The Power of #FearlessGirl

For the 2018 Milken Institute Global Conference, we asked speakers to identify one event that has changed their industry and the world in recent memory. See their insights and share your thoughts using #MIGlobal. 

We know that the number of women in corporate leadership positions, when compared to their male counterparts, continues to be disproportionately low.

Sure, I could share that in 2017, one of every four Russell 3000 Index companies did not have even one woman on its board, or that nearly 60 percent had fewer than 15 percent of their boards composed of women directors.

That alone would certainly show how severe the problem is.

Or, I could cite research from Morgan Stanley Capital International (MSCI) revealing companies with higher percentages of women in leadership roles outperform those with fewer women.

 And, that would provide a rock-solid, bottom-line defense of why we should fight for increased representation for women.

But those who want to ignore a problem often find a way to tune out the facts or find a more convenient argument. However, when the intangible is made tangible — when the abstract becomes personal and deeply connected to a cultural moment — that’s when it becomes impossible to ignore.

That’s why just over a year ago on International Women’s Day, State Street Global Advisors placed the Fearless Girl statue in New York City’s Financial District across from Wall Street’s famous Charging Bull. She gave a physical form to an elusive problem and overnight became a contemporary symbol of strength in the face of an age-old challenge.

And that’s why she resonated so deeply with so many. Fearless Girl gave a public face to discussions about the underrepresentation of women in leadership roles at publicly traded companies and on their boards — and beyond that, to the challenges women face in the financial industry and beyond. She also came with a firm call to action for companies in our investment portfolio to increase gender diversity on their boards.

Considerable progress has been made over the past year: 152 of the 700+ companies across the US, UK and Australia that we engaged — via our voice or vote — because they did not have a single female director, have now added a woman to their board. And, as of March 2018, 34 more companies have pledged to do so.

The conversation continues to evolve and expand. This year, we are expanding our call to action to include companies listed in Canada and Japan where female representation on corporate boards continues to lag. We are also looking beyond boards and calling on portfolio companies to disclose the level of gender diversity at all levels of management.

Another big change: Fearless Girl is moving to a new location in the heart of New York’s Financial District. By the end of 2018, she will stand outside the New York Stock Exchange (NYSE) as a metaphor for her ongoing influence in inspiring gender diversity across all publicly traded companies.

Fearless Girl was originally slated to remain in her current location for just a few days. But, following a groundswell of support, a social media frenzy, and an online petition with 40,000 signatures demanding that she stay, NYC Mayor Bill De Blasio made her part of the city’s public art program to keep her in place.

The new location for Fearless Girl means she’ll continue to stand strong as a symbol for women in finance, reminding all who walk by of a message they know to be true: women have been underrepresented in the corporate world for too long, and it’s time for change.

It also sends a powerful message to anyone who may have thought that focus on this important issue would quickly fade. The Fearless Girls of the world are not going away.

#MIGlobal