Friday, January 28, 2022

State Street invites women to corporate councils around the world

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FILE PHOTO: A statue of the Fearless Girl is seen in heavy rain as a severe weather system passes through Manhattan County, New York, USA, April 21, 2021 . / Andrew Kelly / File photo

BOSTON () – Asset Manager State Street Corp. expects to have at least one woman on the board of all portfolio companies around the world, leaders said, expanding policies focused on previously developed markets.

In a letter to directors released Wednesday, Cyrus Taraporevala, CEO of State Street Global Advisors, said the new policy, which is in effect this year, will be based on previous efforts to increase the diversity of board rooms. Among them is the support of the famous “Fearless Girl” statue in Manhattan, erected on the eve of International Women’s Day in 2017.

Ben Colton, managing director of the department, said that while many companies claim they can’t find qualified female directors, they should actually expand the process of nominating them to the board of directors.

“We think it’s not a pipeline problem, it’s an access problem,” Colton said in an interview.

State Street said it was ready to vote against board leaders if companies did not meet the diversity requirements.

According to executive search firm Spencer Stewart, women make up 28 percent of CEOs in U.S. companies and 45 percent in French companies. But for Indian companies, the figure drops to 16% and for Japanese companies to 11%, indicating that State Street is having difficulty with its new policy.

With $ 3.9 trillion under management, State Street is one of a select group of reputable index fund firms focusing on environmental, social and corporate governance (ESG) issues.

Taraporevala of State Street also said the company expects at least 30 percent of its directors to be women on boards in many developed countries by next year, and that companies should take other steps to diversify, including whether racial or non-racial directors. disclosure of details of ethnic origin.

Separately, State Street expects companies in developed countries, like other top managers, to provide details as defined by the Climate-Disclosure Financial Disclosure Working Group.

Ross Kerber’s interview in Boston was edited by Matthew Lewis

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