State Street Terminates Shareholder Rights Plan and Adopts Shareholder Rights Plan Policy
October 19 2006 - 4:37PM
Business Wire
State Street Corporation (NYSE: STT) announced today that its board
of directors voted to terminate the company�s shareholder rights
plan, which was originally scheduled to expire on September 15,
2008. Today�s decision accelerates the expiration date to October
20, 2006. The Board also voted to adopt a shareholder rights plan
policy. Under the policy, the Board is required to obtain
shareholder approval prior to adopting any future shareholder
rights plan unless the Board, including a majority of the
independent members of the Board, in the exercise of its fiduciary
responsibilities, determines that under the circumstances then
existing, it would be in the best interest of the shareholders to
adopt a shareholder rights plan without the delay that would result
from seeking shareholder approval. If a shareholder rights plan is
adopted by the Board without prior shareholder approval, it would
expire within one year of adoption unless ratified by the
shareholders. The Board�s actions are part of State Street�s
already strong corporate governance policies and practices, and
followed an in-depth evaluation of the issue by the Board and
careful consideration of shareholder sentiment. The Board also
voted today to amend State Street's by-laws to conform to the
Massachusetts Business Corporation Act. About State Street
Corporation State Street Corporation (NYSE: STT) is the world's
leading specialist in providing institutional investors with
investment servicing, investment management and investment research
and trading services. With $11.3 trillion in assets under custody
and $1.6 trillion in assets under management as of September 30,
2006, State Street operates in 26 countries and more than 100
geographic markets worldwide. For more information, visit State
Street�s web site at www.statestreet.com. State Street Corporation
(NYSE: STT) announced today that its board of directors voted to
terminate the company's shareholder rights plan, which was
originally scheduled to expire on September 15, 2008. Today's
decision accelerates the expiration date to October 20, 2006. The
Board also voted to adopt a shareholder rights plan policy. Under
the policy, the Board is required to obtain shareholder approval
prior to adopting any future shareholder rights plan unless the
Board, including a majority of the independent members of the
Board, in the exercise of its fiduciary responsibilities,
determines that under the circumstances then existing, it would be
in the best interest of the shareholders to adopt a shareholder
rights plan without the delay that would result from seeking
shareholder approval. If a shareholder rights plan is adopted by
the Board without prior shareholder approval, it would expire
within one year of adoption unless ratified by the shareholders.
The Board's actions are part of State Street's already strong
corporate governance policies and practices, and followed an
in-depth evaluation of the issue by the Board and careful
consideration of shareholder sentiment. The Board also voted today
to amend State Street's by-laws to conform to the Massachusetts
Business Corporation Act. About State Street Corporation State
Street Corporation (NYSE: STT) is the world's leading specialist in
providing institutional investors with investment servicing,
investment management and investment research and trading services.
With $11.3 trillion in assets under custody and $1.6 trillion in
assets under management as of September 30, 2006, State Street
operates in 26 countries and more than 100 geographic markets
worldwide. For more information, visit State Street's web site at
www.statestreet.com.
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