The Pax Ellevate Global Women’s Index Fund seeks investment returns that closely correspond to or exceed the performance of the Pax Global Women’s Leadership Index*, an index of companies around the world that are leaders in advancing women through gender diversity on their boards of directors and in management, and through other policies and programs. Ninety-nine percent of the companies in the Fund have two or more women on their board of directors. Further, 33% of board seats and 27% of executive management positions are held by women, compared to global averages of 16% and 16%, respectively.‡
Following are some of the companies in the Index, and the Fund, and examples of ways in which they are embracing gender diversity and women’s leadership.
Gap Inc. is an apparel retail company. The company offers apparel, accessories and personal care products for men, women and children under the Gap, Banana Republic, Old Navy, Athleta and Intermix brands.
- Women comprise 30% of the company’s board of directors. Over 40% of executive management, including CFO Teri List-Stoll, are women.
- Seventy-four percent of the company’s employees, and 68% of store managers are women.
- Gap is a signatory to the UN Women’s Empowerment Principles and was among the first companies to endorse the White House Equal Pay Pledge.
American Water Works Company, Inc.
American Water Works Co., Inc. provides water and wastewater utility services to residential, commercial, industrial, public and other customers.
- Women comprise more than half of the company’s board of directors.
- Nearly 50% of the company’s executive officers are women, including CEO Susan N. Story and CFO Linda G. Sullivan.
- American Water Works has incorporated diversity hiring goals into its strategic business plan. The company is targeting a diverse candidate pool for key jobs, with 65% of director level and above positions including at least one such candidate for the post.
Accenture is a professional services company serving clients in various industries and in geographic regions, including North America, Europe and growth markets such as India and Brazil. The company provides management and technology consulting services.
- Women comprise nearly 33% of the company’s board of directors.
- Accenture has set a goal to achieve a gender balanced workforce by 2025 and to increase the percentage of women managing directors to 25% by 2020.
- Accenture is a signatory to the UN Women’s Empowerment Principles and was among the first companies to endorse the White House Equal Pay Pledge.
Top Ten Holdings
Holdings are subject to change.
*A custom index based on MSCI World. One cannot invest directly in an index.
‡MSCI World Index, Pax Gender Analytics, 2016.
“The Tipping Point: Women on Boards and Financial Performance,” MSCI ESG Research LLC, December 2016.