State Street Global Advisors Expands Board Diversity Guidance to Companies in Japan and Canada

14-Nov-2017 Intellasia | BusinessWire | 11:15 PM Print This Post

Welcomed as Associate Member of Responsible Investment Association for
Focus on ESG Investing

BOSTON–(BUSINESS WIRE)–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.

© 2017 State Street Corporation – All Rights Reserved

Corp – 3465

Contacts

State Street Corporation
Andrew Hopkins, +1 617-664-2422
[email protected]

 


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