The representation of Asian and Pacific Islander (API) individuals in Fortune 1000 boards remains a concern, with over half lacking a single API board member in 2023, according to a report from Ascend and KPMG LLP. While the overall percentage of board seats held by API executives has increased to 6.9%, up from 4.1% in 2020, significant gaps persist in top leadership positions.
Anna Mok, president of Ascend, emphasized the need for companies to do more to harness the potential of their API workforce and market. The report highlights the importance of developing and advancing API talent in C-suites and corporate boardrooms, particularly considering the fast-growing demographic of Asians in the U.S.
Susan Angele, senior advisor of the KPMG Board Leadership Center, underscored the significance of diverse voices in the boardroom for driving growth and innovation. However, stereotypes and barriers contribute to the underrepresentation of East Asian workers in leadership roles, often resulting in a “bamboo ceiling.”
Reports from various organizations, including the Coalition of Asian Pacifics in Entertainment, The Asian American Foundation, and Syndio, highlight the challenges faced by API workers, including concerns about career entry and advancement barriers and biases in performance reviews.
To address these issues, leaders can work to reduce biases, foster psychological safety, and provide clarity about advancement opportunities, creating a more inclusive workplace culture for API employees.
In summary, the Ascend and KPMG LLP report underscores persistent disparities in API representation on Fortune 1000 boards, despite some progress. The findings stress the importance of proactive efforts to cultivate API talent in leadership roles, combat stereotypes, and create inclusive workplaces to harness the full potential of diverse voices for organizational success and innovation.