Ninety-seven percent of the companies in the Fund have two or more women on their boards of directors. Further, 39 percent of board seats and 32 percent of executive management positions are held by women, compared to 28 percent and 20 percent, respectively, for companies in the MSCI World Index.

Following are some of the companies in the Impax Global Women’s Leadership Index, and the Fund, and examples of ways in which they are embracing gender diversity and women’s leadership.

Discover Financial Services (DFS)

Discover Financial Services operates as a credit card issuer and electronic payment services company. The company issues credit cards and offers student and personal loans as well as savings products such as certificates of deposit and money market accounts.

  • Women comprise 33 percent of the company’s board of directors and 30 percent of its executive management team.
  • On an annual basis, Discover Financial partners with an independent third-party consultant to conduct a company-wide pay equity analysis that includes race and gender to identify any pay discrepancies. Based on its most recent analysis, women and minorities at the company earn on average between $0.99 and $1.02 for every $1 earned by men and non-minorities.
  • Each management committee member at Discover Financial incorporates a diversity and inclusion goal into their annual business goals. In addition, the company has a number of initiatives underway to recruit, develop and maintain a diverse workforce.

PayPal Holdings, Inc. (PYPL)

PayPal operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants.

  • Women comprise 33 percent of the company’s board of directors and there are three women on PayPal’s executive management team.
  • Recognizing that maintaining pay equity is an ongoing process, PayPal reviews compensation for all employees three times per year. Since 2015, the company has spent more than $3 million to close gender and racial pay gaps.
  • PayPal has instituted a diverse hiring policy in which there will be at least one diverse candidate considered for every open position at the director level and above, and at least one diverse employee be a part of the interview panel. The company has also started the rollout of in-person, small group Conscious Inclusion workshops for all global employees.

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 percent of the company’s executive management team and 27 percent of its board of directors. Michelle Clatterbuck serves as CFO.
  • Intuit CEO Sasan Goodarzi has endorsed the CEO Action for Diversity & Inclusion Pledge, signaling the company’s commitment to diversity and inclusion. Intuit has also made a public commitment to achieve 100 percent pay equity, and it conducts regular statistical analyses 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 such as 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 04/30/2020)
Holdings are subject to change.

MSCI World Index, Impax Gender Analytics, 2020.


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