Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Innovation Investing Conference
    • 2022 Defined Contribution East Conference
    • 2022 ESG Investing Conference
    • 2022 DC Investment Lineup Conference
    • 2022 Alternatives Investing Conference
Breadcrumb
  1. Home
  2. GOVERNANCE
September 27, 2018 01:00 AM

SSGA plans on increasing efforts to get women on company boards

Money manager will vote against all nominating committees board members at companies without female representation

Rob Kozlowski
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Getty Images/iStockphoto

    State Street Global Advisors announced that beginning in 2020 in the U.S., U.K. and Australia it will vote against entire slates of board members on companies' nominating committees for those companies without at least one woman on the board.

    The enhancement to SSGA's gender diversity voting guidelines will also be effective in 2021 in Canada, continental Europe and Japan. The money manager will also vote against the entire slate of board members for companies that have "not engaged in successful dialogue on State Street Global Advisors' board gender diversity program for three consecutive years," according to an SSGA news release.

    The policy is a further enhancement of SSGA's "Fearless Girl" campaign launched in March 2017 to encourage the addition of female directors to boards. Worldwide, of the 1,228 companies SSGA identified at the launch of the campaign as lacking a single female board member, 301 have added a female director and 28 have committed to adding a female director.

    The two regions with the largest number of boards without female directors were the U.S. and Japan. In the U.S., of the 816 companies lacking a female board member at the launch of the campaign, 215 have added one and 14 have committed to do so. Of Japan's 281 companies without a female board member, 40 have added one and 11 have made commitments.

    Rakhi Kumar, senior managing director and head of ESG investments and asset stewardship for SSGA, said in a telephone interview that the enhancements to the gender diversity voting guidelines is to make a clearer point with those companies that either have not added a female board member or engaged at all with SSGA in discussing the issue.

    "Clearly they are not responding, and more importantly, they may not be engaging with us on the issue and that can happen with any investor," Ms. Kumar said. "We've been trying to make a point. It's strong, but it's not the strongest and maybe can we take action against the rest of the nominating committee for their failures?"

    Those companies aside, Ms. Kumar said the responsiveness to SSGA's guidelines has been better than anticipated.

    "If you had told me on International Women's Day last year that this call to action would have the impact that it has globally, I'd say: 'You're being a little optimistic, aren't you?'" said Ms. Kumar. "I would say that it's great. It's a good response from the market and I think part of that is stemming from the fact that it's raised questions and moved a mindset among board members from 'why have a woman?' to 'why don't we have a woman?'"

    Related Articles
    SSGA expands diversity push to Japanese, Canadian companies
    The year of Fearless Girl produces more women on corporate boards
    Commitment to gender diversity high, but results fall short, new survey finds
    California law creates gender requirement for corporate boards
    New directors bolster female representation at U.K. trade group
    Money managers back The Diversity Project to accelerate inclusive practices
    SSGA enlists LDI chief for EMEA
    CPPIB adds to gender diversity push
    Commentary: Gender diversity as a driver of sustainable profitability
    State Street Global Advisors says corporate culture is top engagement priority …
    Recommended for You
    illinois_flag_skyscraper_1550-man_i.jpg
    Fitch bumps up Illinois credit rating 2 notches
    ONLINE_190509927_AR_0_AZHJXUELHGSK.jpg
    CalPERS-backed proposal on splitting Buffett role garners 11% support
    Milken2022-May4_i.jpg
    Milken: U.S. net worth is high on average, low on median
    Alternatives: Investing Across the Spectrum
    Sponsored Content: Alternatives: Investing Across the Spectrum

    Reader Poll

    May 23, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Crossroads: Politics, Inflation, & Bonds
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the Morningstar® Broad Style Indexes℠
    Q2 2022 Credit Outlook: Carry On
    Leverage does not equal risk
    Is there a mid-cap gap in your DC plan?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    May 9, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Innovation Investing Conference
      • 2022 Defined Contribution East Conference
      • 2022 ESG Investing Conference
      • 2022 DC Investment Lineup Conference
      • 2022 Alternatives Investing Conference