ranking Latino in the
U.S. Congress, delivered the keynote address at the Alumni Society’s Annual
Leadership Summit, where he addressed a network of top Latino business leaders
in the United States about the importance of pushing corporate America to
address the lack of corporate diversity.
CLICK HERE TO WATCH SEN. MENENDEZ’S REMARKS
“It’s
time for America’s corporate leaders to realize that improving diversity is not
just an act of benevolence,” said Sen. Menendez in his keynote to corporate
leaders. “It is the smart thing to do for your bottom line. This is about
your ability to compete in a country where nearly 20 percent of the population
is already Hispanic and by 2060, one in three Americans will be. This is about
catering to a fast-growing Latino consumer base that commands nearly $1.5
trillion in purchasing power. This is about succeeding with a Latino population
that is collectively a decade younger than the rest of America and is more
brand loyal than other racial and ethnic groups…Just imagine the untapped
profit potential for companies who have yet to incorporate Latino voices,
experiences and wisdom into their leadership ranks?,” the senator
emphasized.
Following
his keynote address, Sen. Menendez discussed how he became engaged on the issue
of corporate diversity and inclusion with Pedro A. Guerrero, one of the Alumni
Society’s cofounders. The senator shared how this issue has been at the
forefront of his priorities since the days he was building his public service
career as Mayor of his hometown, Union City, N.J., and the role he believes
Latinos can play in pushing corporate America to do better on this critical
issue.
CLICK HERE TO WATCH SEN. MENENDEZ’S
CONVERSATION WITH PEDRO GUERRERO
Sen.
Menendez also spoke about the Improving
Corporate Governance Through Diversity Act of 2021, a bill he introduced
earlier this year to address shortcomings in the U.S. Securities and Exchange
Commission’s (SEC) diversity disclosure rule and require public companies to
report demographic information of their boards and senior management. This legislation
would also require the Director of the Office of Minority and Women Inclusion
having to publish a best practices and compliance report to the SEC every three
years and establish a Diversity Advisory Group, which would study the status of
corporate diversity and submit annual reports to Congress.
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