State Street Corporation Announces 2024 Annual Meeting of Shareholders

Ticker: STT-PG · Form: DEF 14A · Filed: Apr 3, 2024 · CIK: 93751

State Street Corp DEF 14A Filing Summary
FieldDetail
CompanyState Street Corp (STT-PG)
Form TypeDEF 14A
Filed DateApr 3, 2024
Risk Levellow
Pages14
Reading Time17 min
Key Dollar Amounts$297.26 b, $220.97 b, $23.80 billion, $41.81, $4.13
Sentimentneutral

Sentiment: neutral

Topics: State Street, Annual Meeting, Proxy Statement, Shareholder Vote, Corporate Governance

TL;DR

<b>State Street Corporation is holding its 2024 annual shareholder meeting online on May 15, 2024, urging all shareholders to vote.</b>

AI Summary

STATE STREET CORP (STT-PG) filed a Proxy Statement (DEF 14A) with the SEC on April 3, 2024. The 2024 annual meeting of shareholders for State Street Corporation will be held online on May 15, 2024, at 9:00 a.m. Eastern Time. Shareholders can participate, submit questions, and vote electronically via live audio webcast at www.virtualshareholdermeeting.com/STT2024. The meeting serves as an opportunity for engagement on performance, executive compensation, and corporate governance. Shareholders are urged to review the proxy statement and annual report and cast their votes regardless of the number of shares held. The filing is a Definitive Proxy Statement (DEF 14A) filed on April 3, 2024.

Why It Matters

For investors and stakeholders tracking STATE STREET CORP, this filing contains several important signals. This annual meeting is a key forum for shareholders to interact with management and the board on critical company matters like performance and executive pay. The online format allows for broad participation and electronic voting, emphasizing the importance of shareholder voice in corporate governance.

Risk Assessment

Risk Level: low — STATE STREET CORP shows low risk based on this filing. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational disclosures that would indicate high risk.

Analyst Insight

Review the proxy statement and annual report to understand State Street's performance, executive compensation, and governance proposals before voting.

Key Numbers

  • 2024 — Annual Meeting Year (2024 annual meeting of shareholders)
  • May 15 — Meeting Date (The meeting will be held on May 15, 2024)
  • 9:00 a.m. Eastern Time — Meeting Time (at 9:00 a.m. Eastern Time)
  • DEF 14A — Filing Type (Form Type: DEF 14A)
  • 0001140361-24-017636 — Accession Number (Accession Number: 0001140361-24-017636)

Key Players & Entities

  • State Street Corporation (company) — Registrant name
  • May 15, 2024 (date) — Date of annual meeting
  • www.virtualshareholdermeeting.com/STT2024 (url) — Meeting webcast link
  • April 3, 2024 (date) — Filing date
  • 1934 Act (regulation) — SEC Act under which filing is made

FAQ

When did STATE STREET CORP file this DEF 14A?

STATE STREET CORP filed this Proxy Statement (DEF 14A) with the SEC on April 3, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by STATE STREET CORP (STT-PG).

Where can I read the original DEF 14A filing from STATE STREET CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by STATE STREET CORP.

What are the key takeaways from STATE STREET CORP's DEF 14A?

STATE STREET CORP filed this DEF 14A on April 3, 2024. Key takeaways: The 2024 annual meeting of shareholders for State Street Corporation will be held online on May 15, 2024, at 9:00 a.m. Eastern Time.. Shareholders can participate, submit questions, and vote electronically via live audio webcast at www.virtualshareholdermeeting.com/STT2024.. The meeting serves as an opportunity for engagement on performance, executive compensation, and corporate governance..

Is STATE STREET CORP a risky investment based on this filing?

Based on this DEF 14A, STATE STREET CORP presents a relatively low-risk profile. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational disclosures that would indicate high risk.

What should investors do after reading STATE STREET CORP's DEF 14A?

Review the proxy statement and annual report to understand State Street's performance, executive compensation, and governance proposals before voting. The overall sentiment from this filing is neutral.

How does STATE STREET CORP compare to its industry peers?

State Street Corporation operates in the financial services sector, primarily as a custodian bank and asset manager.

Are there regulatory concerns for STATE STREET CORP?

The filing is made under the Securities Exchange Act of 1934, specifically Section 14(a), which governs the solicitation of proxies.

Industry Context

State Street Corporation operates in the financial services sector, primarily as a custodian bank and asset manager.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 14(a), which governs the solicitation of proxies.

What Investors Should Do

  1. Review the proxy statement and annual report for details on proposals, executive compensation, and board recommendations.
  2. Participate in the virtual annual meeting on May 15, 2024, to submit questions and observe proceedings.
  3. Cast your vote electronically or by mail to ensure your voice is heard on key corporate matters.

Key Dates

  • 2024-05-15: Annual Meeting of Shareholders — Shareholders will participate and vote on company matters.
  • 2024-04-03: Filing Date — Definitive Proxy Statement (DEF 14A) filed.

Year-Over-Year Comparison

This is the initial filing for the 2024 annual meeting proxy statement.

Filing Stats: 4,284 words · 17 min read · ~14 pages · Grade level 17.9 · Accepted 2024-04-03 16:49:43

Key Financial Figures

  • $297.26 b — nsolidated basis we had total assets of $297.26 billion, total deposits of $220.97 billio
  • $220.97 b — s of $297.26 billion, total deposits of $220.97 billion, total shareholders' equity of $2
  • $23.80 billion — billion, total shareholders' equity of $23.80 billion and approximately 46,000 employees. We
  • $41.81 — institutional investors worldwide, with $41.81 trillion of assets under custody and/or
  • $4.13 — under custody and/or administration and $4.13 trillion of assets under management as
  • $5 — e (EPS) decreased 22% year-over-year to $5.58, compared to $7.19 in 2022. The decl
  • $7.19 — 2% year-over-year to $5.58, compared to $7.19 in 2022. The decline was mainly driven
  • $7 — year EPS increased 3% year-over-year to $7.66, supported by $3.8 billion of common
  • $3.8 billion — % year-over-year to $7.66, supported by $3.8 billion of common share repurchases, a record l
  • $4.6 billion — al, State Street returned approximately $4.6 billion to our shareholders in the form of comm
  • $2.4 billion — ases in 2023, compared to approximately $2.4 billion in 2022. The financial measures used i
  • $9,480 — 2023 2022 Change Total fee revenue $9,480 $9,583 (1.1)% Total revenue 12,239 1
  • $9,583 — 2022 Change Total fee revenue $9,480 $9,583 (1.1)% Total revenue 12,239 12,125
  • $258M — gainst Racism and Inequality" such as $258M spend with diverse suppliers More tha
  • $25M — pend with diverse suppliers More than $25M total giving by State Street Foundation

Filing Documents

Forward-Looking Statements

Forward-Looking Statements This proxy statement contains forward-looking statements within the meaning of United States securities laws, including without limitation, statements regarding our strategic, business and financial objectives, the industry and market environment and sustainability and impact matters. Forward-looking statements are often, but not always, identified by such forward-looking terminology as "priority," "will," "expect," "strategy," "aim," "target," "plan," "intend," "believe," "may," "outcome," "estimate," "goal," "future," "objective," "pipeline," "anticipate," "guidance," "seek," "trajectory," "trend," and "forecast," or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any time subsequent to the time this proxy statement is first filed with the SEC. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2023 annual report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any voting or investment decision. The forward-looking statements contained in this proxy statement should not be relied on as representing our expectations or beliefs as of any time subsequent to the time this proxy statement is first filed with the SEC, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

: Election of Directors

Item 1: Election of Directors 23

Executive Compensation

Executive Compensation 36 Compensation Discussion and Analysis 36 Other Executive Compensation Information 66 Human Resources Committee Report 66 CEO Pay Ratio Disclosure 66 Alignment of Incentive Compensation and Risk 67 Summary Compensation Table 69 2023 Grants of Plan-Based Awards 71 Outstanding Equity Awards at Fiscal Year-End, December 31, 2023 73 2023 Stock Vested 74 2023 Nonqualified Deferred Compensation 75 Potential Payments upon Termination or Change of Control as of December 31, 2023 76 Pay Versus Performance 83

: Approval of Advisory Proposal on Executive Compensation

Item 2: Approval of Advisory Proposal on Executive Compensation 88 Examining and Audit Committee Matters 89 Examining and Audit Committee Pre-Approval Policies and Procedures 89 Audit and Non-Audit Fees 89 Report of the Examining and Audit Committee 90

: Ratification of the Selection of the Independent Registered Public Accounting Firm

Item 3: Ratification of the Selection of the Independent Registered Public Accounting Firm 91 General Information About the Annual Meeting 93 Questions and Answers About Voting 93 Other Matters 96 Proposals and Nominations by Shareholders 96

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 98 Beneficial Owners 98 Management 99 Appendix A: Excerpt from State Street's Corporate Governance Guidelines A-1 Appendix B: State Street's Governance Standards Relative to the Investor Stewardship Group's (ISG) Corporate Governance Framework B-1 Appendix C: Reconciliation of Non-GAAP Financial Information C-1 vii TABLE OF CONTENTS To my fellow shareholders: As State Street's independent Lead Director, and on behalf of the entire Board of Directors, I look forward to our 2024 annual meeting of shareholders. Inspired by State Street's purpose to help create better investment outcomes for the world's investors and the people they serve, the Board oversees management's vision to be the world's leading investment servicer, provider of liquidity, financing and research products, and investment manager for our clients. During 2023, State Street continued to forge ahead with its strategic priorities. The Board closely monitored the strategy, remaining focused on long-term growth, maintaining our differentiated product and service offerings and providing oversight of our risk posture, appetite and framework. Through our oversight of the strategic planning process, the Board emphasized the critical importance of effectively navigating change and driving innovation in support of business growth, while

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