State Street's Fearless Girl won Cannes — then a $5M gender-pay settlement undercut the ad

On International Women's Day, March 7, 2017, State Street Global Advisors and its agency McCann New York installed a bronze statue of a defiant little girl facing Wall Street's Charging Bull. It was a live ad for SHE, State Street's exchange-traded fund that invests only in companies committed to gender diversity — placed on public land in Bowling Green, initially without a permit.

The advertising world fell in love. The statue won 18 Cannes Lions and helped carry McCann to Cannes 2017 Agency of the Year. Few campaigns had ever converted a physical installation into such a haul of industry honours.

Then the campaign's own contradictions did the punching. Arturo Di Modica, the sculptor of Charging Bull, called Fearless Girl 'an advertising trick' — part of 'an advertising campaign that altered the artistic message behind Charging Bull without his permission.' 'What they did, it's a negative,' he said, as his lawyers demanded the statue be moved and demanded compensation, writing to the mayor and to McCann. Fearless Girl survived on a string of temporary permits until it was moved to face the New York Stock Exchange in December 2018.

Seven months after the unveiling, the sponsor's record collided with its message. In October 2017 State Street paid $5 million to settle U.S. Labor Department allegations that it had underpaid female executives — and some Black executives — in similar roles. Fortune noted the settlement was 'particularly awkward for State Street given its very public support of women's empowerment.' The company disputed the findings. The statue celebrating women in finance had become Exhibit A for the gap between what a brand advertises and what it does.