Welcomed as Associate Member of Responsible Investment
Association for Focus on ESG Investing
State Street Global Advisors, the asset management business of
State Street Corporation (NYSE: STT), today announced that the
$2.67 trillion asset manager will expand its guidance on corporate
board diversity to the public companies in which it invests in
Japan and Canada.
In March 2017, in conjunction with the installation of its
‘Fearless Girl’ statue on Wall Street, State Street Global Advisors
sent letters to 600 companies in the United States, United Kingdom
and Australia informing them that it would vote against the chair
of their nominating committees if there were no female directors or
candidates. Of those companies, State Street Global Advisors
ultimately voted against 400 that had not initiated any efforts to
increase board diversity since receiving the letter.
As a result of these efforts, 42 companies to date have
committed to increasing the diversity of their boards and seven
have already added women to their boards.
“The data shows that all other things being equal, companies
with gender-diverse boards also have stronger long-term financial
performance,” said Ron O’Hanley, president and chief operating
officer of State Street. “Amongst major asset owners and managers,
more than $15 trillion in shareholder assets have been committed to
increasing gender diversity on corporate boards since we placed
‘Fearless Girl’, and this expansion to Canada and Japan will
further these efforts to drive better long-term performance and
returns for investors.”
Fifty-five percent of companies in Japan’s Topix 500 and 40
percent of the 700 companies in the Toronto Stock Exchange do not
have any woman on their boards. State Street Global Advisors’ goal
for 2018 is to provide board diversity guidance to more than 1,200
companies in these two countries.
“We’ll continue to prioritize and emphasize the critical
importance of responsible investing in portfolios,” said Rakhi
Kumar, head of ESG Investments & Asset Stewardship at State
Street Global Advisors. “As an asset manager, it’s our mission to
collaborate and engage with companies, not simply impose our point
of view, to help them realize the financial benefit of gender
diverse leadership. There’s much work to be done and we look
forward to applying our knowledge and experience to other
countries.”
O’Hanley referenced the expansion of State Street’s guidelines
in his address at the 2017 Breakfast of Corporate Champions, hosted
by the Women’s Forum of New York in New York City. The event, which
brought together more than 600 CEOs, board directors, government
officials and influential media, salutes companies with at least 25
percent of board seats held by women. State Street was applauded as
a corporate game changer making special efforts to advance women in
the boardroom.
Separately State Street Global Advisors announced that it has
become an Associate Member of the Responsible Investment
Association (RIA) in Canada.
“We are pleased to welcome State Street Global Advisors as an
Associate Member of the RIA,” said Deb Abbey, CEO of the RIA. “We
applaud their commitment to responsible investing and their focus
on gender diversity. We look forward to working together in our
ongoing effort to advance the integration of ESG criteria into
Canadians’ investment decisions.”
The RIA is Canada’s industry association dedicated to advancing
responsible investment, which refers to the incorporation of
environmental, social and governance (ESG) factors into the
selection and management of investments. RIA membership has grown
rapidly in recent years as investors increasingly seek investments
that align with their values and manage exposure to ESG risks and
opportunities.
“We are excited to become a member of the RIA, and to further
the support and advancement of ESG integration in the Canadian
marketplace,” said Peter Lindley, president of State Street Global
Advisors Canada. “RIA is a recognized leader in the Canadian market
and we look forward to working with them and other member
organizations to collectively advance responsible investing in
Canada.”
About State Street Global Advisors
For nearly four decades, State Street Global Advisors has been
committed to helping financial professionals and those who rely on
them achieve their investment objectives. We partner with
institutions and financial professionals to help them reach their
goals through a rigorous, research-driven process spanning both
active and index disciplines. We take pride in working closely with
our clients to develop precise investment strategies, including our
pioneering family of SPDR ETFs. With trillions* in assets under
management, our scale and global footprint provide access to
markets and asset classes, and allow us to deliver expert insights
and investment solutions.
State Street Global Advisors is the investment management arm of
State Street Corporation.
* Assets under management were $2.67 trillion as of September
30, 2017. AUM reflects approx. $36 billion (as of September 30,
2017) with respect to which State Street Global Advisors Funds
Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and
State Street Global Advisors are affiliated.
Important Risk Information:
The information provided does not constitute investment advice
and it should not be relied on as such.
All information has been obtained from sources believed to be
reliable, but its accuracy is not guaranteed.
There is no representation or warranty as to the current
accuracy, reliability or completeness of, nor liability for,
decisions based on such information and it should not be relied on
as such.
The whole or any part of this work may not be reproduced, copied
or transmitted or any of its contents disclosed to third parties
without SSGA's express written consent.
State Street Corporation, One Lincoln Street, Boston, MA
02111-2900.
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State Street CorporationAndrew Hopkins, +1
617-664-2422Ahopkins2@StateStreet.com
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