Few Minorities Named CFO

May 10, 2001 (PLANSPONSOR.com) - The rise of minorities to top finance positions has been very slow, according to a survey of US corporations.

The survey, by CFO magazine found that only 1.9% of those in top finance posts were from minority groups. Specifically:

  • there were only 14 minority finance chiefs at the Fortune 500 companies
  • 10 treasurers were from minority groups
  • there were five minority controllers.

The survey shows the number of female CFOs climbing from 14 to 24 in the last six years. However, this number is only 4.8% of the total.

The poll of 22 Fortune 500 finance chiefs showed the following reasons for pursuing diversity:

  • a multicultural workforce benefits the company by offering diverse opinions and views
  • increasing diversity is the right thing to do
  • increasing diversity helps reflect the customer base
  • more diversity shows that a company is fair-minded.