85 Broads Joins Forces With Pax World To Promote Gender Equality
Partnership will support initiatives to empower and inspire women
PORTSMOUTH, N.H.///October 25, 2010/// Pax World Management LLC, investment advisor to Pax World Funds (Pax World) and a leader in the field of Sustainable Investing, announced today a new strategic partnership with 85 Broads, a global network of 25,000 women who passionately believe in using their intellect and ambition to change the game for all women globally. Members of 85 Broads are located in over 90 countries and work for thousands of for-profit companies and not-for-profit organizations worldwide.
Pax World seeks to promote gender equality through its family of mutual funds, including the Pax World Global Women's Equality Fund (PXWEX), the only mutual fund in America that focuses on investing in companies around the world that are leaders in advancing gender equality and women's empowerment in the workplace and beyond.
85 Broads (www.85broads.com) is a network powerhouse of visionary women who are passionate about investing in each other's success, and that of all women, globally.
The elements of the Pax World-85 Broads partnership will include: collaboration of resources and content around the promotion of gender equality through investment practices; developing events and educational opportunities to connect, empower and inspire women; and other initiatives.
Janet Hanson, Founder and CEO of 85 Broads, and Jacki Zehner, Vice Chair of the Women's Funding Network and member of 85 Broads, have joined Pax World's Women's Advisory Council, which is comprised of nationally-known leaders and experts on women's issues. The Council assists Pax World in its efforts to advance women and gender equality through various investment initiatives.
"We are very excited about our partnership with Pax World," said Ms. Hanson. "Pax World's initiatives to promote gender equality, as well as its practices of Sustainable Investing, are a perfect fit for us strategically."
In addition to its Global Women's Equality Fund, Pax World includes gender criteria in the sustainability analysis it applies to all its no-load mutual funds and also actively promotes gender equality and women's empowerment through an array of advocacy initiatives. Pax withholds proxy votes from, or votes against, every slate of company directors that does not include women, and follows up with a letter to each of those companies explaining why and encouraging the company to embrace board diversity. Pax World also recently sent letters to 82 global companies urging them to endorse and take steps to implement the Women's Empowerment Principles, a joint initiative of the United Nations Development Fund for Women (UNIFEM) and the United Nations Global Compact (UNGC). In collaboration with the United Nations Principles for Responsible Investment (UNPRI), Calvert Asset Management Company and other institutional investors, Pax World is also co-leading an investor initiative focusing on encouraging increased representation of women on boards of directors and in senior management and to promote greater disclosure by companies on gender issues.
"At Pax World, we see gender equality as an investment concept," said Pax World President and CEO Joe Keefe. "The smartest companies in the world, in our view, are those that empower and advance women, and we want to invest in those companies."
Keefe has been recognized by 85 Broads for his work promoting gender equality in the investment field, being named one of the organization's "Guys Who Rock," a select group of men who "proactively invest in women" and become honorary members of 85 Broads. He is also the incoming chair of the board of Women Thrive Worldwide, the leading non-profit organization advocating for shaping U.S. development assistance and trade policy to benefit women and girls across the globe.
85 Broads was originally founded in 1997 by Hanson as an exclusive network for current and former Goldman Sachs women who worked at 85 Broad Street, the firm's former New York, NY headquarters. Today, trailblazing women from all corners of the globe and from all career paths are invited to join this unique global network. Following her 14-year career at Goldman Sachs, Hanson founded Milestone Capital Management and from 2004 to 2007, she was a Managing Director at Lehman Brothers.
ABOUT PAX WORLD MANAGEMENT LLC
Pax World Management LLC, the investment adviser to Pax World Funds, is a recognized leader in Sustainable Investing, the full integration of environmental, social and governance (ESG) factors into investment analysis and decision making. Pax World launched the financial industry's first socially responsible mutual fund in 1971. Today, Pax World offers a range of investment products including a family of no-load mutual funds, multi-manager asset allocation funds, exchange traded funds (ETFs) and separately managed accounts for institutional investors.
For more information, visit www.paxworld.com.
ABOUT 85 BROADS
85 Broads is an exclusive global women's network whose mission is to generate exceptional professional and social value for its members. Through our regional events and password-protected online community, our members engage in a rapid, high-powered exchange of information and ideas which is what makes 85 Broads truly unique. For more information, please contact www.85broads.com.