While corporate gender diversity has substantially increased over the last decade in Latin America, there is still a large gap with North America and Europe. This study examines the country and firm-level drivers of this gap, providing insights into factors promoting higher gender diversity in Latin American companies. Our analysis shows that cultural dimensions greatly impact gender diversity at the board and TMT levels. Specifically, power distance and individualism positively influence gender diversity, while masculinity and uncertainty avoidance have negative effects. At the firm-level, we show that board size, board independence, ESG performance, and family ownership are important drivers of gender diversity in Latin America. We also explore the factors driving Latin American firms' commitment to SDG-5 on gender equality. Our findings highlight the necessity of understanding regional contexts to design effective policies for enhancing gender diversity in corporate leadership.