State Street Global Advisors announced that it will vote against all members of a company’s nominating committee if they continue to have male-only boards
. This will start in 2020 in the US, UK and Australia, and 2021 in Japan and Canada.
“We want them to know that we’re watching. We know who you are. You have another year to be quiet, after which there are consequences to not engaging with us”, says Rakhi Kumar, who leads environmental, social and governance investment strategy and asset stewardship at State Street Global Advisors, said in an interview with Bloomberg.
State Street had deliberately set a timeline of 2020, three years from the start of the Fearless Girl campaign, before voting against more directors so that boards had enough time to look for female candidates. “If in three years you haven’t found somebody, you’re probably not going to find them because you don’t want to find them,” Kumar said.
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