This Statue Just Appeared on Wall Street
Bronze artist Kristen Visbal was recently commissioned by State Street Global Advisors to install a statue of a young girl standing defiantly in front of Wall Street’s famous charging bull. According to Business Insider:
State Street Global Advisors, a nearly $2.5 trillion investor and unit within State Street Corp., rolled out the campaign ahead of International Women’s Day on Wednesday. The money manager said it would vote against boards if a company failed to take steps to increase its number of members who are women. State Street sent a letter to 3,500 companies on Tuesday asking the companies to act.
The money manager has cited gender diversity as a way to improve company performance and increase shareholder value. The lack of women on boards has long been a problem. Beyond pipeline issues, some boards see no reason to increase their gender diversity, data shows.
State Street wants every company it’s targeting to have at least one female board member and to take steps toward fixing its gender gap. “We’re not going to always automatically vote against the company, but we want to make sure there are tangible, concrete measures they are taking.” [source]