State Street to Press Companies on Boosting Racial Diversity
- Firm seeks to measure diversity at companies in its portfolio
- The racial makeup of company boards is getting a closer look
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State Street Corp.’s investment management arm is taking steps to ensure that the companies in its portfolio are working to increase racial diversity within their ranks.
Starting next year, the Boston-based money manager will seek information on goals companies have for increasing racial diversity, metrics of the makeup of their boards and workforces and details on the role diversity plays in long-term strategy, according to Richard Lacaille, global chief investment officer of State Street Global Advisors, which manages about $3 trillion for individuals and institutions.