State Street Global Advisors (SSGA), one of the world's biggest asset managers, said all global companies in which it invests must have at least one woman on their board to gain the firm's support during the upcoming proxy season. SSGA's previous policy applied only to companies that are included in major indexes.
The asset manager, which oversees $3.9 trillion, also said it expects boards of companies in major indexes in the U.S., Canada, Britain, Europe, and Australia to have at least 30 percent women directors for the 2023 proxy-voting season, according to a letter posted Tuesday on its website.
"While boards have become more gender diverse, it is clear that this work isn't yet complete," Cyrus Taraporevala, CEO of State Street Corp.'s investment-management unit, said in the letter.
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