Pax World Joins Thirty Percent Coalition in Urging Top Companies to Add Women to Their Boards
Coalition wants women to hold 30 percent of corporate board seats by 2015
PORTSMOUTH, N.H.///July 20, 2012/// Pax World Management LLC, investment adviser to Pax World Funds (Pax World) and a leader in the field of Sustainable Investing, recently co-signed and sent a letter to the 41 companies within the S&P 500 Index1 that have no women on their boards of directors, urging them to embrace gender diversity by adding women to their boards. The letter was an initiative of The Thirty Percent Coalition, a group of institutional investors and leading national women’s organizations specifically dedicated to increasing gender diversity on corporate boards.
“We must do better,” say the signatories in their letter, which asks companies to work with them to bring the number of women on corporate boards from where it is today – with women holding somewhere from 12 to 16 percent of board seats – to a point where women will hold 30 percent of board seats by the end of 2015.
“Participating in the Thirty Percent Coalition compliments our long-standing commitment to gender equality and women’s empowerment,” says Pax World President and CEO Joe Keefe, who chairs the Coalition’s Institutional Investor Committee. “We have long opposed all-male corporate board slates in our proxy voting and have launched a ‘Say NO to All Male Boards’ campaign encouraging other individual and institutional investors to do the same because we know that businesses perform better when women are part of the decision-making team.”
Pax World has long included diversity analysis and other gender criteria into the research it conducts for its mutual funds. Additionally, Pax World manages the Pax World Global Women’s Equality Fund (PXWEX), the only mutual fund in America that focuses on investing in companies that are global leaders in advancing gender equality and women’s empowerment. Keefe was recently recognized by Women’s eNews as one of “21 Leaders for the 21st Century”, where he was the sole male honoree.
In addition to the Thirty Percent Coalition, Pax World is a member of 2020 Women on Boards and other women’s groups advocating for gender equality in boardrooms and businesses such as 85 Broads, Inter Organization Network (ION) and SAIS Global Conference for Women in the Boardroom.
”With this letter, we are urging companies in general, and these 41 companies in particular, to do better when it comes to inclusiveness and board diversity. Thirty percent is a modest, reasonable goal when women comprise over half of the workforce, represent a majority of college graduates and grad students, own 40 percent of American businesses, and are the breadwinners or co-breadwinners in two thirds of American households,” Keefe adds.
The Thirty Percent Coalition, a coalition that includes senior business executives, national women's organizations, institutional investors, labor unions, corporate governance experts, board members and others, which was formed in late 2011 to address the lack of gender diversity in corporate boardrooms, organized the initiative and letter.
Signatories to the letter include numerous statewide elected officials, mutual fund companies, non-profit foundations, religious institutions, labor unions and public pension funds, together with several national women’s organizations, including the National Council for Research on Women and the National Council of Women’s Organizations.
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 comprehensive platform of Sustainable Investing solutions including Pax World Funds, a family of no-load mutual funds; ESG Managers® Portfolios, multi-manager asset allocation funds powered by Morningstar Associates; and ESG Shares®, the first family of exchange traded funds (ETFs) devoted exclusively to a Sustainable Investing approach. For more information, visit www.paxworld.com.
1The S&P 500 Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. One cannot invest in an index.
Pax World Management LLC is the investment adviser to the ESG Managers® Portfolios. Morningstar Associates, LLC, a registered investment adviser and wholly owned subsidiary of Morningstar, Inc., serves as portfolio construction adviser to the ESG Managers® Portfolios responsible for manager selection, asset allocation, portfolio construction and monitoring, but does not serve in the capacity of investment advisor to individual investors. The Morningstar name and logo are the property of Morningstar, Inc. Morningstar is not affiliated with Pax World Management LLC. ALPS Distributors, Inc. is not affiliated with Morningstar Associates, LLC.
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