Feb 28 (Reuters) - State Street's asset

management unit on Friday dropped targets for the number of

women and minority directors who should serve on corporate

boards, according to new proxy voting guidance posted on its

website.

The changes were in line with those of other major asset

managers under political pressure, shifts likely to slow the

pace at which boardrooms add directors who are not white men.

But the change was striking for State Street, which in March

2017 installed the famous "Fearless Girl" statue in Manhattan's

financial district as part of a campaign to increase gender

diversity in business.

Along those lines, the global proxy voting policy of State

Street Global Advisors as of March 2024 stated the firm expected

boards of companies in major indexes to be 30% female or risk

votes against nominating committee members. Larger S&P 500

companies were also expected to have at least one racial or

ethnic minority director.

Those targets, however, do not appear in new guidance as of

March 2025 from the Boston-based asset manager.

Instead State Street wrote that board nominating committees

are "best placed" to determine composition.

In a statement sent by a representative, State Street said

that "We annually review our proxy voting and engagement policy

to ensure alignment with global protocols and local laws and

regulations, guided by our core principles of effective board

oversight, disclosure, and shareholder protection and a singular

focus on value creation."

(Reporting by Ross Kerber; Editing by Anna Driver and

Muralikumar Anantharaman)