State Street Global Advisors, the world's third largest asset manager installed a bronze statue of a defiant girl in front of Wall Street's famed charging bull this International Women’s Day.
The Fearless Girl is a bronze sculpture of a defiant girl by American sculptor Kristen Visbal.
The Charging Bull, also called the Wall Street Bull or the Bowling Green Bull, is a bronze sculpture that stands in Bowling Green Park in the Financial District in Manhattan, New York City. It’s long been the epitome of the “aggressive financial optimism and prosperity” that has made Wall Street the controller of most of the world’s wealth.
The move is to lobby for more and more companies to admit women on their top management boards.
State Street Global Advisors, a nearly $2.5 trillion investor announced that the firm will veto boards that do not comply with the imperative to have a more balanced gender representation of its board of directors. In addition they will be sending 3500 letters to requesting companies to join this movement.
State Street is influential in the index fund market and manages about 90 percent of its assets in passive funds, often investing in companies held in Russell 3000 from the US stock market and the FTSE index from the London Stock Exchange.
The money manager believes gender diversity is a way to improve company performance and increase shareholder value.
Business Insider reported reps from the company as saying, "Even though it's a little girl, her stance is one of determination, forwardness and being willing to challenge and take on the status quo."
Street Global expects the Fearless Girl to stay in place for about a month.