Civil Rights Audit Completed
BOSTON, May 31, 2023 - Diversity, equity and inclusion (DEI) are business imperatives for State Street. DEI is also a reflection of clients, employees and communities, and it is a crucial component for adding value when it comes to spurring new ways of thinking and attracting the next generation of talent.
As part of its commitment to diversity, equity and inclusion, as well as to transparency, accountability and action, State Street announced in November 2021 that it would undertake an independent Civil Rights audit. This audit, conducted by Washington, DC-based national civil rights law firm Relman Colfax, focused on products and services and whether State Street’s business policies, practices, and products/services have advanced Civil Rights for protected classes in the US and/or how they might in the future.
The audit is the next step in strengthening the Company’s civil rights programs and initiatives, including State Street’s 10 Actions to Address Racism and Inequality engaging in a third-party evaluation of the State Street Foundation Massachusetts grant portfolio program from an equity perspective, and State Street’s commitment to the Management Leadership for Tomorrow (MLT), Black Equity at Work (BEW) and Hispanic Equity at Work (HEW) Certification programs. State Street recently achieved the BEW Bronze Certification, and is among one of the first organizations to become plan approved for Hispanic Equity at Work.
The audit has provided recommended actions for State Street to consider moving forward to establish itself as an industry leader in advancing civil rights and racial equity, and suggested we put mechanisms in place to monitor effectiveness. State Street acknowledges that in many areas, there is an opportunity to do more and the recommendations put forward by Relman are intended to encourage us to do so. The Company is proud that Relman commended State Street for its transparency and cooperation throughout the process, as well as its strong commitment to advancing civil rights and racial equity.
State Street is in the process of reviewing the recommendations and putting together an appropriate go-forward approach. State Street sees the completion of the audit as another important tool in its ongoing equity work, providing important feedback that will inform the Company as it moves forward.
The link to the full report can be found here.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $37.6 trillion in assets under custody and/or administration and $3.6 trillion* in assets under management as of March 31, 2023. State Street operates globally in more than 100 geographic markets and employs approximately 43,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of March 31, 2023 includes approximately $59 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated
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