Company behind 'Fearless Girl' statue settles gender pay dispute

  • Company behind 'Fearless Girl' statue settles gender pay dispute

Company behind 'Fearless Girl' statue settles gender pay dispute

The State Street Corporation was sued for underpaying female and black employees.

"While we disagreed with the [Office of Federal Contract Compliance Programs]'s analysis and findings, we have cooperated fully with them, and made a decision to bring this six year-old matter to resolution and move forward".

Town & Country reported in March that State Street had only three women on its 11-person board of directors and five women on its 28-member leadership team, and investigators determined that the corporation had paid female executives less in base pay, bonus pay, and total compensation than similarly situated males in the same positions.

"Fearless Girl" has been a popular draw for visitors to New York City's financial district since it was first placed in opposition to the well-known "Charging Bull" in March on the eve of International Women's Day.

The conciliation agreement stated that based on a 2012 audit, the Boston-based company, State Street Corp. failed to comply to executive order 11426 and 'discriminated against current or former employees on the basis of race, gender or any other protected classification'.

State Street Corp. said that it will pay the money, but it doesn't agree with the investigation's findings.

Created by U.S. artist Kristen Visbal, the work became a defiant symbol of women's rights under President Donald Trump, who won election past year despite the emergence of a video of him bragging about groping women.

After installing the statue, State Street said the piece of art sent a "powerful message".

"I'm just shocked, shocked to learn that the Fearless Girl statue was a PR stunt", another said.

The firm, which commissioned the bronze statue earlier this year to face down Wall Street's iconic "Charging Bull" statue to promote gender equality, has agreed to pay a combined $5 million to female and black employees that were allegedly discriminated against.

Top photo | The "Fearless Girl" statue, created by Kristen Visbal, stands across from the "Charging Bull" statue, Monday, March 27, 2017, in NY.

But some critics questioned the motives of State Street, which said the statue was intended "to celebrate the power of women in leadership and to urge greater gender diversity on corporate boards".

SSGA chief marketing officer Stephen Tisdalle recently addressed the criticism of the company's perceived hypocrisy at an Advertising Week panel by saying he felt Fearless Girl's presence was "the way we invest" and "the way the world needs to invest".