SUSTAINABILITY ACCOUNTING STANDARDS BOARD (SASB) REPORT

Asset Management and Custody Activities

INTRODUCTION

State Street Corporation is a financial holding company organized in 1969 under the laws of the Commonwealth of Massachusetts. We conduct our business primarily through State Street Bank, which operates as a specialized bank, referred to as a trust or custody bank, that services assets on behalf of institutional clients.

We have two lines of business: investment servicing and investment management. Our investment servicing line of business performs core custody and related value-added functions, such as providing institutional investors with clearing, settlement, and payment services. Our financial services and products allow our large institutional investor clients to execute financial transactions on a daily basis in markets across the globe. As most institutional investors cannot economically or efficiently build their own technology and operational processes necessary to facilitate their global securities settlement needs, our role as a global trust and custody bank is generally to help our clients efficiently perform services associated with the clearing, settlement and execution of securities transactions and related payments.

Our investment management business, State Street Global Advisors, provides a broad range of investment management strategies and products for our clients. Our investment management strategies and products span the risk/reward spectrum, including core and enhanced indexing, multi-asset strategies, active quantitative and fundamental active capabilities, and alternative investment strategies. Our assets under management (AUM) is currently primarily weighted to indexed strategies. We provide a breadth of services and solutions, including environmental, social and governance (ESG) investing, defined benefit and defined contribution, and an outsourced chief investment officer (OCIO) model.

Global Advisors is also a provider of exchange-traded funds (ETFs), including the Standard & Poor's Depositary Receipt (SPDR®) ETF brand. Our clients include managers of mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments, and investment managers.

TRANSPARENT INFORMATION AND FAIR ADVICE FOR CUSTOMERS

FN-AC-270a.1

1) Number and (2) percentage of covered employees with a record of investment-related investigations, consumer-initiated complaints, private civil litigations, or other regulatory proceedings

There were no State Street employees with a record of new investment-related investigations, consumer-initiated complaints, private civil litigations, or other regulatory proceedings disclosed in 2021. State Street has extensive policies, procedures, trainings, and controls designed to ensure compliance with all applicable rules and regulations. For more information, see p. 87-89 of our 2021 ESG Report.

FN-AC-270a.2

Total amount of monetary losses as a result of legal proceedings associated with marketing and communication of financial product-related information to new and returning customers

In 2021, no fines or other financial or non-financial sanctions were disclosed or levied related to legal proceedings associated with marketing and communication of financial product-related information to new and returning customers. State Street discloses all material legal and regulatory proceedings in our Form 10-K and Quarterly Reports on Form 10-Q.

FN-AC-270a.3

Description of approach to informing customers about products and services

When approaching clients or prospective clients about our services, we are subject to a range of regulations regarding the accuracy and fairness of the messaging. The way we communicate with our clients varies and includes several factors including applicable laws and regulations, the type of client, and the product or service being discussed. In all cases, we provide all relevant information to our clients regarding the service provided, costs, risks, and any warranties regarding performance. In the case of investments, we provide the fund or product's constituent documentation and the investment strategy, characteristics, fees and expenses, financial statements, and performance. For transparency information for our hedge fund, private equity, real estate, ETFs, mutual funds (MFs), and commingled funds, read here.

EMPLOYEE DIVERSITY & INCLUSION

FN-AC-330a.1

Percentage of gender and racial/ethnic group representation for (1) executive management, (2) non-executive management, (3) professionals, and (4) all other employees2

For more information regarding State Street's approach to inclusion and diversity, including our policies and programs for fostering equitable employee representation across our global operations, see p. 49-61 of our 2021 ESG Report. and our website.

GLOBAL GENDER REPRESENTATION:

Executive Management

Female

Non-Executive Management

Male

33% 35%

Not Disclosed/Available

67% 65%

0%

0%

Professionals and

All Other Employees

US RACIAL/ETHNIC GROUP REPRESENTATION:

52%

48%

0%

Black or AfricanAsianTwo or More

AmericanHispanic or LatinxAmerican Indian or Alaska

RacesNative Hawaiian or OtherWhite

Native

Pacific IslanderNot Disclosed/

Available

Executive Management

9%

2%

1%

80%

3%

0%

0%

4%

Non-Executive Management

24%

3%

1%

64%

3%

0%

0%

4%

Professionals and all other employees

23%

10%

1%

56%

7%

0%

0%

3%

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

State Street Corporation published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 15:14:05 UTC.