Letter two


Amelia fawcett

Independent Lead Director
Amelia Fawcett

To My

Dame Amelia chilcott fawcett
Independent Lead Director
April 6, 2021

As State Street’s Independent Lead Director, I want to thank you, on behalf of the entire State Street Board, for investing in State Street. During one of the most challenging years in living memory, I am proud of the company’s performance and the way that the board worked with management to provide ongoing counsel and challenge to help the business adjust to a completely new way of operating as the COVID-19 pandemic spread across the world.

Thousands of State Street workers moved to remote working conditions as economies shut down and markets exhibited historic volatility. Amid these unprecedented circumstances, State Street’s teams were nevertheless able to process record levels of transactions, onboard new business, launch new products, and enhance the functionality of the distinctive State Street AlphaSM data and servicing platform. We should be rightfully proud of the way teams came together to provide service excellence under the most trying conditions — a clear demonstration of the responsiveness and inventiveness that mark high-performing organizations.

The primary role of the board is to exercise effective oversight: approve management’s long-term business strategy and then hold management accountable for successfully executing that strategy. Even under the extraordinary circumstances of 2020, management continued to position the business for long-term growth, increasing fee revenue growth and continuing to reduce costs, while investing in the business.

The board is also pleased to welcome as directors Julio A. Portalatin, former president and CEO of Mercer, and John B. Rhea, partner at Centerview Partners. Each was elected earlier this year. Both understand the challenges and opportunities facing our global client base and bring to our board significant business and industry experience, as well as independent judgment with a balanced perspective.Their leadership will enhance the diversity of the board’s perspectives and thinking as we execute our oversight responsibilities going forward.


During 2020, state street continued to position the business for long-term growth, setting fee revenue growth in the right direction and driving down costs, while continuing to invest in the business.

We also want to express our deep gratitude to Lynn A. Dugle, who will be stepping down from the board at our annual meeting. Lynn joined our board in 2015.  She brought immediate value to State Street because of her deep domain knowledge in technology and cybersecurity. Lynn was the inaugural chair of the board’s Technology & Operations Committee and provided critical leadership and oversight of our key infrastructure and capabilities. We will miss her thoughtful leadership and extraordinary grace.

The multiple crises of 2020 revealed the importance of strengthening resilience in all we do: from business continuity and operational reliability for clients to financial market support, risk controls, and employee engagement. In fact, the pandemic dramatically underscored the correlation between corporate resilience and environmental, social, and governance (ESG) issues. As a result, the board welcomes management’s decision to further elevate ESG as a strategic business priority and to embed ESG value drivers throughout the business.

We embrace our oversight responsibility of State Street’s ESG priorities around sustainability, inclusiveness, and diversity. We know that strengthening those characteristics is good for business performance and therefore good for long-term shareholder value.

We also saw how the pandemic exacerbated long-standing racial and social inequities that degrade our common humanity and weaken the resilience of the communities in which we operate. The board supports State Street’s commitment to combat systemic racism with its 10-point action plan and stands ready to hold management accountable for those objectives.

Thank you again for your continued trust and investment in State Street as we unite to build a more resilient, prosperous, and equitable future for our business and for all of our stakeholders.

Amelia Signature

The board welcomes
two new directors

Julio Portalatin
Julio A. Portalatin Former President and CEO of Mercer
John Rhea
John B. Rhea Partner at Centerview Partners
Details 01/25/2021