We are especially concerned with ensuring effective independent board leadership, which involves achieving the right skill sets as well as a diversity of views, including gender diversity, on boards. Our Fearless Girl campaign has inspired companies and shareholders worldwide to focus on board diversity and join us in our call to action, with close to 900 companies identified by State Street Global Advisors responding to our call by adding a female director.
Research shows that closing the gender gap in the workforce in the Middle East and North Africa, including the Gulf Cooperation Council (GCC) countries, could add US$2.7 trillion to the region’s economy by 2025.1
State Street Global Advisors examined 172 blue chip companies across the GCC region and found that one-third of them have at least one female board member, which represents a 130-percent increase over the last three years. The United Arab Emirates, Bahrain and Saudi Arabia have made greatest progress in terms of board gender diversity.
Beginning in March 2022, we expect boards of companies in all markets and indices to have at least one female director and will take voting action in the case of non-compliance.
We believe directors have an important role to play in increasing gender diversity on their boards and throughout their organizations, and have included guidance to help facilitate these efforts in the GCC countries.
At State Street Global Advisors, we view gender diversity as one of many ways a board can introduce a varied set of skills and expertise among its directors to help improve financial performance.
Gender diversity on boards has been a thematic engagement area for State Street Global Advisors since 2015. Leveraging these engagements we launched our Fearless Girl campaign in March 2017, which has contributed to the increased representation of women on boards in the major indices in the US, the UK, Europe, Canada, Australia, Japan, Hong Kong and Singapore, with close to 900 companies identified by State Street Global Advisors responding to our call by adding a female director.
Beginning in 2022, we expect boards of companies in all markets and indices to have at least one female board member. In the case of non-compliance or lack of a specific, timebound plan to add a female director to the board, we will vote against the Chair of the Nominating Committee. Should a company fail to add a female director to its board for three consecutive years, we will vote against the entire Nominating Committee.
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 information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor 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 State Street Global Advisors’ express written consent.
Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-800-997-7327, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SSGA Funds.
THIS SITE IS INTENDED FOR U.S. INVESTORS ONLY.
No Offer/Local Restrictions
Nothing contained in or on the Site should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. SSGA Intermediary Business offers a number of products and services designed specifically for various categories of investors. Not all products will be available to all investors. The information provided on the Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.
All persons and entities accessing the Site do so on their own initiative and are responsible for compliance with applicable local laws and regulations. The Site is not directed to any person in any jurisdiction where the publication or availability of the Site is prohibited, by reason of that person's nationality, residence or otherwise. Persons under these restrictions must not access the Site.
Information for Non-U.S. Investors:
The products and services described on this web site are intended to be made available only to persons in the United States, and the information on this web site is only for such persons. Nothing on this web site shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.