State Street Global Advisors calls for more women on boards
State Street Global Advisors (SSGA), the asset management arm of State Street Corporation, has issued new guidelines calling on the 3,500 public companies in which it invests to increase their numbers of female board members. One quarter of Russell 3000 companies currently have no women on their boards, whilst almost 60% have fewer than 15% of directors who are female. SSGA manages almost $2.5tn for institutional investors, primarily in index funds. State Street also placed a statue of a young girl close to the Wall Street bull sculpture in order to mark International Women’s Day.

State Street Global Advisors said it has adopted new guidelines to press 3,500 public companies in which it invests to increase the number of women on their boards.

The Boston-based investment giant, an arm of State Street Corp., manages nearly $2.5 trillion for institutional investors, predominantly in index funds. The company said it was calling on the companies it invests in on behalf of pensions and other large clients to diversify their boards.

“We believe good corporate governance is a function of strong, effective and independent board leadership,” Ron O’Hanley, chief executive officer of SSGA, said in a statement.