Diversity, Equity and Inclusion
At State Street we embrace and encourage differences, including race, color, religion, creed, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, socio-economic status, culture, and other legally-protected characteristics that make our employees and others with whom we work unique.
We know that fostering an inclusive, diverse and equitable environment for our employees helps make us a stronger and more successful company. That’s why inclusion and diversity are embedded in our culture, values and behaviors. In everything we do, we strive to:
Our clients do business in more than 100 global markets. To provide the best service possible, we need our teams to be engaged, connected and supported. Across our company, we make it a priority to ensure that every employee feels that their identity and experience are represented, embraced and celebrated.
We keep the DEI conversation going through frequent, open employee discussion forums and global training opportunities. By educating, inspiring, and empowering our employees at every level, we cultivate a global force of leaders that represents the diverse markets we serve.
employees have completed unconscious bias training as of June 2021
senior subordinated bonds underwritten by Black- and Latinx-owned firms as of June 2021
diverse procurement spend in 2021
Our diversity goals
We believe there is belongingness in inclusion, growth in diversity and fairness in equity. With nearly 40,000 employees in countries around the world, we are committed to developing an environment that offers equal opportunities to individuals with distinctive backgrounds and unique perspectives.
Civil rights audit
As part of our commitment to diversity, equity and inclusion, as well as to transparency, accountability and action, we announced in November 2021 that we would undertake an independent Civil Rights audit. This now completed audit, conducted by Washington, DC-based national civil rights law firm Relman Colfax, focused on products and services and whether our business policies, practices, and products/services have advanced Civil Rights for protected classes in the US and how they might in the future.
A culture of inclusion
Our 24 employee networks (many of which have won industry awards) are established and run by colleagues. These groups help employees come together around a common goal, share unique perspectives and increase their visibility across the company. They also create opportunities for networking and professional development.
From being named to the Bloomberg Gender Equality Index five years in a row, to winning multiple DiversityInc Top 50 Best Companies nods and Seramount awards, we are proud to be recognized for our efforts to support inclusion, diversity and gender equity in the workplace and beyond.
10 actions to address racism and inequality
In June 2020, we launched our 10-point action plan to address issues of racism and inequality – both across our company and in our communities. The 10 Actions demonstrate our intent to use our power, our voice and our capital to build a better and more just world.
Our Fearless Girl initiative continues to build awareness and deliver results in bringing more female representation onto boards and into the workplace. Since 2017, of the 1,486 companies we had identified as having all-male boards, 948 have since appointed at least one female director.1
Our EEO-1 reporting
We have set goals to help us improve our diversity and inclusion efforts. EEO-1 data is just one of the ways that we measure progress toward those goals. The EEO-1 is a report filed with the Equal Employment Opportunity Commission, which collects workforce data from employers with more than 100 US employees.
Pay Equity Disclosure
Our annual Pay Equity Review process compares pay between ‘like-for-like’ roles, adjusting for factors such as job level, location and job function that make one role different from another. Based on the results of this global Pay Equity Review process, we fine-tune individual compensation decisions, as appropriate.
Our program fosters opportunities for businesses to certify their ownership and help expand supplier diversity through the following ownership categories: minority business enterprises (MBEs), women business enterprises (WBEs), veteran business enterprises (VBEs), disability-owned business.
2022 ESG Report
Last year, the topic of environmental, social and governance (ESG) issues became increasingly politicized and polarizing. Against that backdrop and while acknowledging that we all have values, State Street remained steadfast in its conviction that these issues are a matter of value, not values. State Street looks upon ESG issues as a more comprehensive view of value creation and risk mitigation. We remain committed, in our multiple roles as a corporation, investment manager, and investment servicer to help clients and other stakeholders navigate this complex set of issues.
1 State Street Global Advisors Asset Stewardship Team, as of February 2022.