By Ross Kerber

BOSTON (Reuters), – Asset manager State Street Corp (NYSE 🙂 is requiring all of its portfolio companies around the world to have at most one woman director, according to an executive. This follows a previous policy that was primarily focused on developed countries.

Cyrus Taraporevala CEO, State Street Global Advisors said Wednesday that this policy builds on past efforts to increase diversity in the boardroom. They include backing the “Fearless Girl” statue, which was placed in Manhattan just before International Women’s Day 2017 and is well-known.

Taraporevala, a company spokesperson, wrote that “while boards have become more diverse in gender, it is evident that this work has not yet been completed,” she said.

State Street stated that it will cast proxy votes for board members if they do not comply with its diversity standards.

Spencer Stuart executive search firm data shows that women make up 28% and 45% respectively in the U.S., according to Spencer Stuart. The figure is 16% for Indian businesses and 11% in Japan for Japanese companies, which shows the challenges State Street has to face with their new policies.

State Street has $3.9 trillion under management. This makes it one of the most influential index funds firms that focuses on corporate, environmental and social governance (ESG).

Taraporevala, State Street’s director of diversity and inclusion, said that the company expected women to make up at least 30% in their boards by next year. Companies should also disclose information about their directors’ ethnic or racial backgrounds.

State Street also expects developed-economy companies to disclose the details of climate-related financial disclosures as required by Task Force on Climate-Related Financial Disclosures. State Street has done this before.