Press Releases

USHCC Applauds Securities and Exchange Commission Chairman for Promoting Diversity on Corporate Boards

WASHINGTON, DC, Feb. 2, 2016 (GLOBE NEWSWIRE) — The United States Hispanic Chamber of Commerce (USHCC) commends U.S. Securities and Exchange Commission (SEC) Chairman Mary Jo White for advocating a new initiative focusing on boardroom diversity. This proposal will require companies to provide more details about the diversity of their directors, including the racial or gender composition of their boards.

“The USHCC is thrilled to support Chairman White’s efforts to advance diversity in the boardroom. The business case for diversity is unassailable— the principled approach is the profitable approach. Boardroom diversity promotes the financial health and success of companies,” said USHCC President & CEO Javier Palomarez. “But more than that, boardroom diversity also reflects the changing face of America. We look forward to working with the Securities and Exchange Commission to see this initiative adopted in 2016.”

“Companies with diverse boards make better decisions that support all stakeholders,” said USHCC Chair Raymond Arroyo. “This creates greater adaptability and more innovative ideas—qualities that ultimately result in an improved reputation and strengthened brand. The USHCC commends Chairman White for recognizing the vital importance of boardroom diversity.”

This new proposal builds upon rules adopted by the SEC in 2009, which requires companies to disclose whether a nominating committee considers diversity in appointing board directors. The new initiative would provide more information to investors, allowing them to assess different aspects of diversity.

About the USHCC

The USHCC actively promotes the economic growth, development and interests of more than 4.1 million Hispanic-owned businesses, that combined, contribute over $661 billion to the American economy every year. It also advocates on behalf of 259 major American corporations and serves as the umbrella organization for more than 200 local chambers and business associations nationwide.

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