State Street Commits to Management Leadership for Tomorrow’s Hispanic Equity at Work Certification Program

Rhea-AI Summary

State Street Corporation (NYSE: STT) has committed to the Management Leadership for Tomorrow (MLT) Hispanic Equity at Work Certification, a pioneering initiative to enhance Hispanic equity in the workplace and society. This certification outlines measurable standards in areas like Hispanic representation, compensation equity, and anti-racist practices. The initiative aligns with State Street's ongoing efforts to address racial inequities as outlined in their 10 Actions to Address Racism and Inequality program, aimed at significantly increasing Black and Latinx representation in leadership roles.

Positive

• Commitment to MLT's Hispanic Equity at Work Certification enhances corporate reputation.
• Establishes measurable standards for Hispanic equity in workplace, supporting diversity initiatives.

Negative

• None.

Program provides a clear standard and roadmap for achieving Hispanic equity in the workplace and contributing to Hispanic equity in society; furthers State Street’s 10 Actions to Address Racism and Inequality

BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE: STT) today announced its commitment as an inaugural employer pursuing the Management Leadership for Tomorrow (MLT) Hispanic Equity at Work Certification. This first-of-its kind certification sets clear, measurable standards for achieving Hispanic equity internally and for contributing to Hispanic equity in society. This commitment further builds on State Street’s launch partnership and participation in the Management Leadership for Tomorrow's Black Equity at Work Certification.

Through the MLT Hispanic Equity at Work Certification, employers develop a rigorous plan and measurably promote five core areas including: Hispanic representation at every level; an inclusive, anti-racist work environment; compensation equity; racially-just business practices; and racial justice contributions and investments. This Certification will provide State Street with a guide to evaluate equity in the workplace with the same rigor as financial reporting or other core business initiatives.

In July 2020, State Street announced 10 Actions to combat racism and inequality through measurable tenets that are part of the company’s global plan to become a leader in promoting greater equity in the industry and local communities. The 10 Actions aim to triple Black and Latinx senior leadership and double the percentage of those populations at all levels of the organization by addressing development and advancement programs, governance models, community outreach and philanthropy. In addition, the 10 Actions look to strengthen supplier diversity programs and seek to improve diversity in the company’s board of directors.

“Although we are seeing progress made in addressing racial inequities across financial services, there is still much more work ahead. We continue to make meaningful progress through State Street’s 10 Actions to Address Racism and Inequality with the goal of promoting racial equity in our company, our industry, and our society,” said Eric Aboaf, vice chairman and chief financial officer of State Street. “Our partnership with MLT on the Hispanic Equity at Work Certification will further our commitment to transparency, accountability, and action as we continue our journey to advance inclusion and diversity.”

“We are proud to be an inaugural participant in MLT’s Hispanic Equity at Work Certification, which is the perfect complement to our work to be an industry leader in addressing racism and inequality. MLT is once again providing State Street, and other leading organizations, an important roadmap to help build a more resilient and equitable future,” said Paul Francisco, chief diversity officer for State Street.

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 $38.2 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of June 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of June 30, 2022 includes approximately $66 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.

© 2022 State Street Corporation - All Rights Reserved

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220915005870/en/

Media Contact:

Ed Patterson

epatterson@statestreet.com

+1 404 213 3106

Source: State Street Corporation

FAQ

What is the Hispanic Equity at Work Certification by State Street (STT)?

It's a new certification aimed at establishing measurable standards for achieving Hispanic equity in the workplace and society.

How does State Street (STT) promote diversity and inclusion?

State Street promotes diversity through initiatives like the 10 Actions to Address Racism and Inequality, aiming to increase representation for Black and Latinx communities.

When did State Street (STT) announce its commitment to Hispanic equity?

State Street announced its commitment on September 15, 2022.

How many assets does State Street (STT) manage?

State Street manages approximately $3.5 trillion in assets as of June 30, 2022.