Engaging in public policy advocacy in the interest of our stakeholders.
These are fast-moving and challenging times for global financial services. Engaging in public policy and advocacy is critical to BNY Mellon's ability to provide the best service to our clients.
We actively contribute to industry policy discussions in a meaningful way that benefits our clients, investors and other stakeholders, and strengthens our reputation for responsible political engagement. We continuously monitor legislative and regulatory activities and engage with policymakers when appropriate.
We coordinate resources companywide to identify global regulatory priorities and map out strategies. To maximize our impact, we leverage existing resources, activities and relationships across our businesses. We are a member of various industry and trade organizations. As a member of such organizations, or together with certain peer banks, we have submitted comment letters, responded to financial industry surveys, and participated in meetings with legislators and regulatory agencies in the U.S. and internationally to exchange ideas on the financial industry and regulatory and tax reform.
Oversight of Political Activity
We have a well-established and transparent governance structure and procedures in place for pursuing public policy and advocacy priorities, including lobbying. Our efforts in the public arena are transparent, and we follow strict internal oversight and disclosure practices.
Our Government Affairs office, under the supervision of the company's General Counsel, oversees all political activity by or on behalf of BNY Mellon. This oversight includes administration of our two political action committees (PACs), which are funded entirely by voluntary contributions from our employees. Our PACs are regulated by the Federal Election Commission, and the reports we have filed with the FEC are available to the public at www.fec.gov.
The Government Affairs office decides who to support based on a range of factors. These include the candidates' views on issues that impact our business, their leadership positions and legislative committee memberships, and the communities they represent.
The Corporate Social Responsibility Committee of our Board of Directors, which consists entirely of independent directors, provides oversight of our public policy advocacy, lobbying and political contributions.
For more information on our political activity, see the Strong Governance section of our 2012 CSR Report.