The financial services firm behind Wall Street's "Fearless Girl" statue agreed to pay $5 million to settle federal allegations that it paid female executives less than their male counterparts.
The agreement followed a U.S. Department of Labor probe into Boston-based State Street Corporation.
Investigators said their analysis concluded that State Street had paid female executives less in base pay, bonus pay and total compensation than similarly situated males in the same positions.
A spokeswoman for the company said Thursday that State Street disagrees with the analysis but opted to bring the six-year-old matter to a resolution and move forward.
In a statement the company said it is "committed to equal pay practices and evaluates on an ongoing basis our internal processes to be sure our compensation, hiring and promotions programs are nondiscriminatory."
The agreement calls on State Street to pay $5 million into a fund for 305 female executives and 15 black executives, which the investigation also found had been paid less than similarly situated white employees in the same positions.
Artist Kristen Visbal's "Fearless Girl" statue of a girl with her hands on her hips was commissioned by State Street Global Advisors, a division of State Street Corporation, and placed on a traffic island facing Wall Street's "Charging Bull" statue on March 7.
The work was embraced by tourists and others as a symbol of female empowerment, though some critics have questioned the motives of State Street, which has said the statue was intended "to celebrate the power of women in leadership and to urge greater gender diversity on corporate boards."
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More