8-K/AShareholder Matters

STATE STREET CORP 8-K/A Report, Shareholder Vote Results (Jul 20, 2017)

Filed July 20, 2017For Securities:STTSTT-PG

Summary

This 8-K/A filing from State Street Corporation (STT) reports the outcome of a shareholder vote held on May 17, 2017, regarding the frequency of advisory votes on executive compensation. The shareholders overwhelmingly supported holding these votes annually, aligning with the recommendation of the Board of Directors. This decision reaffirms the company's commitment to shareholder engagement and transparency on executive pay matters. The Board of Directors officially determined on July 20, 2017, based on this shareholder mandate and other considerations, that State Street will continue to solicit advisory votes on executive compensation on an annual basis. This provides clarity to investors on the company's governance practices moving forward.

Key Highlights

  • 1Shareholders voted on the frequency of advisory votes for executive compensation at the May 17, 2017 annual meeting.
  • 2The Board of Directors had recommended an annual frequency for these advisory votes.
  • 3A substantial majority of votes were cast in favor of holding advisory votes on executive compensation annually.
  • 4The voting results showed 92.5% for '1 Year', 1% for '2 Years', and 7.4% for '3 Years'.
  • 5The Board of Directors formally determined on July 20, 2017, to continue holding advisory votes on executive compensation annually.
  • 6This decision reflects the outcome of the shareholder vote and other factors considered by the Board.

Frequently Asked Questions

The main purpose of this filing was to report the results of a shareholder vote on the frequency of advisory votes on executive compensation and to announce the Board of Directors' subsequent decision based on that vote.

Shareholders overwhelmingly voted in favor of an annual frequency, with 92.5% of the votes cast supporting this option. This was the most popular choice compared to biennial (2 years) or triennial (3 years) frequencies.

Based on the shareholder vote and other factors, the Board of Directors has decided that State Street will continue to hold advisory votes on executive compensation annually.

The shareholder vote took place at the annual meeting on May 17, 2017. The Board of Directors formally determined to continue with annual votes on July 20, 2017.