What better way to celebrate National Women’s Day than by putting a statue of a female figure in front of the iconic Wall Street Bull? On Tuesday, the world’s third-largest asset manager installed a bronze statue of a girl to send a message as part of a campaign to pressure companies to add more women to their boards.
Fearless Girl Statue Installed In Front Of Wall Street Bull
The world of business has long celebrated the success of formidable men in the industry. Earlier today, State Street Global Advisors installed a statue of a defiant girl. The statue shows a young girl in a dress and sneakers, standing firmly with her chin held high with a strong expression.
Entitled Fearless Girl, the statue was designed to call attention to a new initiative to increase the number of women on their clients’ corporate boards.
“Today, we are calling on companies to take concrete steps to increase gender diversity on their boards and have issued clear guidance to help them begin to take action,” Ron O’Hanley, president and CEO of SSGA said in a statement to CNN Money. “A key contributor to effective independent board leadership is diversity of thought, which requires directors with different skills, backgrounds and expertise.”
— Matt Galloway (@mattgallowaycbc) March 8, 2017
Statue Put In Place To Address Gender Diversity
State Street Global Advisors is the third largest asset manager in the world and deals with 2.5 dollars worth of asset. As the company look towards the future, they said how they want to see “greater gender diversity” in the heavily male-driven boardrooms of Wall Street.
O’Hanley also said it would vote against boards if a company failed to take steps to increase its number of members who are women. They will also send out letters to more than 3,000 companies asking them to act on the issue.
“Certain research shows that companies with greater levels of gender diversity have had stronger financial performance as well as fewer governance-related issues such as bribery, corruption, shareholder battles and fraud,” he said.
Although women have made some headway against the glass ceiling, O’Hanley said that one out of four of companies that make up the Russell 3000 Index still have no female representation. “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,” he said.
The statue will remain in its place for at least a week. Happy National Women’s Day!
— Business Insider (@businessinsider) March 8, 2017