State Street won praise for its 'Fearless Girl' statue. But it's failing to live up to that reputation, Morningstar says:
State Street Global Advisors won praise in March 2017, when it unveiled a bronze sculpture on Wall Street called Fearless Girl, whose defiant pose was meant to represent the fight for gender equity in the American workplace.
When State Street rolled out its Gender Diversity Index exchange-traded fund SHE, +0.96% SHE, +0.96% in 2016 SHE, +0.96% the company said it would seek “to help address gender inequality in corporate America by offering investors an opportunity to create change with capital and seek a return on gender diversity.”
“We do not simply consider the topic being addressed in a shareholder proposal when deciding how to vote,” said Olivia Offner, a State Street spokeswoman, “rather we vote on a case-by-case basis, taking into account each company’s unique circumstances and the level of disclosure relative to our expectations.”
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