NEW YORK, NY -- Increasing American Latino presence on the nation's corporate boards, expanding access to capital for Latino businesses, and investing in education and mentoring for American Latino students and entrepreneurs will be the focus of the 2nd Wall Street Summit, October 23-25, 2002, in New York City. The Summit, a program of the New America Alliance, will be held at the Millennium Broadway Hotel, 133 West 44th Street, New York.
A key aspect of this Wall Street Summit is to address the need for increased access and representation by American Latinos at decision-making levels in the corporate and finance communities. Considering the strength of the buying power of the growing American Latino market, estimated at $600 billion dollars, increased American Latino representation in national leadership is a good and imperative business decision.
The program will identify opportunities for increasing the presence of American Latinos serving on corporate boards in the U.S. and the benefit of diversity in upper levels of corporate governance and management. Although 13 percent of the U.S. population is American Latino, they only hold 1.8 percent of corporate board posts.
"As part of our effort to increase the number of American Latinos on corporate boards and in management, we will host a Wall Street Summit to bring attention to the disparity between the numbers of American Latinos in the general population -- and the strength of their dollars -- and the paucity of American Latino representation on corporate boards," indicated Moctesuma Esparza, New America Alliance Chair of the Board.
American Latino representation on corporate boards and in public and private pension funds will be the topic of the first panel presentation and luncheon. Anna Escobedo Cabral, president and CEO of the Hispanic Association on Corporate Responsibility; Ingrid Duran, president and CEO of the Congressional Hispanic Caucus Institute; and Julie Daum, a Consultant with SpencerStuart will offer remarks for this panel.
On Thursday, October 24, former HUD Secretary and co-founder of the New America Alliance, Henry Cisneros will provide opening remarks; guest speakers will be NY State Attorney General Eliot Spitzer, and the Honorable Roel Campos will offer the keynote address.
An afternoon panel on Thursday will feature a discussion of Private Equity Programs with Angel Investors. Since there has been limited focus by private and public pension fund investors on the emerging domestic markets, the Summit will bring attention to the need for gaining exposure, at the highest levels, for the American Latino market.
As late as 1999, venture capital funds were responsible for over $134 billion; from that sum, only $2 billion was managed by companies supplying capital for new entrepreneurs from under-served markets.
The panel, moderated by Fidel Vargas, vice president of Reliant Equity Investors and led by John Garcia, Managing Principal of Angel Strategies will open up this issue. The second panel, Private Equity Programs at Major Institutional Investors, features comments from William C. Thompson, Jr., New York City Comptroller; and, Charles Valdes, Member, Board of Administration, California Public Employees' Retirement System.
Thursday's events will conclude with a visit to the New York Stock Exchange with remarks offered by NYSE Chairman, Richard Grasso, SEC Commissioner Roel Campos and Congressman Robert Menendez (D-New Jersey).
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