State Street, known for its advocacy of gender diversity symbolized by the Fearless Girl statue, has quietly revised its diversity policies. Previously, it mandated at least 30% female representation on boards and required firms to disclose their gender, racial, and ethnic makeup. However, its new policy, released in March, has removed these mandates, opening the door for nominating committees to decide on board composition without specified diversity goals. This shift reflects a broader trend among U.S. companies distancing themselves from diversity commitments.
In its updated policy released at the beginning of March, the 30% gender requirement was gone. Also missing were requirements for companies to disclose the gender, racial and ethnic composition of its board.
State Street's policy previously outlined that effective board oversight necessitated a diversity of perspectives, especially in terms of gender, race and ethnicity, highlighting the firm's commitment to diversity initiatives.
Just a year later, the company's outlook seems to have changed dramatically, emphasizing that it believes nominating committees are best placed to determine the most effective board composition.
The company commissioned the bronze Fearless Girl statue in 2017, aligning it with the growing momentum of the #MeToo movement to advocate for more female representation on corporate boards.
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