Since our founding in 1975, weve put investors first. Thank you for your interest in the U.S. Securities and Exchange Commission. In addition to those noted with an *, Lou Maiuri is also a Director of State Street Bank and Trust Company. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication. [[]] %%State Street Corporation%%. Compare against similar firms. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Ssga Funds Management is based out of Boston. Yie-Hsin Hung President & Chief Executive Officer Yie-Hsin is President and Chief Executive Officer of State Street Global Advisors, the investment As long-term holders of capital on behalf of our clients, we believe that our portfolio companies must have effective oversight and governance to ensure they consider these risks and opportunities and integrate them into their strategy and management. To obtain a prospectus or summary prospectus which contains this and other information, call 1-800-997-7327,download a prospectus or summary prospectusnow, or talk to your financial advisor. Dr. Thomas joined Vanguards board in 2021. Ssga Funds Management is a alternative asset management company based in Boston, MA. The ETFs track international and domestic indices based on market capitalization, investment style, sector, industry, or commodity. SSGA FD and State Street Global Advisors are affiliated. Starting in 2024, we will 1) no longer use numerical limits to identify overcommitted directors, and instead 2) vote against the chair of the nominating and governance committee at companies in the S&P 500 that do not disclose their internal policy on director time commitments. References to State Street may include State Street Corporation and its affiliates. He joined Vanguard's board in 2008. State of Wisconsin Investment Board Financial Services in economics from Harvard College and an M.B.A. from Harvard Business School. This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate EU regulator who are deemed both knowledgeable and experienced in matters relating to investments. Nitin previously led Vanguards Retail and Corporate Systems within the Information Technology division. The Fund pays State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSGA Funds Management, Inc., an affiliate of State Street Bank and Trust Company, for investment advisory services. Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGAs express written consent. State Street Global Advisors, One Iron Street, Boston, MA 02210-1641. He also previously served as an assistant professor at the Wharton School of the University of Pennsylvania. He was vice chairman of Mellon Financial Corporation and president and chief executive officer of Mellon Asset Management. Outside of Vanguard, he served as chairman of the board of Children's Hospital of Philadelphia from 2011 to 2017. Mr. Buckley joined Vanguard in 1991 and has held a number of senior leadership positions, including chief information officer from 2001 to 2006 and head of the Retail Investor Group from 2006 to 2012. Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Global Advisors, Inc.. President & Chief Executive Officer Yie-Hsin is President and Chief Executive Officer of State Street Global Advisors, the investment management arm of State Street Corporation with $3.62 trillion* in assets under Investment Advisor Note: We do not offer technical support for developing or debugging scripted downloading processes. Ssga Funds Management, Inc. State Street Financial Center. You should consult your tax and financial advisor. He received his Bachelor of Arts degree in political science from Syracuse University in 1980 and his Master of Business Administration from Harvard Business School in 1986. Responsible for executing the long-term strategy of the firm, overseeing its day-to-day operations, and managing its crew, the team is led by CEO Mortimer (Tim) Buckley and includes long-tenured, experienced senior executives. Investing involves risk including the risk of loss of principal. Webc/o SSGA Funds Management, Inc. 1 Iron Street Boston, Massachusetts 02210 RE: State Street Institutional Investment Trust Fee Waiver and/or Expense Reimbursement Arrangements Dear Mr. Rosenberg: Section I. SSGA employs 2,500 people in 28 countries around the world. As of March 2021, it had 142 exchange traded funds (ETFs) owned and controlled by the company. [5] State Street Global Advisors, the asset management division of State Street Corporation, was founded in 1978 [6] in Boston, Massachusetts . The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGAs express written consent. If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Corporate feminism always ends up betraying womens struggle for justice. Asset management, Boards of Directors, Climate change, Diversity, Enagement, ESG, Executive Compensation, Index funds, Institutional Investors, SSgA, Stewardship, Sustainability More from: Erica Lukoski, PJT CamberView In this capacity, the team drives our DEI vision, goals, and accountability across Vanguard and tracks our progress. This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate EU regulator who are deemed both knowledgeable and experienced in matters relating to investments. In April 2009, a class action suit was filed against State Street, alleging SSGA chose illiquid, leveraged, and risky securities in their short-term, liquid fund products. In October 2017, SSGA agreed to pay over $5 million in back pay and interest to settle allegations the company underpaid women and African-American employees. He is also a member of the Franklin Institute board of trustees. The acquisition was first announced in October 2010 for approximately 57 million. WebPresident & Chief Executive Officer. [30], In April 2009, a class action suit was filed against State Street, alleging SSGA chose illiquid, leveraged, and risky securities in their short-term, liquid fund products. The Sculpture of a Fearless Girl on Wall Street Is Fake Corporate Feminism. Supplemental Public Disclosure of Basel III Regulatory Capital, U.S. WebInstitutional investors purchased a net $918.8 thousand shares of DLTR during the quarter ended April 2019 and now own 101.85% of the total shares outstanding. 1 Vanguard is investor-owned, meaning the fund shareholders own the funds, which in turn own Vanguard. WebContact Details for Ssga Funds Management. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Intergovernmental Panel on Climate Change. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices. Prior to joining Fidelity, he served as president and chief executive officer of BNY Mellon Asset Management in Boston. He joined Vanguard in 2019 to lead the Chief Technology Office and previously served as a consultant and partner for Deloitte Consulting, leading their Financial Services Cloud practice. John James is managing director of Vanguard's Institutional Investor Group, which serves the investment needs of employers offering company-sponsored retirement plans as well as organizations such as endowments and foundations. During this time, he also served as vice chairman of Bank of New York Mellon Corporation and was a member of its Executive Committee. Each year we have worked to evolve the way we engage with boards to understand how they are conducting their oversight and other governance responsibilities. The returns on a portfolio ofsecurities which exclude companies that do not meet the portfolio's specifiedESG criteria may trail the returns on a portfolio of securities which includesuch companies. State Street Corporation is a financial holding company organized around 2 areas of activity: - investment services (83.1% of net sales): services intended mainly to Total Annual Fund Operating Expense Arrangements SSGA Funds Management, Inc. (SSGA FM), as adviser to each series This will continue to be our approach in the years ahead. State Street Global Advisors (SSGA) is the investment management division of State Street Corporation and the world's fourth largest asset manager,[1] with nearly $4.14 trillion (USD)[2] in assets under management as of 31 December 2021. Find out more. Yie-Hsin is President and Chief Executive Officer of State Street Global Advisors, the investment management arm of State Street Corporation with $3.62 trillion* in assets under management. For more information, contact opendata@sec.gov. We focus our stewardship efforts on issues we believe can have significant impact to our clients portfolios over the long term based on our review of policies and rules developed by regulators and government bodies, academic research, insights from investment colleagues, and data gathered and produced by industry experts. S&P, SPDR, S&P 500,US 500 and the 500 are trademarks of Standard & Poors Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. This document contains certain statements that may be deemed forward-looking statements. 1001 and 1030). Ronald P. O'Hanley is a Chairman, President & Chief Executive Officer at State Street Corp., a Chairman & Chief Executive Officer at SSgA Funds Management, Inc., a You must click the activation link in order to complete your subscription. or to simply have an email sent to you whenever we receive a new Institutional asset management from State Street Global Advisors' Investment Solutions Group (ISG) Powered by SPDR ETFs The underlying funds for the investment options offered in the plan are ETFs and, where applicable, mutual funds managed by SSGA Funds Management, Inc. She is the former vice president of AppleCare at Apple and previously served as a senior vice president at Hewlett Packard. Since joining Vanguard in 1997, Karin has held various leadership roles across the firm's corporate, institutional, and individual investor groups. State Street Global Advisors approach over the years has been to use constructive engagement to encourage two-way dialogue with boards while at the same time holding them accountable for improving disclosure, oversight, and strategy. Find out more. Learn More About Our Asset Stewardship Program. Previously, he was chief human resources officer and managing director of Vanguard's Human Resources division, which is responsible for talent, leadership, and culture. Before investing, consider the funds' investment objectives, risks, charges and expenses. Outside of Vanguard, he served as chairman of the board of Children's Hospital of Philadelphia from 2011 to 2017. [citation needed]. SSGA FUNDS Lauren Valente is managing director of Vanguard's Human Resources division, which is responsible for talent, leadership, and culture. 2023 State Street Corporation. Mr. O'Hanley was president of Asset Management & Corporate Services for Fidelity Investments. WebManaging Director at State Street Global Advisors SSGA FUNDS MANAGEMENT INC | 11 followers on LinkedIn. By providing your email address below, you are providing consent to State Street to send you the requested Investor Email Alert updates. [10], SSGA invented the investment vehicle known as the exchange-traded fund (ETF) in 1993 with the introduction of the S&P 500 SPDR product (Ticker: NYSEArca:SPY),[11] which is traded on the American Stock Exchange. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools. While recently there has been a great deal of discussion in the market regarding environmental, social, and governance (ESG) issues, State Street Global Advisors has consistently viewed these issues through a lens of long-term value creation. And just like The Vanguard Group, SSgA also operates globally. Ssga Funds Management is based out of Boston. Ssga Funds Management is a hedge fund with 279 clients and discretionary assets under management (AUM) of $894,513,485,797 (Form ADV from 2022-11-28). STATE STREET GLOBAL ADVISORS, INC. Ms. Raskin is a member of the Regenerative Crisis Response Committee, partner in Kaya Corporatoin Ltd., and a member of the board of directors at Arcadia Corporation. Chief Investment Officer, Fundamental Value Equities, CIO, Global Fixed Income, Currency & Cash, Global Head of ESG and Sustainable Investing, Head of SPDR Capital Markets and Strategic Partners, Global Head of SPDR ETF Strategy, Planning and Infrastructure, Head of European Institutional Distribution, Chief Technology Officer and Head of Transformation, Head of State Street Global Advisors India, Head of State Street Global Advisors Europe Ltd, Chief Operating Officer, Global Institutional Group, Head of State Street Global Advisors EMEA and Head of the Global SPDR ETF Business. Its first three products were a domestic index fund, an international index fund (based on the MSCI EAFE index), and a short-term investment fund. Source: Vanguard. She earned an M.B.A. from Villanova University in 2009. Previously, he was Vanguard's chief investment officer, overseeing the company's internally managed stock, bond, and money market portfolios as well as its investment research and methodology. Joseph Brennan is managing director and Vanguard's global chief risk officer. He also served as a fiduciary member of IBM's Retirement Plan Committee. Anne earned a bachelor's degree in political science from Hampton University and a J.D. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. Fulfilling the fiduciary duty it owes to its clients is an investment managers most important responsibility. Mr. Buckley currently serves as a trustee and vice chair of The Shipley School. You should consult your tax and financial advisor. All rights reserved. For instance, we ask companies to disclose information about their human capital management practices because research suggests that employees themselves increasingly are considered to be a material asset and how firms manage their people can create risks and opportunities and impact financial performance.1In addition, we have long encouraged boards to recruit diverse directors in light of research that suggests that a diversity of perspectives can enhance strategic oversight; likewise, we ask companies to offer insight into their diversity, equity, and inclusion efforts given the potential impact on financial performance.2And with increasing consensus that climate change is a potential systemic risk to firms and sectors alike,3we ask portfolio companies to provide transparency into their plans for managing climate-related risks, and encourage boards to have oversight of relevant climate risks and opportunities. Our voting guidelines outline the scenarios in which we may vote against directors and/or chairs of relevant committees for governance failures (our voting record can be found here). Before joining Vanguard, Lauren earned a B.S. The statue is an advertisement for an index fund which comprises gender diverse companies that have a higher percentage of women among their senior leadership. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. For example, this past year, after our team identified shortcomings in board oversight and governance at a large, diversified e-commerce company, we voted against the Compensation Committee Chair. From Sectors and Smart Beta to Fixed Income, SPDR Exchange Traded Funds (ETFs) give you wide access to diverse investment opportunities. Emerson Fullwood is executive in residence at the Rochester Institute of Technology, where he was the 20092010 Distinguished Minett Professor. Before that, he was based in London as the managing director of Vanguard's U.K. and European operations. Distributor:State Street Global Advisors Funds Distributors, LLC, memberFINRA,SIPC, an indirect wholly owned subsidiary of State Street Corporation. In addition to institutional products, SSGA has 46 ETF investment products in the US market,[25] as of March 2007. Our senior management team, in concert with Vanguard's board of directors, ensures that Vanguard is operated solely in the best interests of its investor-owners.1 They are jointly responsible for stewarding the assets entrusted to Vanguard by more than 30 million clients.2. Delayed Nyse Research our investment professionals with FINRA's BrokerCheck. SEC form, multiple filers or classes of filers, and much more.***. The products and services described on this web site are intended to be made available only to persons in the United States, and the information on this web site is only for such persons. He serves as chair of the board of trustees of Saint Anselm College. Sarah Bloom Raskin has served as the deputy secretary of the U.S. Department of the Treasury, as a governor of the Federal Reserve Board, and as the commissioner of financial regulation for the state of Maryland. Get to know the team. All Rights Reserved. He is a CFA charterholder and a member of the CFA Society of Philadelphia. [4], SSGA employs 2,500 people in 28 countries around the world. President & Chief Executive Officer Michael Rollings is chief financial officer and managing director of Vanguard's Finance division, which is responsible for corporate financial services, fund financial services, internal audit, and real estate and facilities management. We believe that the risks and opportunities we identify are important for portfolio companies to manage and boards to oversee, and our clients expect us to encourage effective portfolio company disclosure of material information in those areas. Tim currently serves as a trustee and vice chair of The Shipley School. View More Information About Our Firm: FINRA's BrokerCheck. Ms. Mulligan serves as a trustee of the Partnership for New York City, Chief Executives for Corporate Purpose, the New York Presbyterian Hospital, and the Bruce Museum; as a board member of the Economic Club of New York; as a director of DuPont; and as a member of the Advisory Council for the Stanford Graduate School of Business. The Fund pays State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSGA Funds Management, Inc., an affiliate of State Street Bank and Trust Company, for investment advisory services. After submitting your request, you will receive an activation email to the requested email address. Our unwavering attention to these issues has always been rooted in a combination of best practices, evidence-based research, pragmatism balanced with a long-term view, and sound governance. He earned a B.S. You should consult your tax and financial advisor. Our leadership team is backed by more than 500 market cycle-tested investment professionals. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. Generali's No.3 investor Caltagirone withholds backing for 2022 accounts -sources, Musk says Tesla likely to launch full self-drive technology 'this year', Exclusive: JPMorgan employees gripe about Dimon's return-to-office edict, SpaceX rocket explosion illustrates Elon Musk's 'successful failure' formula, Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast, Exclusive-Peter Thiel, Republican megadonor, won't fund candidates in 2024 - sources, Virginia Governor Youngkin 'humbled' by talk of possible presidential run, European Midday Briefing: Mood Brighter After -2-, Tim Cook unveils new Apple store in India, Morgan Stanley's dealmaking CEO Gorman signals more transactions to come, Transcript : State Street Corporation, Q1 2023 Earnings Call, Apr 17, 2023, Transcript : State Street Corporation, Q4 2022 Earnings Call, Jan 20, 2023, State Street CEO Warns of Geopolitical Risk, State Street CEO says had no idea about leverage in LDI funds, Transcript : State Street Corporation Presents at Goldman Sachs 2022 US Financial Services Conference, Dec-07-2022 09:20 AM, Transcript : State Street Corporation, Q3 2022 Earnings Call, Oct 18, 2022, State Street Global Advisors Inc. (Research), Rhode Island Commerce Corp. (United States), State Street Bank & Trust Co. (UK Branch). Mr. Fullwood serves as a director of North Carolina A&T University, the Monroe Community College Foundation, United Way of Rochester, the University of Rochester Medical Center, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra; and as trustee of the University of Rochester. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data. President & CEO, State Street Global Advisors, 1 e.g., Donangelo et al., Rouen et al., Edmans, 2 e.g., McKinsey, Bernile et al., BoardReady. Each of these topics presents short- and long-term risks and opportunities to companies across our portfolio. We reserve the right to block IP addresses that submit excessive requests. Disclosure related to each of the State Street Institutional Liquid Reserves Fund:You could lose money by investing in the Fund. Unfortunately, more than 1 in 5 companies in the S&P 500 provide limited transparency into how they manage their directors time commitment. While values are important to all of us, in this context we focus exclusively on value: how to drive long-term portfolio value. His responsibilities include serving as a principal point of contact for the independent directors, who appoint the chairman of the board. Nitin holds a bachelors degree from the Indian Institute of Technology in Kanpur, India. He holds a bachelor's degree from Bloomsburg University of Pennsylvania and an M.B.A. from Drexel University. He is a member of the Council on Chicago Booth. WebThe board is responsible for setting broad policies for the company; monitoring the companys financials, operations, compliance, risk management; and electing officers. [28], In 2008, State Street Bank was sued by Trust Co. for Fixed Income Funds Investment. As shown below, Vanguard's board is diverse across multiple dimensions. 5 The Vanguard Funds are overseen by boards of trustees. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. The Company provides portfolio management, financial planning, and investment advisory services. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. He served at Fidelity from 2010 to 2014. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website. SSgA stands for State Street Global Advisors. To that end, State Street Global Advisors has always focused its stewardship activities including engagements with portfolio companies, proxy voting activity, and thought leadership on long-term risks and opportunities facing portfolio companies. And, as an industry participant and senior leader in the investment management industry for the past 25 years, I have always admired State Street Global Advisors value-driven stewardship efforts, and its pragmatic and consistent approach to promoting sound governance practices with the boards of companies in its clients investment portfolios. As such, in the year ahead we will be looking to the nominating and governance committees of portfolio companies to be responsible for establishing and enforcing, as well as disclosing, robust director time commitment policies. 2Figure is as of February 28, 2023. Kheng Siang Ng, CFA, is a Vice President and He joined SSGA Singapore in 2005. Most recently, he was head of Retail Client Services and Operations. In contrast, making subjective decisions to determine the caliber and time commitment of individual directors should be the job of well-governed boards themselves, not asset managers. Unfortunately, more than 1 in 5 companies in the S&P 500 provide limited transparency into how they manage their directors time commitment.5 Shareholders expect boards to effectively govern themselves with respect to the ability of directors to devote adequate time to the boards work. John joined Vanguard in 2008 and has held leadership roles in the company's Financial Advisor Services division and overseen its Australian operations in Melbourne. Webi These Proxy Voting and Engagement Guidelines (the Guidelines) are also applicable to SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street controls and risk management systems, which should be governed by the board. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. WebMr. We believe that diversity of thought and perspective, complemented by a broad range of experience, skills, and personal attributes, positions the board to serve our clients effectively.
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