On Tuesday, April 14, BNY Mellon held its 2015 Annual Meeting of Stockholders in New York City. BNY Mellon Chairman and CEO Gerald Hassell recapped 2014 financial performance, highlighting the company’s expense control initiatives and total shareholder return.
Many of the expense-reduction initiatives that were put in place in prior years started to pay off in 2014. Operating expenses were well controlled, down 2 percent versus 2013.1,2 BNY Mellon also outperformed the average of its trust peers, the median of its proxy peers and the S&P Financial Index on total shareholder return in 2014 (18%) and over the past three years (117%).
BNY Mellon is also moving aggressively to execute against its strategic priorities:
In the 2015 proxy voting, the director nominees and say on pay resolution were overwhelmingly approved by shareholders. The 2015 proxy voting results are available here.
“Over these past several months I’ve had the opportunity to meet with many of our shareholders in the U.S. and abroad,” Hassell told shareholders. “What I’ve been pleased to hear is broad-based support for our business model and leadership, and agreement that we are executing on the right things and moving in the right direction. “But I also heard and recognize that investors expect to see improving financial performance. I am confident we are on the right track. We have a plan in place and we are executing on our priorities to achieve our stated targets.”
The full 2015 Annual Meeting presentation can be viewed here.
*Results from two Global Client Management surveys in November 2014; 206 strategic client respondents; 49% response rate. “Strategic clients” are those that generate significant revenue, use multiple products and/or have high-growth potential.
1. Total noninterest expense is non-GAAP and excludes amortization of intangible assets, M&I, litigation and restructuring charges and the charge related to investment management funds, net of incentives.
2. This represents a non-GAAP measure. Additional disclosure regarding non-GAAP measures is available in the Annual Meeting presentation filed with the SEC and available at www.bnymellon.com/investorrelations.
This information may contain forward-looking statements, which may be expressed in a variety of ways, include the use of future or present tense language. These statements and other forward-looking statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon’s control). Factors that could cause BNY Mellon’s results to differ materially from those described in the forward-looking statements can be found in the risk factors set forth in BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2014 and its other filings with the Securities and Exchange Commission. All forward-looking statements in this piece, speak only as of the dated of publication and BNY Mellon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.