Letter from Independent Lead Director
Amelia C. Fawcett
To my fellow shareholders
Like other publicly traded companies, State Street regularly reports business and financial results to our shareholders, clients, and other stakeholders while concurrently implementing and driving forward an ambitious long-term agenda. What this means in practice is that while on a daily basis we are tactically impatient (we’re getting things done!), we are strategically patient in plotting and realizing a path that positions our business at the forefront of evolving market forces consistent with our vision to be the financial service industry’s essential partner.
Last year was an extraordinary one in terms of its historic array of geopolitical crises, ongoing market volatility, turmoil in the banking sector in the early months of 2023, and leaps in technology and innovation that promise to bring wholesale transformation across various industries, including ours. The role of the board, which I count myself proud and privileged to lead, is to oversee excellent execution of our strategy, equipping management to implement the long-term evolution and growth of our firm amidst constant change and burgeoning opportunities. In 2023, generative AI and private markets presented strong examples. The board is tasked with thinking through optimal paths to navigate challenges and integrate new business drivers quickly, effectively, and safely into our strategy for the creation of long-term shareholder value.
“Given the uniquely important role that State Street plays in the broader financial services ecosystem, when we make strategic investments to modernize our platforms and build capabilities, our clients and the entire industry benefit.”
While 2023 was a year of significant achievements and business highlights — from State Street Global Advisors’ outstanding performance, to client onboardings and continued build-out of our State Street Alpha® platform, to our Asset Services business’s strong global sales effort, to Markets and Financing’s continued capabilities and geographic expansion — I believe that the refining and advancing of our ambitious multiyear strategy growth agenda might be remembered as our greatest accomplishment.
Without exemplary execution, however, even the smartest strategy risks becoming a non-starter. In our case, execution takes the form of delivering consistent and exceptional client service.
Simply put, providing service in ways that translate into clients benefiting from our size, scale, and stewardship is our job. It is for this reason that I am especially pleased with the progress we made last year advancing our global operations simplification and transformation efforts, which include the ongoing consolidation of our joint ventures in India. Given the uniquely important role that State Street plays in the broader financial services ecosystem, when we make strategic investments to modernize our platforms and build capabilities, our clients and the entire industry benefit.
I would like to thank Ron and the entire leadership and management team for charting a confident, steady strategic course last year through what were sometimes choppy waters, and for envisioning a company that is as swift-moving as it is stable, as adventurous as it is resilient. I also wish to extend my warmest thanks to my fellow board members, a wonderfully accomplished, diverse, and thoughtful group of colleagues.
State Street is an organization that is very much led by its purpose — to help create better outcomes for the world’s investors and the people they serve. It is a purpose we embrace with great pride, and practice with deepest humility. I wish to acknowledge the diligence, wisdom, and tirelessness of our thousands of employees worldwide who bring that purpose to life every day for the benefit of our clients and other stakeholders.
Finally, I would like to extend my personal gratitude to you, our shareholders, for your continued trust and commitment.
Amelia C. Fawcett
Independent Lead Director