State Street to Vote Against More Directors at Male-Only Boards
- Almost 1,000 boards still lack even one female director
- Bank will give companies three years to find women candidates
Photographer: Portra/E+ via Getty Images
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State Street says it’s running out of patience with the nearly 1,000 companies around the world that haven’t yet responded to pressure to add at least one woman to their boards of directors.
The Wall Street bank has already voted against more than 500 chairs of nominating committees on boards without women in each of the last two proxy seasons, State Street said in an update Thursday. Starting in 2020 in the U.S., U.K. and Australia -- and 2021 in Japan and Canada -- the bank says it will expand the pressure and vote against all members of a company’s nominating committee.