Fearless Girl stares iconic Charging Bull

NEW YORK - A new statue of a resolute young girl staring down Wall Street's famous Charging Bull was erected by a major asset managing firm for International Women's Day to make a point: There's a dearth of women on the boards of the largest US corporations.

State Street Global Advisors, an investment giant, had the statue created to push companies to increase the number of women directors.

Artist Kristen Visbal's Fearless Girl drew crowds on Wednesday that initially came to pose for pictures with the bull, but the novelty quickly became a hot spot.

The girl is sculpted in bronze, her hands firmly planted on her waist, pony-tailed head held high.

"Know the power of women in leadership. SHE makes a difference," reads a plaque at her feet.

"As a steward of nearly $2.5 trillion of assets, we want to engage with boards and management around issues that we think will drive core results," said Lori Heinel, State Street's deputy global chief investment officer.

"And what you find repeatedly is having more diverse boards and more diverse senior management will actually drive better results for companies."

Twenty-five percent of the Russell 3000, a broad index of US companies, have no women on their boards, according to State Street, which manages many of their assets.

According to ISS Analytics, a business research company, just 16 percent of board seats on companies in the Russell 3000 are held by women; the average board of directors has eight men and one woman.

A cameraman films the Fearless Girl staring down the famous Charging Bull in New York's financial district on Tuesday.Brendan Mcdermid / Reuters