The Pax Ellevate Global Women’s Leadership 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, 35% of board seats and 29% of executive management positions are held by women, compared to 24% and 17%, respectively for companies in the MSCI World Index.‡
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.
Salesforce is a customer relationship management company, which engages in the provision of enterprise software.
- Women comprise 36% of Salesforce’s executive team and 25% of its board of directors.
- Salesforce was among the first companies in the U.S. to publicly commit to pay equity. The company conducts regular compensation assessments and is committed to closing any unexplained pay gaps. Following its most recent analysis, the company spent $2.7 million to adjust pay for 6% of employees globally. Salesforce is a member of the Employers for Pay Equity coalition and a signatory to the Paradigm for Parity pledge.
- To ensure leadership is engaged in the firm’s diversity efforts, Salesforce created a diversity scorecard, which is sent to its executive team on a monthly basis with their diversity numbers and progress.
KeyCorp is a bank holding company that provides retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to individual, corporate and institutional clients.
- Women comprise 33% of KeyCorp’s board of directors, and four of the company’s 15 executives, including Chairman & CEO Beth E. Mooney, are women.
- In 2015, Key’s Talent Acquisition Leadership Team developed a diversity recruiting strategy, which is enabling Key to attract, hire, develop, and retain more diverse candidates. In 2017, 60% of the company’s new hires were women.
- KeyCorp has publicly committed to gender pay equity. The company has regularly analyzed pay and performance decisions for over 10 years and has a process in place to remediate any unexplained pay gaps.
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 is a signatory to the UN Women’s Empowerment Principles and was among the first companies to endorse the White House Equal Pay Pledge.
- 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. In 2016, to help create more rigor around diversity hiring, Accenture put in place objectives for its leaders across its businesses. Additionally, the company changed its interview process so that all candidates get to know more members in the executive ranks.
Top Ten Holdings
Holdings are subject to change.
Effective February 26, 2018, the name of the Pax Ellevate Global Women’s Index Fund changed to the Pax Ellevate Global Women’s Leadership Fund.
*A custom index based on MSCI World. One cannot invest directly in an index.
‡MSCI World Index, Pax Gender Analytics, 2017.
“The Tipping Point: Women on Boards and Financial Performance,” MSCI ESG Research LLC, December 2016.