Ninety-five percent of the companies in the Fund have three or more women on their boards of directors. Further, 40 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 Index and the Fund, as well as examples of ways in which they are embracing gender diversity and women’s leadership.

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 it will have a presumption 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.

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 aimed 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 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 focuses 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 02/29/2020)
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.


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