Corprate Bias Ratings
State Street, an American bank holding company, has exercised its large holding in big corporations to vote against board members who are not progressive or "diverse" enough and has implemented race-based hiring practices. The company vets vendors according to LGBTQ policies. State Street provides travel benefits for abortions and covers the cost of "medically necessary transition-related care" for its employees and their children. State Street does not provide viewpoint protections for its employees. The company discriminates against religious organizations in its charitable giving and has pledged over $6 million to BLM and related causes. State Street has not used its political contributions to advance ideological causes, though. For these reasons, State Street Corporation receives a High Risk rating.
Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.
State Street Global Advisors (SSGA) received a score of 100 on the Human Rights Campaign’s (HRC) Corporate Equality Index. Among other requirements, this means the company has a written policy pledging to vet vendors for LGBTQ policies (1)(2). In 2017, State Street voted against the reelection of directors at 400 companies because these companies did not have a woman on their board (3). State Street also imposes a climate-related agenda on companies, using ESG to push the agenda of Climate Action 100+ and other climate advocates (4). The SPDR ETF that State Street runs offers a fossil fuel reserves-free fund, which excludes energy companies offering fuel (5).
Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.
Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.
State Street has advocated for the Equality Act and was part of the Freedom for All Americans coalition, which advocated for federal legislation that would overrule state laws designed to protect girls’ sports and similar laws (1)(2). The firm also recently implemented new race-based hiring practices that will require proof of interviewing a woman or ethnic-minority candidate before hiring a white man (3). State Street opposed the Florida Parental Rights in Education Act, which prohibits teaching gender identity and sexual orientation in schools to kids in K-3rd grade (4). SSGA said, “Our main focus in 2022 will be to support the acceleration of the systemic transformations underway in climate change and the diversity of boards and workforces” (5). SSGA claims that climate change is the biggest risk factor to investor portfolios (6). The CEO of SSGA, Ronald O’Hanley, is a member of the Business Roundtable, but has not supported ideological initiatives (7).
Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.
State Street pays for its employees’ abortions and related costs (1). State Street has a perfect score on the HRC’s 2022 Corporate Equality Index. This score indicates the company covers the cost of “medically necessary transition-related care” for its employees and their children (2)(3). State Street has pledged over $6 million to the Black Lives Matter movement and related causes (4)(5). State Street is a copper sponsor of Out & Equal (6). State Street and its subsidiary, Charles River, are corporate partners of the National LGBT Chamber of Commerce (7).
All links were last accessed and all information was updated on:
November 24, 2023
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|Date||ESG Category||Proponent||Summary of Resolution||Mgmt Rec||Total Vote % in Favor|
|5/17/23||Governance||James McRitchie||Report on Stewardship Practices and Diversified Investors||Against||7.70%|
|5/18/22||Governance||James McRitchie||Report on Asset Mgmt. Policies & Diversified Investors||Against||8.90%|
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