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Pax Ellevate Global Women’s Leadership Fund
Company Examples

The Pax Ellevate Global Women’s Leadership Fund seeks investment returns that closely correspond to or exceed the performance of the Impax 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, 38 percent of board seats and 32 percent of executive management positions are held by women, compared to 26 percent and 19 percent, 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.

eBay (EBAY)

eBay is a global commerce company. The company’s platforms are designed to enable sellers worldwide to organize and offer their inventory for sale and buyers to find and buy it.

  • Women comprise 33 percent of the company’s executive management team and 31 percent of its board of directors.
  • eBay has several programs in place to develop a diverse talent pipeline. In 2016, the company moved its University Recruiting Team under its D&I Team, which significantly diversified the schools from which it recruits top talent. These efforts helped increase the racial, ethnic and gender diversity within the company’s summer intern class by 12 percent year-over-year.
  • In 2018, eBay completed its second global study of gender pay equity and found that, in the U.S., women earn 100 percent of what men earn in terms of total compensation. Globally, women earn 100.1 percent of what men earn in terms of total compensation.
Voya Financial (VOYA)

Voya Financial provides retirement planning, investment and insurance services. The company offers asset accumulation, protection and distribution products and services to individual and institutional customers in the United States.

  • Women comprise 50 percent of the company’s executive management team and 44 percent of its board of directors.
  • Voya Financial’s CEO, Rodney O. Martin, Jr., has demonstrated a clear commitment to diversity and inclusion. Mr. Martin has endorsed the CEO Action for Diversity and Inclusion Pledge and is a member of the 30% Club, a group of business leaders committed to better gender balance across their organizations. Voya Financial is also a corporate partner of the Thirty Percent Coalition, whose goal is to increase board diversity across public companies in the U.S.
  • In 2018 and 2019, Voya Financial aims to further its diversity and inclusion efforts by establishing partnerships with nonprofit and industry associations dedicated to identifying diverse candidates, ensuring a diverse slate of candidates is presented for all open positions, and conducting employee unconscious bias training.
Intuit, Inc. (INTU)

Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals. The company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

  • Women comprise 40% of the company’s executive management team and 30% of its board of directors. Michelle Clatterbuck serves as CFO.
  • Intuit CEO, Sasan Goodarzi, has endorsed the CEO Action for Diversity and Inclusion Pledge, signaling the company’s commitment to diversity & inclusion. Intuit has also made a public commitment to achieve 100% pay equity, and it conducts regular statistical analysis of employee pay by gender and ethnicity.
  • The company’s Tech Women @ Intuit initiative is focused on attracting, retaining and advancing women in technical roles. Programs include sponsorship by leaders, peer mentoring through Intuit Circles based on Lean In Circles, development workshops like negotiation, executive presence and speaking skills, and site events to build its tech women community.
Pax Ellevate Global Women's Leadership
Fund Top 10 Holdings
(As of 08/31/2019)

Holdings are subject to change.

MSCI World Index, Impax Gender Analytics, 2019.
“The Tipping Point: Women on Boards and Financial Performance,” MSCI ESG Research LLC, December 2016.