Firm Also Announces Escalated Gender Diversity
Guidelines
State Street Global Advisors, the asset management business of
State Street Corporation (NYSE: STT), today announced its latest
impact figures for the Fearless Girl campaign, demonstrating
continued progress for the firm’s gender diversity asset
stewardship programs in the US, UK, Australia, Japan Canada and
continental Europe.
Since the introduction of Fearless Girl in 2017, more than 300
companies identified by State Street Global Advisors responded to
the firm’s call by adding a female director and another 28 have
committed to do so. In the United States alone the campaign
continues to build momentum as a total of 215 companies added a
female director. This resulted in a decrease in the percentage of
companies in the Russell 3000 Index1 without a female director from
24 percent at the end of 2016 to 16 percent at June 20182. During
the 2017 proxy season State Street Global Advisors voted against
512 companies for failing to take action regarding their board
gender diversity, and in the first half of 2018, through several
country proxy voting seasons, voted against 581 companies.
“As stalwart practitioners and believers in the value of asset
stewardship, we are proud to see the influence of Fearless Girl
continue to grow,” said Rakhi Kumar, head of ESG Investments and
Asset Stewardship for State Street Global Advisors. “Since her
arrival, Fearless Girl has inspired companies and shareholders
worldwide to focus on board diversity and join us in our call to
action. We commend the companies that have already placed women on
their boards in response to our outreach, and the others that have
committed to doing so.”
In the last year State Street Global Advisors has expanded its
engagement program around the world, rolling out initiatives in
Japan, Canada, and Europe. Japan, in particular, has seen early
momentum leading to 40 companies taking action and adding a female
director as well as 11 more committing to doing so in the near
future. In Canada almost a quarter, 23 percent, of companies are
taking action by adding a female director and in Europe, 50 percent
of companies identified have already added a female director.
“As the world’s third-largest asset manager, and one of the
largest index managers, we are focused on providing our clients
with long-term value and investing responsibly to help them achieve
their financial goals,” said Cyrus Taraporevala, State Street
Global Advisors president and chief executive officer. “Our
commitment to asset stewardship exemplifies that focus as we firmly
believe these issues should form part of an integrated investment
approach.”
The firm also announced today an enhancement to its board gender
diversity voting guideline designed to further encourage companies
to diversify their boards. Starting in 2020 in the US, UK and
Australian markets, and in 2021 in Japan, Canada and continental
Europe, State Street Global Advisors will vote against the entire
slate of board members on the nominating committee if a company
does not have at least one woman on its board, and has not engaged
in successful dialogue on State Street Global Advisors’ board
gender diversity program for three consecutive years.
Fearless Girl Impact – By the Numbers
Worldwide:
Companies identifiedas not
having a singlefemale board member
Number of companiesadding a
female director
Number of companiescommitting to
add afemale director
Global 1,228 301 28
Breakdowns by region
US 816
215 14 Japan 281
40 11 Canada 64 13
2 UK 12 7 0 Europe
10 5 Australia*
45 21 1
*Figures represent 2017 results as most Australian companies
hold their 2018 annual meetings in the second half of the
year.Source: State Street Global Advisors
North America
- The Board gender diversity campaign
momentum continued in the US this year building on the strong
program in 2017. This has resulted in a total of 816 companies
being identified since the launch of the Fearless Girl
campaign
- Many of the Russell 3000 companies
initially targeted in 2017 have since added at least one female
director, driving the percentage of companies on the index without
a female director to decrease from 24% in 2016 to 16% as of June
30, 20183
- Since the launch, 215 US companies have
added female directors to their boards, while an additional 14 have
committed to making those additions in the near term
- Canadian response to the campaign has
also been strong, with 23% of identified companies adding a female
director or committing to do so.
Asia Pacific
- Japan stood out for early momentum as
18% of targeted companies added a female director, or pledged to do
so.
- Australian companies were similarly
enthusiastic, with 49% of targeted companies adding women or
committing to add women to their boards since the start of the
campaign.
Europe
- In the UK, State Street Global Advisors
continued to monitor the remaining few companies on the FTSE 3504
that were lacking in board gender diversity. Of the 12 companies
identified, seven have added their first woman to the board of
directors since Fearless Girl’s original placement.
- Elsewhere in Europe, since expanding
the campaign to include the STOXX 6005, the company has identified
just 10 companies without a female director—of those, five have
subsequently added their first female board member.
For more information on State Street Global Advisors’ asset
stewardship efforts and its Fearless Girl campaign, click here.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the
world’s governments, institutions and financial advisors. With a
rigorous, risk-aware approach built on research, analysis and
market-tested experience, we build from a breadth of active and
index strategies to create cost-effective solutions. As stewards,
we help portfolio companies see that what is fair for people and
sustainable for the planet can deliver long-term performance. And,
as pioneers in index, ETF, and ESG investing, we are always
inventing new ways to invest. As a result, we have become the
world’s third largest asset manager with nearly US $2.72 trillion*
under our care.
*This figure is presented as of June 30, 2018 and includes
approximately $33 billion of assets with respect to SPDR products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
Investing involves risk including the risk of loss of
principal.
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 State Street's express written consent.
State Street Corporation, One Lincoln Street, Boston, MA
02111-2900
State Street Global Advisors, One Iron Street, Boston, MA
02110
2255987.1.1.GBL.RTLEXP: 9/30/19
1 Russell 3000 Index is a market-capitalization-weighted equity
index maintained by the FTSE Russell that provides exposure to the
entire "stock market. The index tracks the performance of the 3,000
largest U.S.-traded stocks which represent about 98% of all U.S
incorporated equity securities.2 ISS Analytics as of November 2016;
June 20183 ISS Analytics as of November 2016; June 20184 The FTSE
350 Index is a market capitalisation weighted stock market index
incorporating the largest 350 companies by capitalisation 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 250.5 The STOXX Europe 600
Index is derived from the STOXX Europe Total Market Index (TMI) and
is a subset of the STOXX Global 1800 Index. With a fixed number of
600 components, the STOXX Europe 600 Index represents large, mid
and small capitalization companies across 17 countries of the
European region
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State Street CorporationAndrew Hopkins, +1
617-664-2422Ahopkins2@StateStreet.com
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