8-KShareholder MattersExhibits & Filings

STATE STREET CORP 8-K Report, Shareholder Vote Results (May 23, 2022)

Filed May 23, 2022For Securities:STTSTT-PG

Summary

This 8-K filing reports on State Street Corporation's (STT) annual meeting of shareholders held on May 18, 2022. A significant majority of outstanding shares, approximately 89.8%, were represented, indicating strong shareholder engagement. The meeting addressed several key matters, including the election of directors, an advisory vote on executive compensation, the ratification of the independent auditor, and a shareholder proposal. Key outcomes include the overwhelming approval for the election of all thirteen director nominees, the advisory proposal on executive compensation, and the ratification of Ernst & Young LLP as the independent registered public accounting firm for 2022. Conversely, a shareholder proposal regarding asset management stewardship activities was not approved. The results demonstrate broad shareholder support for the company's current board and compensation practices, while also highlighting a divergence of opinion on specific shareholder-led initiatives.

Key Highlights

  • 1High shareholder turnout with approximately 89.8% of outstanding shares represented at the annual meeting.
  • 2All thirteen nominated directors were elected by a substantial majority of votes.
  • 3Shareholders overwhelmingly approved the advisory proposal on executive compensation, signaling confidence in the company's compensation strategy.
  • 4Ernst & Young LLP was ratified as State Street's independent registered public accounting firm for the fiscal year ending December 31, 2022, with strong support.
  • 5A shareholder proposal concerning asset management stewardship activities was voted against by the majority of shareholders.
  • 6The significant number of broker non-votes for director elections (over 21 million) indicates a common practice for these types of proposals when beneficial ownership is not directly voted.

Frequently Asked Questions

The main outcomes were the election of all thirteen director nominees, the approval of the advisory proposal on executive compensation, and the ratification of Ernst & Young LLP as the independent auditor. The shareholder proposal on asset management stewardship activities was not approved.

The advisory proposal on executive compensation received significant support, with approximately 94.7% of the votes cast being 'For' and 5.3% 'Against'.

The rejection of the shareholder proposal indicates that the majority of voting shareholders did not support the specific asset management stewardship activities outlined in the proposal. This suggests alignment with the company's current approach or disagreement with the proposed changes.

No, all thirteen director nominees were elected with a very high percentage of 'For' votes, generally exceeding 300 million votes in favor, indicating strong confidence from shareholders in the company's board leadership.