Index fund manager State Street(STT) - Get Report is taking a huge stride toward promoting gender diversity on corporate boards in honor of International Women's Day. Among other programs, State Street will begin voting against companies that lack women on their boards.
"We ultimately want to see more women in positions of power where can they help influence decision making and help corporations do better," said Lori Heinel, the deputy global chief investment officer of State Street Global Advisors.
The firm is also behind the "Fearless Girl" statue which is positioned next to the legendary bull statue near Wall Street.
On October 6, 2017, The New York Timesreported that State Street would pay $5 million to settle allegations that it paid a number of female employees less than males. According to the report, State Street "denies the allegations."
This video was originally published on March 7, 2017 and has been updated to include the New York Times report.