State Street

Charles River, SPDR Funds
Boston, Massachusetts
Diversified Financials

Corporate Bias Rating

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Risk Level:

Rating - Danger
High Risk

Summary:

State Street 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. In May 2023, Oklahoma placed State Street on its Restricted Financial Companies List for its boycott of energy companies. State Street scored a 95 on the 2023 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. By complying with the HRC’s controversial demands, State Street increases the risk of dividing employees, alienating customers and harming shareholders. It also uses sex and gender ideology criteria in employee recruitment, vendor selection, marketing, and philanthropic support. State Street forces employees to undergo multiple ideological trainings and uses its reputation, corporate funds, and political influence to support controversial sex and gender ideologies, organizations, and legislation. State Street provides a benefits package for employees which covers travel/lodging costs for an abortion and transgender medical procedures for covered employees and dependents, including children. The company has pledged over $6 million to BLM and related causes. State Street is a member of the Ceres Network, Climate Action 100+, and the Net Zero Asset Managers Initiative. The company opposed various state and local legislation intended to protect parental rights, girls’ sports, bathroom facilities, and gendered spaces. State Street denounced various states’ legislative efforts to protect election integrity and security. The company is a signatory to the CFA Institute’s Diversity, Equity, and Inclusion Code, indicating its support of DEI in its recruitment, hiring, onboarding, and promotions. For these reasons, State Street Corporation receives a High Risk rating.

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Board Bias

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CEO of State Street

Ronald P. O'Hanley

Ronald P. O'Hanley

Summary:

Headquartered in Boston, Massachusetts, State Street is a member of the Fortune 250 operating in the Diversified Financials industry. Ronald P. O'Hanley and Ronald P. O'Hanley serve as CEO/President and Chairman, respectively, leading the company’s C-suite executive team and the board of directors. Amongst these teams, the collective leadership is responsible for $110,100 to Republican causes and $54,150 to Democratic causes. Under their tenure, State Street currently holds a 'High Risk' risk rating.

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Political Contributions of Leadership:

$110,100

$54,150

Republican

Democrat

Shareholder Proposals

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Date
ESG Category
Proponent
Summary of ResolutionMgmt RecTotal Vote % in Favor
5/17/23GovernanceJames McRitchieReport on Stewardship Practices and Diversified InvestorsAgainst7.70%
5/18/22GovernanceJames McRitchieReport on Asset Mgmt. Policies & Diversified InvestorsAgainst8.90%
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