Firm to Expand upon Efforts; Will Call on Portfolio Companies
to Disclose Gender Diversity Numbers at All Levels of
Management
State Street Global Advisors, the asset management business of
State Street Corporation (NYSE: STT), today announced that since
the arrival of its Fearless Girl on Wall Street one year ago, 152
publicly-traded companies that the firm reached out to, through
either its voice or its vote, that previously had no women on their
boards, now have at least one female board member.
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Fearless Girl by the numbers (Graphic:
State Street Global Advisors)
“Our stewardship platform, exemplified by Fearless Girl, is
making a significant impact,” said Rakhi Kumar, head of ESG
Investments and Asset Stewardship for State Street Global Advisors.
“Fearless Girl has sparked important conversations around the
world, and has increased shareholder action on the issue of gender
diversity. We applaud the many asset owners and managers
controlling more than $13 trillion that have since joined us in our
call to action. We are proud of the fact that 152 companies have
placed women on their boards in just the last year. However, there
is still important work to be done. The 152 leaves more than 600
companies in our original target universe that have still taken no
action, and we will continue our engagement and voting efforts in
2018 as we look to make additional progress on this important
issue.”
In the year since Fearless Girl was installed, State Street
Global Advisors identified and reached out to 787 companies in the
US, UK and Australia that had no women on their boards through
direct engagement, its letter writing campaign or using its vote to
address their lack of board diversity. Ultimately, State Street
Global Advisors voted against 511 companies for failing to
demonstrate progress on board diversity. In addition to the 152
companies that added a female board member, another 34 companies
committed to adding at least one woman to their board in the near
term. The firm also announced it would be expanding its board
guidance to companies in Japan, Canada and Europe.
To build on Fearless Girl’s impact, State Street Global Advisors
is now calling on portfolio companies to create more transparency
and share more data about the number of women they have at all
levels of management. State Street Global Advisors will begin
screening and engaging with companies in the STOXX 600 and FTSE 350
indexes to start, seeking to understand company practices that
promote diversity, and has plans to expand this effort in the
future.
“Often when we engage with companies on the issue of board
diversity we hear that the biggest challenge is a lack of suitable
female candidates,” continued Kumar. “Our efforts can’t stop at the
board level if we truly want companies to adopt policies and
practices that will help strengthen gender diversity throughout
their organizations, and ultimately contribute to a greater pool of
female directors qualified to serve on a board.”
For more information on State Street Global Advisors’ asset
stewardship efforts and its Fearless Girl campaign, click here.
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 unrivaled 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 $2.78 trillion as of December 31,
2017. AUM reflects approx. $35 billion (as of December 31, 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.
It is not possible to invest in an index.
The information contained in this communication is not a
research recommendation or ‘investment research’ and is classified
as a ‘Marketing Communication’ in accordance with the Markets in
Financial Instruments Directive (2014/65/EU) or applicable Swiss
regulation. This means that this marketing communication (a) has
not been prepared in accordance with legal requirements designed to
promote the independence of investment research (b) is not subject
to any prohibition on dealing ahead of the dissemination of
investment research.
The FTSE 350 Index is a market capitalization weighted
stock market index incorporating the largest 350 companies by
capitalization which have their primary listing on the London Stock
Exchange. It is a combination of the FTSE 100 Index of the largest
100 companies and the FTSE 250 Index of the next largest 250. The
index is maintained by FTSE Russell, a subsidiary of the London
Stock Exchange Group. See the articles about those indices for
lists of the constituents of the FTSE 350.
The STOXX Europe 600, also called STOXX 600, SXXP, is a
stock index of European stocks designed by STOXX Ltd.. This index
has a fixed number of 600 components, among them large companies
capitalized among 17 European countries, covering approximately 90%
of the free-float market capitalization of the European stock
market (not limited to the Eurozone). The countries that make up
the index are Austria, Belgium, Denmark, Finland, France, Germany,
Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway,
Portugal, Spain, Sweden, Switzerland and the United Kingdom
State Street Global Advisors
One Lincoln St. Boston, MA 02210-2900
United Kingdom: State Street Global Advisors Limited.
Authorised and regulated by the Financial Conduct Authority.
Registered in England. Registered No. 2509928. VAT No. 5776591 81.
Registered office: 20 Churchill Place, Canary Wharf, London, E14
5HJ. Telephone: 020 3395 6000. Facsimile: 020 3395 6350.
Hong Kong: State Street Global Advisors Asia Limited, 68/F,
Two International Finance Centre, 8 Finance Street, Central, Hong
Kong • Telephone: +852 2103-0288 • Facsimile: +852
2103-0200
2043064.1.1.GBL.RTL
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State Street CorporationAndrew Hopkins, +1
617-664-2422Ahopkins2@StateStreet.com
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