SINGAPORE - Global asset manager State Street Global Advisors has decided to take voting action against six companies out of the 30 listed on the Straits Times Index , because they have no women directors on their boards.
This is the first year SSGA, which manages some US$3.12 trillion in assets, is extending its gender diversity voting guidelines to Singapore and Hong Kong. It has identified 11 of the 50 companies in Hong Kong's Hang Seng Index which have no women on their boards. "A lot of companies have many women on the board, so those companies which we identified are really becoming laggards and outliers amongst the top players in the indices," he told reporters during a conference call.
He said that SSGA wants to work with the firms it identifies to change the mentality about having women on boards, and to encourage them to develop a pipeline of female leaders, as evidence has shown that companies with board diversity outperform over time."Our target is to really change the mindset within companies, from why do we need a woman on our board to...why don't we have a woman on our board.
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