State Street will vote to oust boards that don’t include women

Images of the bronze statue of a defiant young girl in front of the iconic Wall Street bull quickly went viral.

State Street Global Advisors, which installed the statue, says it’s more than symbolic.

The $2.5 trillion asset manager will vote its shares to push for greater women’s representation in decision-making.

Nearly a quarter of the companies in the Russell 3000 index have no female directors. Most boards are at least 85 percent male. State Street, the world’s third largest money manager, says research shows that more women translates to better performance.

Ronald O’Hanley, State Street’s CEO, said companies can try to convince the firm that lack of diversity is not a problem. “Will they? I doubt it,” he said.

This post is from ImpactAlpha’s daily newsletter. Get it first in The Brief.

Photo credit: MARK LENNIHAN/ASSOCIATED PRESS

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