State Street
Risk Level:
Summary:
State Street Corporation requires business partners to have pro-LGBTQ policies. Internal policy states ethnic minorities and female applicants are guaranteed an interview. State Street has exercised its large holding in big corporations to vote against board members who are not progressive or "diverse" enough. State Street does not protect against viewpoint discrimination but does discriminate against faith-based charities. State Street provides travel benefits for abortions. 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 Corporate Equality Index from the Human Rights Campaign. Among other requirements, this means State Street has pledged to vet vendors based on LGBTQ policies (1). In 2017, State Street voted against the reelection of directors at 400 companies because these companies did not have a woman on their board (2). State Street also imposes a climate-related agenda on companies, using ESG to push the agenda of Climate Action 100+ and other climate advocates (3).
Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.
Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.
State Street does not protect its employees against viewpoint discrimination (1).
Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.
State Street advocates for the Equality Act and transgender participation in youth sports (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).
Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.
State Street does not corporately fund ideological organizations hostile to freedom of expression (1). However, the bank does pay for its employees’ abortions and related costs (2). State Street has pledged over $6 million to the Black Lives Matter movement and related causes, though it is unclear if the spending went to ideologically-driven organizations (3)(4).
Uses corporate political contributions for ideological, non-business purposes.
State Street donates in a bipartisan manner consistent with business interests (1).
All links were last accessed and all information was updated on:
March 29, 2023
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