Menendez survey shows underrepresentation of women, minorities in Fortune 500

Minorities and women are vastly underrepresented on corporate boards and executive positions in Fortune 500 companies, according to a survey released Wednesday by Sen. Bob Menendez (D-N.J.).

Menendez's office garnered responses from 219 companies on the Fortune 500, including 71 of the Fortune 100.

The results showed minorities represent just one out of seven members of corporate boards, while women constitute one in five.

Hispanics are the most underrepresented group, amounting to just 3.28 percent of board members. African-Americans were the least underrepresented, amounting 8.77 percent of board members compared to 13 percent of the population.

The report accompanying the survey suggests a number of ways for corporations to boost their minority employment.

The authors suggest companies expand recruitment outside of Ivy League schools, link a department's bonuses to its diversity and interview at least one minority applicant for each position.

"Nominating committees should never use the excuse that they cannot find a qualified minority or a woman to nominate to their Board," the report reads. "This was actually a common response over the course of this survey."