State Street Also Released Its Stewardship Activity Report for the Second Quarter of 2017

State Street voted against 73% of proposals that sought an independent board chairman, supported 21% and abstained from voting on 6%. State Street indicated that its decreased support for these proposals was due to many companies incorporating the 2016 State Street guidance for enhancing the role of the independent lead director. The quality of engagement with the independent lead director was also noted as an important factor. Following adoption in 2014 of its board tenure guidelines, State Street has voted against 933 companies because of board tenure issues, with 31% of those companies subsequently refreshing their boards. State Street stated that attention to this issue has also resulted in a 32% drop in the number of companies with high tenure. In 2017, State Street sent a letter to over 600 companies in the U.S., UK and Australia that had no female directors, and in the first half of 2017, voted against directors at 394 U.S. companies for this reason. The Stewardship Activity Report is available here.