The company that commissioned the “Fearless Girl” bronze statue that was placed opposite of the “Charging Bull” statue on Wall Street in New York City, has now agreed to pay a $5 million settlement after the Boston Globe reported of pay discrimination happening against female and black executives in the company, reports Hot Air.
It seems that the company that was meant to be fighting for women has done the exact opposite.
“‘In March, an office within the Department of Labor found that State Street had discriminated against women at the senior vice president, managing director, and vice president levels by paying them less than men in similar positions. The agency also claims the company paid black employees less than similarly positioned white employees.
The pay practices covered a two-year period and affected 305 female executives and 15 black vice presidents, the government said. They will receive a total of $4.5 million in back pay and nearly $508,000 in interest.
On Thursday, State Street disputed the federal agency’s findings, but spokeswoman Julie Kane said the company decided to settle the case to bring “this six-year-old matter” to a resolution,’ reports the Boston Globe.”
State Street is now also required to monitor and submit reports on pay equity to the Department of Labor for the next three years,
“Fearless Girl” was meant to promote a Gender Diversity Index fund which traded on NASDAQ under the letters “SHE.” Blogger Greg Fallis explained the connection in a post in April:
“And that brings us to March 7th of this year, the day before International Women’s Day. Fearless Girl appeared, standing in front of Charging Bull. On the surface, it appears to be another work of guerrilla art — but it’s not. Unlike Di Modica’s work, Fearless Girl was commissioned. Commissioned not by an individual, but by an investment fund called State Street Global Advisors, which has assets in excess of US$2.4 trillion. That’s serious money. It was commissioned as part of an advertising campaign developed by McCann, a global advertising corporation. And it was commissioned to be presented on the first anniversary of State Street Global’s “Gender Diversity Index” fund, which has the following NASDAQ ticker symbol: SHE. And finally, along with Fearless Girl is a bronze plaque that reads:
Know the power of women in leadership. SHE makes a difference.
Note it’s not She makes a difference, it’s SHE makes a difference. It’s not referring to the girl; it’s referring to the NASDAQ symbol. It’s not a work of guerrilla art; it’s an extremely clever advertising scheme.”
The plaque was later removed by the company but the fact still remains that this is a publicity stunt meant to appeal to women investors. The stature certainly did it’s job, with even the city’s Mayor embracing it, and thanks to popular demand, will remain displayed until February of next year.
A statue that many thought was the work of a guerrilla artists, selflessly doing work to support women in leadership roles, was actually an elaborate planned advertising scheme for a multi-billion dollar company.