Too Few Asian Directors in Fortune 500 Firms
Date: Tuesday, April 13 @ 10:00:00 EDT
Topic: High-Tech Coolies
From Press and Wire Reports
© 2004 The Straits Times (Singapore)
April 3, 2004
LOS ANGELES - Asian-Americans are woefully under-represented on the boards of the Fortune 500 list of top United States companies, despite being richer and better educated than whites and other ethnic groups, according to a study released on Thursday by an organisation of prominent Chinese-Americans.
Although census figures show Asians and Pacific Islanders constitute 4.4 per cent of the US population, they account for only 1 per cent of the board members of Fortune 500 corporations, says the New York-based Committee of 100.
'There's a negative perception of Asians out there. People may view them as smart people, but not as leaders,' Mr Wilson Chu, a Dallas lawyer who directed the group's corporate board study, told the San Jose Mercury News.
The group said the lack of Asians on the boards of top global companies represented missed opportunities for corporate America because it was not tapping a significant Asian talent pool.
'We believe this report card makes a compelling case for corporate America to diversify its boards with more Asian-Pacific Americans,' said Committee chairman Bob Lee.
Mr Chu said the diverse talents of Asian-Americans could 'strategically assist companies desiring to market to a highly educated and increasingly affluent Asian- and Pacific-American consumer market...and to an increasingly global clientele'.
The report card cited US Census Bureau statistics projecting an increase of almost 50 per cent of Asian- and Pacific-Americans in the US population between 2000 and 2010.
But the boardroom study did show that Asians have fared much better at gaining directorships in Nasdaq-listed technology-oriented companies. Of the companies ranked on the 2002 Fortune 1000 list that had at least one minority director, only one in 10 had an Asian on its board. This year's Nasdaq 100 list found 31 per cent of the companies had Asians on their boards, the study says.
On the Low Side
Although census figures show Asian and Pacific Islanders constitute 4.4 per cent of the US population, they account for only 1 per cent of the board members of Fortune 500 corporations.
The lack of Asians on the board of the top global companies represents missed opportunities for corporate America because it is not tapping a significant Asian talent pool.
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