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SSGA Withholds Votes for Board Chairs, Nominating and Governance Members over Lack of Female Directors

State Street Global Advisors, which adopted a widely publicized board diversity policy earlier this year, voted against reelection of the chair or the most senior member of a board’s nominating and governance committee at 400 companies with all male boards, according to Bloomberg. State Street said its voting record with respect to the companies will appear in September regulatory filings. State Street had sent letters in advance to 476 mostly U.S.-based companies saying it planned to withhold the votes. According to a Wall Street Journal report, State Street had productive discussions with 42 of the 76 companies which had no female board members and the remaining 34 did not hold the relevant elections this year.