Notice of Exempt Solicitation. Definitive Material. (px14a6g)
20 Aprile 2023 - 4:27PM
Edgar (US Regulatory)
United States Securities and Exchange Commission
Washington, D.C. 20549
NOTICE OF EXEMPT SOLICITATION
Pursuant to Rule 14a-103
United States Securities and Exchange Commission
Washington, D.C. 20549
NOTICE OF EXEMPT SOLICITATION
Pursuant to Rule 14a-103
Name of the Registrant: State Street Corporation
Name of persons relying on exemption: The Shareholder Commons, Inc.
Address of persons relying on exemption: PO Box 1268, Northampton,
Massachusetts 01061
Written materials are submitted pursuant to Rule 14a-6(g) (1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily
in the interest of public disclosure and consideration of these important issues.
STATE STREET
EXPLICITLY REJECTS SYSTEMIC NATURE OF CLIMATE RISK, UNDERSCORING THE FAILURE TO PROTECT ITS DIVERSIFIED CLIENTS FROM CATASTROPHIC FINANCIAL
RISK
New climate policy eliminates former recognition
that climate change posed systemic risk
NOW MORE THAN EVER IT IS ESSENTIAL THAT SHAREHOLDERS
VOTE “FOR” ITEM 6 ON THE STATE STREET PROXY, URGING THE COMPANY TO STUDY THE EFFECT OF ITS REJECTION OF SYSTEMS STEWARDSHIP
ON ITS DIVERSIFIED CLIENTS
In its previous Notice of Exempt Solicitation (the “Original
Notice”) filed on April 7, 2023, The Shareholder Commons urged shareholders to vote “FOR” Item 6, the shareholder
proposal requesting that the Board of State Street Corporation (“State Street” or the “Company”) report on how
its stewardship policies could be modified to protect its clients from conflicts of interest with the companies in which they invest.
The Original Notice carefully examines the Proposal and refutes the
claims State Street makes in opposition. It explains that most of State Street’s clients and beneficiaries have diversified portfolios
but that State Street’s stewardship activities do not generally account for diversification; they focus instead on raising the value
of individual companies without regard to the impact this has on diversified portfolios. That focus is misguided when costs externalized
by a company pursuing profits lead to systemic risks that threaten the portfolios of its diversified clients.
State Street has recently doubled down on its narrow and flawed strategy:
the newest iteration of its climate policy deletes the following statement:
We believe climate change poses a systemic risk to all companies
in our portfolio.
By eliminating this statement (along with making a number of other
changes that weaken its position on climate), State Street is removing the critical acknowledgment that greenhouse gas emissions do not
merely threaten the companies emitting them, but also pose a threat to all other portfolio companies.
State Street’s decision follows pressure from groups interested
in supporting the fossil-fuel and other high-emitting industries. But while deprioritizing climate risk may favor a few companies, it
threatens the long-term interests of diversified investors, including the ordinary savers whom State Street represents.
The Shareholder Commons urges you to vote FOR Item 6 on the
proxy, the Shareholder Proposal requesting a report on conflicts of interests and cost externalization at the State Street Inc. Annual
Meeting on May 6, 2023. Voting FOR the Proposal will encourage the Company to reconsider the most recent change in its climate
policy.
For questions regarding the State Street Inc. Proposal submitted
by James McRitchie, please contact Sara E. Murphy, The Shareholder Commons at +1.202.578.0261 or via email at sara@theshareholdercommons.com.
THE FOREGOING INFORMATION MAY BE DISSEMINATED
TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES, AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT
ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY.
PROXY CARDS WILL NOT BE ACCEPTED BY FILER NOR
BY THE SHAREHOLDER COMMONS.
TO VOTE YOUR PROXY FOLLOW THE INSTRUCTIONS ON
YOUR PROXY CARD.
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