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Bank Behind Fearless Girl Statue Agrees To Gender Discrimination Settlement
By
Emma Whitford
Published Oct 5, 2017
Modified Oct 5, 2017
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By
Emma Whitford
Published Oct 5, 2017
Modified Oct 5, 2017
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Boston-based multi-trillion asset manager State Street Global Advisors, the controversial company behind the now infamous feminist symbol (and selfie cameo) The Fearless Girl, is settling federal allegations that it discriminated against 305 women in senior positions by paying them less than their male counterparts.
The settlement, first reported by Bloomberg, also names fifteen black vice presidents paid less than their white counterparts, genders not specified.
To refresh, while Fearless Girl artist Kristen Visbal has described her work as marking "a moment in history when the need for gender equality in leadership has sailed, screeching, into the light," critics have dismissed as toothless any rebuke of Wall Street culture sponsored by Wall Street itself.
State Street denies the allegations brought against it following a 2012 U.S. Department of Labor audit, according to the settlement. It will distribute roughly $4.5 million in back pay and $507,000 in interest.
In conjunction with the statue installation back in March, State Street pledged to prioritize companies in its portfolio with women board members.
"Today, we are calling on companies to take concrete steps to increase gender diversity on their boards and have issued clear guidance to help them begin to take action," said Ron O'Hanley, CEO of State Street, in a statement to Fortune.
The company currently has three women on its ten person board.
State Street didn't immediately comment to Gothamist, but a spokesperson told Bloomberg that, "State Street is committed to equal pay practices and evaluates on an ongoing basis our internal processes to be sure our compensation, hiring and promotions programs are nondiscriminatory."
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