Summary
State Street Corporation (STT) held its annual shareholder meeting on May 20, 2020, with a significant turnout of approximately 90.6% of outstanding shares represented. The meeting focused on key governance matters, including the election of directors, an advisory vote on executive compensation, and the ratification of its independent auditor. Investors can be reassured that all proposed items received strong shareholder support. The eleven director nominees were elected, the advisory proposal on executive compensation was approved, and the selection of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2020 was ratified with overwhelming approval. This indicates a general alignment between management and its shareholders on these fundamental corporate governance issues.
Key Highlights
- 1High shareholder turnout of approximately 90.6% of outstanding shares at the May 20, 2020 annual meeting.
- 2All eleven nominated directors were successfully elected by shareholders.
- 3Shareholders approved the advisory proposal on executive compensation, indicating support for the company's compensation practices.
- 4Ernst & Young LLP was ratified as State Street's independent registered public accounting firm for the fiscal year ending December 31, 2020, with strong shareholder backing (95.2% for).
- 5A substantial number of broker non-votes (20,117,383) were recorded for each proposal, which are not counted as votes cast.