Companies are continuing to respond to our call and adding women to the highest positions of their organizations.
With our Fearless Girl campaign playing no small part, today there is global focus on the value of diversity in the boardrooms.
Independent oversight of the board and its key committees
Board effectiveness, skills and experience
Board refreshment and succession-planning processes
Number of Engagements
Did you know that since the launch of the Fearless Girl campaign …
In the US, 62% or 612 / 983
Russell 3000 companies we identified as not having a woman on their board added a female director.
In the UK, 83% or 15 / 18
FTSE 350 companies we identified as not having a woman on their board added a female director.
In Canada, 45% or 39 / 87
TSX companies we identified as not having a woman on their board added a female director.
In Europe, 71% or 10 / 14
STOXX 600 ex-UK companies we identified as not having a woman on their board added a female director.
In Japan, 46% or 140 / 302
TOPIX 500 companies we identified as not having as not having a woman on their board added a female director.
In Australia, 69% or 44 / 64
companies we identified in the ASX 300 as not having a woman on their board added a female director.
In Hong Kong, 17% or 2 / 12
companies we identified in the Hang Seng as not having a woman on their board added a female director.
In Singapore, 0% or 0 / 6
companies we identified in the Straits Times as not having a woman on their board added a female director.
On the eve of International Women’s Day 2017, State Street Global Advisors placed a statue of a Fearless Girl in the heart of New York’s Financial District, to raise awareness about the importance of gender diversity in corporate leadership and to call attention to our minimum expectation for companies to have at least one woman on their boards.
Today, there is a global focus on the value of diversity in the boardroom; this is a far cry from where we started out just over three years ago and this change has had a direct impact on the tone of our engagements. When we engage with companies that lack gender diversity, the conversation is no longer about ‘why’ we are engaging on this issue. Instead, the focus is on ‘why not’ enhance their board by embracing the value of diversity.
Fearless Girl Impact — Worldwide Numbers
Fearless Girl's Fourth Anniversary
On March 8, 2021, in celebration of International Women’s Day and Fearless Girl’s fourth anniversary, we launched an exciting activation at the statue in front of the New York Stock Exchange. The installation reflected a broken glass ceiling, representing the many glass ceilings that women have shattered, especially in the last year, both in and out of the boardroom. Because when one glass ceiling shatters, it shatters for us all.
Regional Focus: Our Engagement and Voting Action in 2020
United States (Russell 3000) The campaign’s momentum continued in the US in 2020, building on its positive impact from the previous years. Since the launch of our campaign, 612 of the Russell 3000 companies initially identified have added at least one female director to their boards. As of Q4 2020, 6% of Russell 3000 companies had all male boards, down from 24% at the start of our campaign.1 We view these as proof points of gender diversity’s status of a mainstream boardroom issue and the ongoing impact of our campaign.
Canada (TSX) In 2018, the first year of our Fearless Girl campaign in Canada, 37% of companies listed on the Toronto Stock Exchange (TSX) lacked gender diversity on their board.2 We identified 73 companies in our investable universe without a female on their boards. Among these companies, 45% have added a female board member.
Europe and the Middle East
UK (FTSE 350) In the UK, we continued to monitor the few remaining companies in the FTSE 350 that were lacking in board gender diversity. Of the 18 companies identified, 83% (15 companies) have added a female director to the board since Fearless Girl’s original placement.
Europe (STOXX 600 ex-UK) In 2018, we also expanded the Fearless Girl campaign to the STOXX 600 ex-UK. During the year, 10 companies added a woman to their boards.
Japan (TOPIX 500) In 2018, we expanded our campaign to Japan, where 56% of TOPIX 500 (281 out of 500) listed companies had all-male boards as of December 2017.3 Since then, despite the low levels of gender diversity, we saw significant progress in companies’ willingness to appoint women to their boards.
We informed these companies of our expectations with regard to diversity. Consequently, 46%4 or 140 of those companies have added a female director to their boards since the expansion of our campaign into Japan.5
During our engagements, many companies explained that they could not identify qualified, internal female candidates to appoint in the next three-to-five years. However, as part of our engagement we helped companies to establish a pathway to improve gender diversity levels within their organizations as this market was starting from a much lower base in terms of establishing a pipeline to improve gender diversity. This pathway included establishing goals, improving hiring practices, and enhancing disclosure related to each company’s position on gender diversity.
In 2020, we voted against directors at 106 companies of Japanese companies that were unresponsive to our engagement efforts.
Australia (ASX 300) Australian companies have continued to respond well to our call to action, with the percentage of companies within the ASX 300 without a female director decreasing from 17% to 6% over a four-year period.6
Hong Kong (Hang Seng) In early 2020, when we introduced our gender diversity policy in Hong Kong, 22% of companies (11 issuers) within the Hang Seng index lacked a female director. In the course of 2020, 2 companies added a woman to their board.
Singapore (Straits Times) We started to apply our gender diversity policy to the companies within Singapore’s Straits Times index in 2020, when 23% of the companies (six issuers) did not have a woman on their board. By the end of 2020, none of 6 companies responded to our call. We will continue holding these companies accountable.
1 2016 figures: Board profiling universe includes 2,743 companies listed on the Russell 3000. Source: ISS Analytics as of November 2016. Q4 2020 figures: https://www.equilar.com/reports/78-q4-2020-equilar-gender-diversity-index 2 Institutional Shareholder Services (ISS) Analytics as of December 2017 3 Institutional Shareholder Services (ISS) Analytics as of December 2017 4 302 TOPIX 500 listed companies have been identified through the campaign through December 2020 5 Institutional Shareholder Services (ISS) Analytics as of February 2021 and State Street Global Advisors Database 6 ISS Analytics as of March 2020 and State Street Global Advisors Database
Investing involves risk including the risk of loss of principal. The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA's express written consent.
This document may contain certain statements deemed to be forward-looking statements. Please note that any such statements are not guarantees of any future performance and that actual results or developments may differ materially from those projected in the forward looking statements.
SPDR ETF is the exchange traded funds ("ETF") platform of State Street Global Advisors and is comprised of funds that have been authorised by European regulatory authorities as open-ended UCITS investment companies. SPDR ETFs may not be available or suitable for you.
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
Changes in exchange rates may have an adverse effect on the value, price or income of an investment. Further, there is no guarantee an ETF will achieve its investment objective.
SHARES IN THE FUNDS OF THE SPDR® ETF SICAV, SSGA SPDR ETFS EUROPE I AND SSGA SPDR ETFS EUROPE II PLC MAY NOT BE AVAILABLE FOR OR SUITABLE FOR YOU. THE VIEWS EXPRESSED IN THIS SITE DO NOT CONSTITUTE INVESTMENT ADVICE. INDEPENDENT ADVICE SHOULD BE SOUGHT IN CASES OF DOUBT. NEITHER THE INFORMATION NOR ANY OPINION CONTAINED ON THIS SITE CONSTITUTES A SOLICITATION OR OFFER TO BUY OR SELL SHARES OF THE FUNDS OR ANY OTHER FINANCIAL INSTRUMENT.
Standard & Poor's®, S&P® and SPDR® are registered trademarks of Standard & Poor's Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation's financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
SPDR ETFs may be offered and sold only in those jurisdictions where authorised, in compliance with applicable regulations.
Information related to Mexico
This information does not constitute and is not intended to constitute marketing or an offer of securities and accordingly should not be construed as such. The Funds referenced herein have not been, and will not be, registered under the Mexican Securities Market Law (Ley del Mercado de Valores) and may not be publicly offered or sold in the United Mexican States. Disclosure documentation related to any of the aforementioned Funds may not be distributed publicly in Mexico and shares of the Funds may not be traded in Mexico.
You should obtain and read a prospectus and KIID relating to the SPDR ETFs prior to investing. Further information and the prospectus/KIID describing the characteristics, costs and risks of SPDR ETFs are available for residents of countries where SPDR ETFs are authorised for sale on the SPDRs website and from your local SSGA office.