Letter from Independent Lead Director
Sara Mathew
To my fellow shareholders
Building on my service on the State Street Board of Directors since 2018, I am honored that my fellow directors elected me to the role of Independent Lead Director in 2025, amid accelerating momentum for the firm. That blend of perspective, grounded in experience, and expanded responsibility shapes how I assess our performance and the priorities guiding us forward.
2025 delivered strong results — but those outcomes did not occur in isolation. They reflect years of disciplined execution and sustained investment in our capabilities, technology, and people, enabling the firm to perform through volatile markets, an uncertain geopolitical environment, and a changing industry. For the board, this reinforces a core conviction: Long‑term value is built by investing ahead of change, not reacting to it.
From this position of strength, the opportunity ahead comes into sharper focus, driven by durable shifts in how investing is done and who it serves. Access to markets continues to broaden, with private markets achieving a more significant and broader profile, and wealth services evolving toward more digital, scalable models. Digital assets and new financial infrastructure are moving from the margins toward the mainstream, while rapid advances in artificial intelligence (AI) are transforming how financial institutions and markets operate. Together, these forces favor firms that can combine experience, scale, trust, and operational excellence.
Our role as a board is both active and essential. We guide and oversee management by engaging deeply on strategy, testing assumptions, offering alternative perspectives, and supporting disciplined investment in the capabilities required to execute effectively — all while maintaining strong governance and risk discipline. A clear example of this engagement is the firm’s next-gen transformation, which is modernizing how the organization operates and embedding AI across the enterprise to drive more consistent, scalable, and resilient outcomes for clients.
“For the board, this reinforces a core conviction: Long-term value is built by investing ahead of change, not reacting to it.”
At the center of every strategic decision is our unwavering commitment to clients. Growth is earned by helping clients navigate complexity, manage risk, and pursue opportunity with confidence. I consistently hear that the firm’s value lies not only in what it delivers, but in how it builds and strengthens partnerships — with clients, across the industry, and within State Street itself. Those partnerships are made real by our employees, whose expertise, adaptability, and integrity underpin the trust placed in the firm — and, in turn, drive sustainable value for our shareholders.
On behalf of the board, I want to thank Ron and the leadership team for their disciplined execution and sound judgment as they continue to advance the firm’s strategy and strengthen its foundation for success. I am also grateful for the opportunity to serve in this expanded role and deeply appreciative of my fellow board members for their insight, experience, and collaborative engagement. Together, we are united by our shared purpose: to help create better outcomes for the world’s investors and the people they serve.
Finally, I want to express my appreciation to our shareholders for the confidence they place in State Street. We take seriously our responsibility to steward that trust as we guide the firm to deliver enduring shareholder value.
Sara Mathew
Independent Lead Director