Friends Fiduciary urges State Street Corporation to implement governance reform

Friends Fiduciary has filed a shareholder resolution at State Street Corporation requesting State Street require a separate and independent chair of the board. Currently, State Street’s CEO also serves as the Chair of the company’s Board of Directors. As a Quaker faith-based investment firm and long-term investor, we value prudent governance structures and best practice in board level governance that supports fiduciary duty and protects sustained shareholder value.

The separation of CEO and board chair positions is recognized as best practice in corporate governance structure. When the positions are combined, the board’s role is diminished, and a lack of checks and balances can arise. While we appreciate the Company’s desire to retain flexibility in deciding this governance question, and understand the Board’s leadership structure is reviewed annually, status quo considerations typically carry much weight when decisions like this are evaluated. We encourage investors in State Street to vote in favor of this timely and relevant governance reform.

Our letter to shareholders in support of the proposal can be found here and Friends Fiduciary’s shareholder proposal is Item 4, included on page 104, in the company proxy statement found here. Friends Fiduciary will be presenting the proposal at State Street’s annual general meeting on May 20, 2026.